| Local Name1: | 대한민국 원 |
| Local Name Lang1: | ko |
| Local Name Lang2: | ko |
| Local Name2: | 大韓民國圓 |
| Using Countries: | Korea under American control |
| Subunit Name 1: | jeon (전/錢) |
| No Plural: | Y |
| Pegged With: | US dollar |
| Symbol Comment: | None, the currency was referred to by using the hanja character Korean: [[wikt:圓|圓]] |
| Used Banknotes: | 5, 10, 20, 50 jeon 1, 5, 10, 100, 500, 1000 won |
| Used Coins: | Japanese 1 sen |
| Issuing Authority: | Bank of Joseon (1945-1950) Bank of Korea (1950-1953) |
| Printer: | National Printing Bureau (~ 1951) Korea Minting and Security Printing Corporation (1951 ~) |
| Obsolete: | yes |
The won was the first South Korean currency and was in use from August 15, 1945, to February 15, 1953.
See main article: Etymology of the Korean currencies. Won is a cognate of the Chinese yuan and Japanese yen. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer: chŏn; revised: jeon).
See main article: History of the Korean currencies. 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. 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.
No coins were issued by South Korea during this period; however, Japanese 1 sen coins continued to be used for small transactions until February 1953.[2] South Korea would eventually introduce its first coins for circulation in 1959.
The won was subdivided into 100 jeon. Only banknotes were issued. Initially, the won was issued by Bank of Joseon with a similar design to the older notes of the Japanese occupation period. However, there were two subtle and important differences. The new notes replaced the paulownia, the badge of the government of Japan, with the Rose of Sharon, South Korea's national flower; and the clause about exchangeability with the Japanese yen was removed.
| Bank of Joseon issued notes |
|---|
| Value |
| 5 jeon |
| 10 jeon |
| 20 jeon |
| 50 jeon |
| 1 won |
| 5 won |
| 10 won |
| 100 won |
On June 12, 1950, the Bank of Korea was established and assumed the duties of Bank of Joseon. The Bank of Joseon's notes were still kept in circulation as not all denominations were replaced by the Bank of Korea's notes.
| Bank of Korea issued notes https://web.archive.org/web/20070316000043/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000505 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Color | Description | Date of | Printer | ||||
| Obverse | Reverse | Obverse | Reverse | issue | withdrawal | |||||
| 100 won | 158 × 78 mm | brown | Gwanghwamun | Value | July 22, 1950 | February 17, 1953 | National Printing Bureau (Japan) | |||
| 500 won | 145 × 61 mm | blue | Syngman Rhee | Pagoda Gongweon in Seoul | October 10, 1952 | KOMSEP | ||||
| 1000 won | 171 × 78 mm | green | Value | July 22, 1950 | National Printing Bureau | |||||
| 145 × 61 mm | blue | Pagoda Gongweon in Seoul | October 10, 1952 | KOMSEP | ||||||