South Korean won explained

South Korean won
Local Name Lang1:ko
Image 1:Currency South Korea.jpg
Iso Code:KRW
Using Countries:South Korea
Inflation Rate:2.4% (June 2024)[1]
Value:Exchange Rate
1 USD = 1,390 KRW[2]
Subunit Name 1:jeon (Korean: 전/錢)
Subunit Inline Note 1:Theoretical (not used)
Symbol:
Unit:won
No Plural:Y
Used Coins:1, 5, 10, 50, 100, 500
Used Banknotes:1000, 2000, 5000, 10000, 50000
Issuing Authority:Bank of Korea
Printer:Korea Minting and Security Printing Corporation
Mint:Korea Minting and Security Printing Corporation
Hanja:
Rr:Daehanmin(-)guk won
Mr:Taehanmin'guk wŏn
Text:The current won (원) does not officially have any hanja associated with it.[3] [4]

The South Korean won (Symbol: ; Code: KRW;) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul.

Etymology

See main article: Etymology of the Korean currencies.

See also: Korean won. The old "won" was a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. It is derived from the hanja Korean: [[wikt:圓|圓]] (Korean: ,), meaning "round", which describes the shape of the silver dollar.

The won was subdivided into 100, itself a cognate of the Chinese unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.

First South Korean won

See main article: South Korean won (1945–1953).

History

The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.

During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese yen.

After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. 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:

Pegs for the first South Korean won
Date introducedValue of U.S. dollar in won
October, 194515
July 15, 194750
October 1, 1948450
June 14, 1949900 (non-government transactions only)
May 1, 19501,800
November 1, 19502,500
April 1, 19516,000

The first South Korean won was replaced by the hwan on February 15, 1953, at a rate of 1 hwan = 100 won.[5]

Banknotes

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1,000 won notes.

A new central bank, the Bank of Korea, was established on 12 June 1950,[6] and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.

Second South Korean won

History

The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. The following pegs operated between 1962 and 1980:

Pegs for the second South Korean won
Date introducedValue of U.S. dollar in won
June 10, 1962125
May 3, 1964255
August 3, 1972400
December 7, 1974480
January 12, 1980580

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund.[7] Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

Coins

Until 1966, 10 and 50 hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Gregorian calendar, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975.[8]

In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 and 10 won coins were issued in 1970, struck in brass. Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972.

1966–1982 issued coins[9] [10]
Image Value Technical parameters Description Date of BOK series designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue Issue Suspended
₩117.2 mm1.7 gBrass
60% copper
40% zinc
PlainRose of Sharon, value, bank title (hangul)Value (digit), bank title, year of minting1966August 16, 1966December 1, 1980Series I
₩117.2 mm0.729 g100% aluminiumPlainRose of Sharon, value, bank title (hangul)Value (digit), bank title, year of minting1968August 26, 19681992Series II
₩520.4 mm3.09 gCommercial bronze
88% copper
12% zinc
PlainGeobukseon, value, bank title (hangul)Value (digit), bank title, year of minting1966August 16, 19661992Series I
₩520.4 mm2.95 gHigh brass
65% copper
35% zinc
PlainGeobukseon, value, bank title (hangul)Value (digit), bank title, year of minting1970July 16, 19701992Series II
₩1022.86 mm4.22 gCommercial bronze
88% copper
12% zinc
PlainDabotap Pagoda, value, bank title (hangul)Value (digit), bank title, year of minting1966August 16, 1966Still circulatingSeries I
₩1022.86 mm4.06 gHigh brass
65% copper
35% zinc
PlainDabotap Pagoda, value, bank title (hangul)Value (digit), bank title, year of minting1970July 16, 1970Still circulatingSeries II
₩5021.6 mm4.16 g70% copper
18% zinc
12% nickel
ReededStalk of rice, value (hangul)Value (digit), bank title (hangul), year of minting1972December 1, 1972Still circulatingSeries I
₩10024 mm5.42 gCupronickel
75% copper
25% nickel
Yi Sun-sin, value, bank title (hangul)Value (digit), year of minting1970November 30, 1970

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.

