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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]
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 devalued at 6000 won = 1 dollar. [1] Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.
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. The hwan also suffered from inflation and a series of ...
Slight differences in minting or condition can make a coin either worth thousands of dollars, or relatively worthless. More From GOBankingRates. 7 Winter Clothing Items You Should Buy at Costco Now.
Due to devaluation of the won the hwan was introduced on February 15, 1953, at the rate of 1 hwan = 100 won. It was subdivided in 100 jeon, but they were never used. New banknotes in denominations between 10 and 1000 hwan were issued. Starting in 1959, 10 and 50 hwan coins were also issued to replace the lower denomination notes.
Most coins are worth their face value, but others are different story. Coin collectors seek rare currencies often valued at a small fortune or greater. “This iconic coin set a world record when ...
When the historic 2.16 peg to the dollar was abandoned in 2001 to allow for greater convertibility the coins began to lose value. After 2003, these coins were rarely seen in circulation but were still redeemable. Later, a new set of coins was introduced in 2005 in denominations of 5, 10, 50, and 100 won. These coins were less impressive ...
Up Next: 10 Rare Coins Expected To Soar in Value in the Next Five Years. For You: 3 Things You Must Do When Your Savings Reach $50,000. A coin might be rare for a few different reasons.
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