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In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins was issued, using the same layout as the 500 won coins, but conserving the coins' old themes. [8]
The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, "fun" ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper. [3]
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 ...
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.
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During the time when the 1 jeon Joseon Tongbo cash coins were issued 400 mun (or 400 small cash coins of 1 mun) were valued as being worth 1 tael (兩, 양 or 냥) of silver. [5] So in the new system planned for these Joseon Tongbo cash coins one coin of 1 jeon would have been worth forty coins of 10 mun and were themselves 1 ⁄ 10 of a tael.
In 2015, an MS66-graded coin sold for $822,500, but USA Coin Book indicated a coin in average condition could be worth over $47,000. Even the coin’s melt value is worth something ...
Just before the yang was introduced, a small number of coins denominated in hwan (환/圜) and mun (문/文) were minted (1 won = 1000 mun). It is unclear whether these coins circulated. [ 1 ] The 1 won and 5 yang coins were equal in size, containing 416 grains of silver.