1982–2006 issued coins[11] [12]
Image Value Technical parameters Description Date of BOK series designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue
17.2 mm0.729 g100% aluminiumPlainRose of Sharon, value (hangul)Value (digit), bank title, year of minting1983January 15, 1983Series III
20.4 mm2.95 gHigh brass
65% copper
35% zinc
PlainGeobukseon, value (hangul)Value (digit), bank title, year of minting1983January 15, 1983Series III
₩1022.86 mm4.06 gDabotap Pagoda, value (hangul)
Current coins
Image Value Technical parameters Description Date of BOK series designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue
18 mm1.22 gCopper-plated aluminium
48% copper
52% aluminium
PlainDabotap pagoda, value (hangul)Value (digit), bank title, year of minting2006December 18, 2006Series IV
21.6 mm4.16 g70% copper
18% zinc
12% nickel
ReededStalk of rice, value (hangul)Value (digit), bank title, year of minting1983January 15, 1983Series II
24 mm5.42 gCupronickel
75% copper
25% nickel
Yi Sun-sin, value (hangul)
₩50026.5 mm7.7 gRed-crowned crane, value (hangul)1982June 12, 1982Series I

The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. With the increasing cost of production, then at 38 won per 10 won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce.[13] The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin.[14] The new coin was issued on December 18, 2006.[15] [16]

The 1 and 5 won coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets.[17] In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.[18]

Banknotes

The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. . Therefore, 1,000 won issued in 1983 is series II because it is the second design of all 1,000 won designs since the introduction of the South Korean won in 1962.

In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes was printed in the UK by Thomas De La Rue. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the Korea Minting and Security Printing Corporation.

In 1965, 100 won notes (series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500 won notes followed in 1966, also using intaglio printing, and for the 50 won notes in 1969 using lithoprinting.

1962 Thomas De La Rue Series
Image Value Dimensions Main color Description Date of BOK series designation
Obverse Reverse Obverse Reverse Issue Issue Suspended
₩194 × 50 mmPinkBank of Korea's symbolValueJune 10, 1962May 20, 1970None
₩5BlueMay 1, 1969
₩10108 × 54 mmGreenSeptember 1, 1962Series I
₩50156 × 66 mmOrangeHaegeumgang near GeojeTorch, valueMay 20, 1970
₩100GreenIndependence Gate (Dongnimmun)February 14, 1969
₩500GreyNamdaemunFebruary 3, 1967
1962–1969 KOMSCO Series
10 jeon90 × 50 mmBlue"Bank of Korea" and value (Korean)"Bank of Korea" and value (English)December 1, 1962December 1, 1980None
50 jeonBrown
₩10140 × 63 mmPurpleCheomseongdaeGeobukseonSeptember 21, 1962October 30, 1973Series II
₩50149 × 64 mmGreen and orange / blueTapgol Park in SeoulBeacon, Rose of SharonMarch 21, 1969Series II
₩100156 × 66 mmGreenIndependence GateGyeonghoeru Pavilion at Gyeongbok PalaceNovember 1, 1962Series II
Sejong the GreatMain building of the Bank of KoreaAugust 14, 1965December 1, 1980Series III
₩500165 × 73 mmBrownNamdaemunGeobukseonAugust 16, 1966May 10, 1975Series II

With the economic development from the 1960s, the value of the 500 won notes fell, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones. In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.

Higher-denomination notes of 5,000 and 10,000 won were introduced in 1972 and 1973, respectively. The notes incorporated new security features, including watermark, security thread, and ultraviolet response fibres, and were intaglio printed. The release of 10,000 won notes was planned to be at the same time as the 5,000 won notes, but problems with the main theme delayed it by a year.[19] Newly designed 500 won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000 won notes in 1975.

1972–1973 Series
Image Value Dimensions Main color Description Date of BOK series designation Plate produced
Obverse Reverse Obverse Reverse Watermark Issue Issue Suspended
₩5,000167 × 77 mmBrownYi IMain building of the Bank of KoreaJuly 1, 1972December 1, 1980Series I By Thomas de la Rue[20]
₩10,000171 × 81 mm GreenSejong the Great, Rose of SharonGeunjeongjeon at Gyeongbok PalaceJune 12, 1973November 10, 1981Series I In Japan
1973–1979 Series
₩500159 × 69 mmGreen and pinkYi Sun-sin, GeobukseonYi Sun-sin's Shrine at HyeonchungsaNoneSeptember 1, 1973May 12, 1993Series III
₩1,000163 × 73 mmPurpleYi Hwang, Rose of SharonDosan Seowon (Dosan Confucian Academy)August 14, 1975Series I In Japan[21]
₩5,000167 × 77 mmOrangeYi IOjukheon in GangneungJune 1, 1977May 12, 1993Series II In Japan
₩10,000171 × 81 mmGreenSejong the Great, Water clockGyeonghoeru Pavilion at Gyeongbok Palace, Rose of SharonJune 15, 1979May 12, 1993Series II In Japan

