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It is derived from the hanja 圓 (원, won), meaning "round", which describes the shape of the silver dollar. The won was subdivided into 100 jeon (Korean: 전; Hanja: 錢; MR: chŏn), itself a cognate of the East Asian unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does ...
Due to the devaluation of the first South Korean won (from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan.
At the time of the introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen. In October of the same year, the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devaluated at 6,000 won = 1 dollar. Following that the hwan was introduced as the ...
US dollar This infobox shows the latest status before this currency was rendered obsolete. The won was the first South Korean currency and was in use from August 15, 1945, to February 15, 1953.
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[2] [3] The South Korean won has been converted to the international dollar using the IMF's Purchasing Power Parity conversion rate. GDP (nominal, 2023) [ edit ]
List of all Asian currencies Present currency ISO 4217 code Country or dependency (administrating country) Currency sign Fractional unit Russian Ruble [1]: RUB Abkhazia ...
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