The Monetary Unit of Korea: A Comprehensive Guide
The monetary unit of Korea is the South Korean won (KRW). It is the official currency of South Korea and is used by the government and citizens for all transactions. The won has been in circulation since 1945 and is divided into 100 jeon. In this comprehensive guide, we will discuss the history of the won, its current value, and how it is used in South Korea today.
History of the Won
The won has a long and storied history in South Korea. It was first introduced in 1945 as the currency of the newly formed Republic of Korea. It replaced the Japanese yen, which had been the currency of the Korean peninsula since 1910. The won was initially pegged to the US dollar at a rate of 1 won to 1.5 US dollars.
In the 1950s, the won was revalued several times due to the Korean War and the resulting inflation. In 1962, the won was revalued again, this time to a rate of 10 won to 1 US dollar. This rate remained in place until 1997, when the won was revalued once more to a rate of 1,000 won to 1 US dollar.
Current Value of the Won
Today, the value of the won is determined by the foreign exchange market. The won is currently trading at around 1,200 won to 1 US dollar. This means that 1 US dollar is worth 1,200 won. The won is also traded against other major currencies such as the euro, the Japanese yen, and the British pound.
How the Won is Used in South Korea
The won is used for all transactions in South Korea. It is the only legal tender in the country and is accepted by all businesses, banks, and government institutions. The won is also used to pay taxes and fees to the government.
The won is available in both paper and coin form. Paper won is available in denominations of 1,000, 5,000, 10,000, and 50,000 won. Coins are available in denominations of 10, 50, 100, and 500 won.
Conclusion
The South Korean won is the official currency of South Korea and is used for all transactions in the country. It has a long and storied history, having been in circulation since 1945. The current value of the won is determined by the foreign exchange market and is currently trading at around 1,200 won to 1 US dollar. The won is available in both paper and coin form and is accepted by all businesses, banks, and government institutions.
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