In 1982, the 500 won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins. Some of the notes' most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better-quality cotton pulp to reduce the production costs by extending their circulation life.

To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 and 10,000 won notes were released between 1994 and 2002 with various new security features, which included color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5,000 and 10,000 won notes are easily identifiable by the copyright information inscribed under the watermark: "" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.

The plates for the 5,000 won notes were produced in Japan, while the ones for the 1,000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.[19] [21]

1983–2002 Series[22]
Image Value Dimensions Main Color Description Date of issue Suspended Date BOK series designation Modification
Obverse Reverse Obverse Reverse Watermark
₩1,000151 × 76 mmPurpleYi HwangDosan Seowon (Dosan Confucian Academy)Reversed portraitJune 11, 1983June 1, 2016Series II
₩5,000156 × 76 mmOrangeYi IOjukheon in GangneungJune 11, 1983Series III
June 12, 2002Series IV Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
₩10,000161 × 76 mmGreenSejong the Great, Water clockGyeonghoeru Pavilion at Gyeongbok PalaceOctober 8, 1983Series III
January 20, 1994Series IV Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
Reversed portrait, TaegukJune 19, 2000Series V Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription

New security features

In 2006, it became a major concern that the South Korean won banknotes were being counterfeited/forged. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced.

On June 23, 2009, the Bank of Korea released the 50,000 won note. The obverse bears a portrait of Shin Saimdang, a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, also known as Yi I, who is on the 5,000 won note. This note is the first Korean banknote to feature the portrait of a woman.[23] The release of the 50,000 won note stirred some controversy among shop owners and those with visual impairments due to its similarity in color and numerical denomination with the 5,000 won note.[24]

New 100,000 won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands.[25] [26] [27] [28] Also of controversy was the appearance of Kim Ku on the note, who is controversial among the South Korean right.[29]

The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features, the 10,000 won note 21, the 5,000 won note 17, the 2,000 won note 10 and the 1,000 won note 19. Many modern security features that can be also found in euros, pounds, Canadian dollars, and Japanese yen are included in the banknotes.Some security features inserted in won notes are:

For the first time in the world, KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc.[30]

2006 Series[31]
Image Value Dimensions Main color Description Date of issue BOK series designation
Obverse Reverse Obverse Reverse Watermark
136 × 68 mmBlueYi Hwang, Myeongryundang in Seonggyungwan, plum flowers"Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong SeonReversed portrait and electrotype denomination (₩1,000 to ₩50,000)January 22, 2007Series III
142 × 68 mmOrangeYi I, Ojukheon in Gangneung, black bamboo"Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin SaimdangJanuary 2, 2006Series V
148 × 68 mmGreenSejong the Great, Irworobongdo, a folding screen for Joseon-era kings, and text from the second chapter of Yongbieocheonga, the first work of literature written in hangulGlobe of Honcheonsigye, Cheonsang Yeolcha Bunyajido C14 star map and reflecting telescope at Bohyeonsan Observatory in the backgroundJanuary 22, 2007Series VI
154 × 68 mmYellowShin Saimdang with Chochungdo - a Folding Screen of Embroidered Plants and Insects (South Korean National Treasure No. 595) in the backgroundBamboo and a plum treeJune 23, 2009Series I

Future

Coinless trials

As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins by depositing change into prepaid cards.[33] As of 2019, however, public participation in this program has decreased.[34]

Redenomination proposals

There have been recurring proposals in the South Korean National Assembly to redenominate the won by introducing a new won or new unit, equal to 1,000 old won, and worth nearly one U.S. dollar. While proponents cite a more valuable currency unit better projects the strength of the nation's economy, a majority remain opposed to the idea. Reasons cited are: economic harm if done immediately, no issues on public confidence in the won and its inflation rate, limited cost savings, and the presence of more urgent economic issues.[35]

