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After Korea lost sovereignty to Japan in 1910, the Bank of Korea was renamed the Bank of Chōsen (朝鮮銀行, Korean: Joseon Eunhaeng, Japanese: Chōsen Ginkō). The first Bank of Chosen note was dated 1911 and issued in 1914. 1 yen, 5 yen, 10 yen, and 100 yen were issued regularly, while there were occasionally some sen notes (5, 10, 20, 50 ...
New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Gregorian calendar, earlier coins having used the Korean calendar. The 10 and 50 hwan coins ...
Following the end of the Colonial Era and the division of Korea, the won was introduced to replace the Korean yen. The first banknotes were issued by the Bank of Joseon until 1950, when the currency management switched to the Bank of Korea. At the time of its introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen.
In 1909, the Bank of Korea was founded in Seoul as a central bank and began issuing currency of modern type. The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910. At the same time, Korean yen notes issued by Dai-Ichi Bank (First Bank of Japan, 株式會社第一銀行) also circulated.
The won is the currency of both North and South Korea. "Won" is a cognate of the Chinese currency unit, the yuan (圓 / 圆 / 元), and the Japanese currency unit, the yen (円; ¥), meaning "round object". The won is subdivided into 100 jeon (Korean: 전; Hanja: 錢; RR: jeon; MR: chŏn). Yang is a former Korean currency.
The Korean won (/ w ɒ n / won [1] Korean: 원; Hanja: 圓, Korean pronunciation:) or Korean Empire won (대한제국 원), was the official currency of the Korean Empire between 1900 and 1910. It was subdivided into 100 jeon ( / dʒ ʌ n / jun ; [ 2 ] 전 ; 錢 , Korean pronunciation: [tɕʌn] ).
After the division of Korea, North Korea continued using the Korean yen for two years, until the Central Bank of the Democratic People's Republic of Korea was established on 6 December 1947 and the first North Korean won was issued. [3] In February 1959, the second North Korean won was introduced, equal to 100 old won.
Currencies of Korea, including those of pre-division Korea and of South and North Korea. Most currencies in this category are historical; the only money in use on the Korean peninsula today is in the form of North Korean won and South Korean won.