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The old "won" was a cognate of the Chinese yuan and Japanese yen, ... Currency of South Korea 1945 – 1953 Succeeded by: South Korean hwan Reason: inflation
The symbol for the yuan (元) is also used in Chinese to refer to the currency units of Japan and Korea , and is used to translate the currency unit dollar as well as some other currencies; for example, the United States dollar is called Meiyuan (Chinese: 美元; pinyin: Měiyuán; lit.
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.
Over the decades, however, rampant inflation eroded the currency's value, and from 2001 the government abandoned the rate in favor of those closer to the black market's. A report by defectors from North Korea claimed the black market rate was ₩570 to the Chinese yuan (about ₩4,000 per U.S. dollar) in June 2009. [5]
South Korean won, the present currency of South Korea; North Korean won, the present currency of North Korea; It can also refer to these historical currencies: Korean Empire won, 1900–1910 currency in the Korean Empire; Won of the Red Army Command, 1945–1947 currency in northern Korea under the Soviet Civil Administration; South Korean won ...
The local name of the currency is used in this list, with the adjectival form of the country or region. ... Korean yen – Korea; ... Taiwanese yen – Taiwan; Yuan ...
But the threat of possible tariffs from the new White House administration has put the euro and China's yuan under pressure. The single currency touched a near seven-month nadir of $1.0687 ...
The history of Korean currency dates back to around the 3rd century BC, when first coins in the form of knife coins, also known in Korean literature as "Myeongdojun(명도전,in chinese mingdaoqian,明刀錢, meaning Ming Knives)" originally belonging to the Chinese state of Yan but also was used in trade with Korean state Gojoseon; which were said to have been circulated. [1]