Currency production

The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea.After the new banknotes and coins are printed/minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested.Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

External links

Notes and References

  1. Web site: Document Viewer .
  2. Web site: Seoul Money Brokerage.
  3. Web site: Bank of Korea . 화폐 < 홍보교육자료 < 우리나라 화폐단위 변경 한국은행 홈페이지. #1 . https://web.archive.org/web/20150923193330/http://www.bok.or.kr/broadcast.action?menuNaviId=2074 . dead . 2015-09-23 . ko . 2012-11-24 . 한글로만 표기" → Translation: "Spelling in hangul only .
  4. Web site: Entry in Standard Korean Language Dictionary (표준국어대사전) . 2018-05-08 . 2018-05-08 . https://web.archive.org/web/20180508121726/http://stdweb2.korean.go.kr/search/View.jsp?idx=465171 . dead .
  5. Book: The Bank of Korea . KOREAN CURRENCY: for better understanding of Korean currency . 23 January 2013 . 10 . 3 May 2020.
  6. Book: Linzmayer . Owen . The Banknote Book . South Korea . www.BanknoteNews.com . 2012 . San Francisco, CA . 2012-08-17 . 2012-08-29 . https://web.archive.org/web/20120829063428/http://www.banknotebook.com/ . live .
  7. Web site: Tables of modern monetary history: Asia. 2006-11-16. Kurt Schuler. 29 February 2004. Currency Boards and Dollarization . https://web.archive.org/web/20070112132244/http://users.erols.com/kurrency/asia.htm . 2007-01-12.
  8. Web site: Currency Issue System . 2006-11-09 . . https://web.archive.org/web/20060826081444/http://www.bok.or.kr/template/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000001020 . 2006-08-26 . dead .
  9. Web site: The Bank of Korea . . 17 January 2022 . https://web.archive.org/web/20070310203841/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000507 . 10 March 2007 . dead.
  10. Web site: The Bank of Korea. . 17 January 2022 . https://web.archive.org/web/20070310184105/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000508 . 10 March 2007 . dead.
  11. Web site: Currency < Currency in circulation < Introduction to Coins | THE BANK OF KOREA. #1 . 2010-09-27 . https://web.archive.org/web/20141231024941/http://eng.bok.or.kr/broadcast.action?menuNaviId=1708 . 2014-12-31 . dead .
  12. Web site: http://210.104.132.11/contents_admin/info_admin/main/region/busan/information/localinfo01/info/200612121.hwp . 부산본부 . ko:새 10원 동전, 12. 18(월)부터 발행 . 2006-12-12 . 12 December 2006 . Bank of Korea . hwp . ko . dead . https://web.archive.org/web/20070312060825/http://210.104.132.11/contents_admin/info_admin/main/region/busan/information/localinfo01/info/200612121.hwp . March 12, 2007 .
  13. News: New W10 Coin to Debut . 2006-12-11 . 13 January 2006 . . dead . https://web.archive.org/web/20060115054525/http://times.hankooki.com/lpage/biz/200601/kt2006011318125411870.htm . January 15, 2006 .
  14. News: New 10-won Coins to Debut . 2006-12-11 . 10 August 2006 . . dead . https://web.archive.org/web/20080321123629/http://english.kbs.co.kr/news/newsview_sub.php?menu=3&key=2006081017 . March 21, 2008 .
  15. News: http://news.media.daum.net/economic/industry/200612/11/Edaily/v15007706.html. ko:1원짜리 만한 10원 동전 18일 나온다. 2006-12-11. 11 December 2006. Daum Media. ko. dead. https://web.archive.org/web/20071016190305/http://news.media.daum.net/economic/industry/200612/11/Edaily/v15007706.html. 16 October 2007.
  16. News: New 10-won Coins to Debut Next Week. 2006-12-12. 11 December 2006. KBS Global. dead. https://web.archive.org/web/20080618185306/http://english.kbs.co.kr/news/newsview_sub.php?menu=3&key=2006121114. 18 June 2008.
  17. http://dokdo-research.com/bankofkoreamintsets.html Bank of Korea Mint Sets - 한국은행 민트 세트
