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The first South Korean won was subdivided into 100 jeon. The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:
Kim Il Sung is depicted only on the obverse of the highest denomination, with the 100 won note featuring the Magnolia (National Flower) and other notes depicting North Koreans of different professions and various monuments in North Korea. [18] The exchange rate was 100 second won to 1 third won. [29]
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 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 ...
Thailand triggered the crisis on 2 July and on 3 July, the Bangko Sentral intervened to defend the peso, raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997. The peso dropped from 26 pesos per dollar at the start of the crisis to 46.50 pesos in early 1998 to 53 pesos as in July 2001.
Main article: Korean won. The won was introduced in 1902, replacing the yang at a rate of 1 won = 5 yang. 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.
This infobox shows the latest status before this currency was rendered obsolete. The Korean won (/ wɒn / won[ 1 ] Korean : 원 ; Hanja : 圓, Korean pronunciation: [wʌn]) or Korean Empire won (대한제국 원), was the official currency of the Korean Empire between 1900 and 1910. It was subdivided into 100 jeon (/ dʒʌn / jun; [ 2 ]전 ...
The Bank of Korea (BOK; Korean: 한국은행; Hanja: 韓國銀行; RR: Hanguk Eunhaeng) is the central bank of South Korea and issuer of South Korean won. It was established on 12 June 1950 in Seoul, South Korea. The bank's primary purpose is price stability. For that, the bank targets inflation. The 2016–18 target is consumer price inflation ...
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.