  18. News: Coins Return to the Bank . 2007-03-26 . 19 February 1998 . . dead . https://web.archive.org/web/20040909001646/http://english.chosun.com/w21data/html/news/199802/199802190510.html . September 9, 2004 .
  19. Web site: Brief History of current Korea notes in circulation; 10,000 won note . . https://web.archive.org/web/20170505104334/http://www.bok.or.kr/broadcast.action?menuNaviId=1693 . dead . 2017-05-05 . Flash and HTML . 2016-01-13 .
  20. Web site: Brief History of current Korea notes in circulation; 5,000-won note . . https://web.archive.org/web/20070927004027/http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003619 . dead . 2007-09-27 . Flash and HTML . 2006-11-09 .
  21. Web site: Brief History of current Korea notes in circulation; 1,000 won note . . https://web.archive.org/web/20070927003849/http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003620 . dead . 2007-09-27 . Flash and HTML . 2006-11-09 .
  22. Web site: :: The Bank of Korea :: . . 17 January 2022 . https://web.archive.org/web/20050411082027/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000509 . 11 April 2005 . dead.
  23. Web site: W50,000 Bill Unveiled . . 2009-02-26 . 2016-01-13 . dead . https://web.archive.org/web/20090301095424/http://english.chosun.com/w21data/html/news/200902/200902260003.html . March 1, 2009 .
  24. Web site: ANN . https://web.archive.org/web/20110615162029/http://www.asianewsnet.net/news.php?sec=2&id=6534 . dead . 2011-06-15 . Asianewsnet.net . 2013-07-26 .
  25. Web site: 50,000-Won Banknote to Be Issued in May . . 2009-01-27 . 2012-09-01 . 2022-05-23 . https://web.archive.org/web/20220523031042/https://www.koreatimes.co.kr/www/news/biz/2009/01/123_38457.html . live .
  26. Web site: 50,000-Won Banknote to Be Issued in May . . 2009-01-27 . 2014-02-09 . 2022-05-23 . https://web.archive.org/web/20220523031042/https://www.koreatimes.co.kr/www/news/biz/2009/01/123_38457.html . live .
  27. Web site: Debut of W100,000 Note Delayed Indefinitely . English.donga.com . 2009-01-01 . 2014-02-13 . 2016-01-05 . https://web.archive.org/web/20160105175600/http://english.donga.com/srv/service.php3?biid=2009010147518 . live .
  28. Web site: SKorea shelves new banknote . https://web.archive.org/web/20140223005846/http://news.asiaone.com/News/Latest%2BNews/Asia/Story/A1Story20081218-108820.html . dead . February 23, 2014 . News.asiaone.com . 2008-12-18 . 2014-02-13.
  29. Web site: 2020-07-17 . 10만원권 못 나온 이유는?… "김구 초상 쓰는 것에 반대 있었기 때문" . 2024-01-08 . . ko . 2024-01-08 . https://web.archive.org/web/20240108093436/https://www.chosun.com/site/data/html_dir/2019/06/07/2019060701529.html . live .
  30. http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp=tbl_FM0000000066_CA0000003607
  31. Web site: Currency < Currency in circulation < Introduction to Banknotes | THE BANK OF KOREA. #2 . . 2012-09-01 . https://web.archive.org/web/20150923193302/http://www.bok.or.kr/broadcast.action?menuNaviId=1692 . 2015-09-23 . dead .
  32. Web site: Commemorative Banknote Currency The bank of korea . . dead . https://web.archive.org/web/20180714175332/http://www.bok.or.kr/eng/main/contents.do?menuNo=400358 . 2018-07-14.
  33. https://www.bbc.com/news/blogs-news-from-elsewhere-39639226 South Korea begins coinless society trial
  34. Web site: 'Coinless society' still full of coins . . 2020-01-20 . 2022-03-16 . 2022-02-11 . https://web.archive.org/web/20220211101731/https://koreajoongangdaily.joins.com/2019/10/13/finance/Coinless-society-still-full-of-coins/3068992.html . live .
  35. Web site: Redenomination: boon or bane? . . 15 April 2019 . 2022-03-16 . 2022-04-16 . https://web.archive.org/web/20220416001922/https://www.koreatimes.co.kr/www/biz/2019/04/488_267185.html . live .