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From Wikipedia, the free encyclopedia

This article is about the history of the currency prior to 1945. For the later South and North Korean currencies, see South Korean won and North Korean won. For the former online gaming service, see World Opponent Network.

Korean won

圓 / 원 (Korean)
A half won (半圜) coin issued in 1905.
Denominations
Subunit
1⁄100	jeon (錢)
Demographics
Date of introduction	1902
Replaced	Korean yang
Replaced by	Korean yen and Japanese yen
User(s)	Korean Empire
Valuation
Pegged with	Japanese yen = 1 won
This infobox shows the latest status before this currency was rendered obsolete.

The Korean won (^[1] Korean: 원 (圓), Korean pronunciation: [wʌn]) or Korean Empire won (Korean: 대한제국 원), was the official currency of the Korean Empire between 1902 and 1910. It was subdivided into 100 jeon (;^[2] Korean: 전 (錢), Korean pronunciation: [tɕʌn]).

Korean won
Hunminjeongeum	원, 전
Hanja	圓, 錢
Revised Romanization	won, jeon
McCune–Reischauer	wŏn, chŏn

Etymology[edit]

Won is 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 圓 (원, won), meaning «round», which describes the shape of the silver dollar.

History[edit]

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.

On May 22, 1901 the Korean Empire adopted the gold standard in response to many other countries doing the same.^[3] The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, «fun» ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper.^[3] Another notable feature of these coins is that they, unlike the earlier yang coinage, contained no English inscriptions as they only contained Chinese and Hangul legends.^[3]

As a part of the Russian influence in Korea at the time the Koreans introduced a small number of «Russified» coins between the years 1901 and 1902, but these coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The disagreements between the Japanese and Russian Empires led to the Russo-Japanese War when Japan attacked Port Arthur in Russian Dalian and Incheon in Korea, the war ended in a Japanese victory, Japan occupied the Kwantung Leased Territory and the Korean peninsula.^[4] The Japanese immediately took control over Korean financial matters. On October 16, 1904 the Koreans accepted Baron Megata Tanetarō from the Japanese Ministry of Finance as financial adviser to their government,^[5][6][4] Megata was assigned to assume complete jurisdiction over Korea’s finances.^[7] When Megata arrived in Korea, he told Sir John Newell Jordan, who was the British Minister-Resident in Korea at the time, that the Japanese protectorate over Korea was being modeled on British rule in Egypt.^[8] One of the first recommendations by Baron Megata was to close all Korean Mints and commence a reform of the Korean currency. One of the primary policy he proposed was removing the cupronickel coins from circulation.^[4]

After the Japanese had pressured the Korean Mint Bureau, which had been striking coins for 20 years, to close in November of the year 1904,^[3] all gold coins of the won were produced at the Japan Mint in Osaka (日本大阪造幣局).^[3] In 1905 the Japan Mint began to produce the Korean won’s new coinage, this entirely new series was modeled almost exactly on the patterns of contemporary Japanese coins and even used the same planchets.^[4]

As the coins of the Korean won were being struck on the same planchets as the Japanese yen, when the Japanese would reduce the weight of the minor coinages of the yen in 1906, the weights and sizes of Korean coins were also reduced in 1907.^[4] This was also because the Japanese and Korean coins were circulating as equivalents to each other in exchange at the time.^[4]

In the year 1907 the imperial Korean government had designated the Japanese Dai-Ichi Bank to carry out the monetary reforms that were suggested by the Japanese adviser to Korea Baron Megata Tanetarō.^[4] The Dai-Ichi Bank attempted to withdraw the cupronickel coinage, recall the yeopjeon, and help circulate the newly introduced coinage that was minted in Osaka. During this era Korean cash coins were still largely circulating in the regions of southern and north-eastern Korea.^[4] The task of withdrawing the cupronickel coinage from circulation proved to not be an easy one because of the substantial number of counterfeit cupronickel coins that were circulating in Korea at the time, these counterfeit coins were redeemed by the Dai-Ichi Bank at reduced rates from the «official» cupronickel coins; during the exchange process, it was assumed by everybody that theirs cupronickel were «official» cupronickel coins and demanded the maximum exchange rate.^[4] The withdrawal of copper-alloy Korean cash coins was made easier due to a global rise in the price of copper, during this era thousands of pounds of copper-alloy Korean cash coins were exported at a profit.^[4]

In the year 1908, Korea was hit by a panic when the value of nickel dropped significantly, this led to the Korean public quickly exchanging their cupronickel at the banks.^[9] A staggering amount of 266.480,000 of cupronickel coins were exchanged during this panic.^[9] This panic would lead to the demonetisation of the Korean cupronickel coinage in November 1908.^[9] In the year 1909 there were supposedly 4,000,000 of 5 jeon nickel coins that were struck at the Japan Mint, however, most were melted down due to their demonetised status.^[9] Copper coins during this period were not affected by the panic exchange. Older coins collected by the banks from July 1905 to October 1907 resulted to be more than 375 tonnes. If it assumed that only cupronickel 5 fun coins of 7 grams were collected by the banks, more than 53,000,000 would have been collected from general circulation.^[9]

After 1908, circulation of the old cupronickel coins was outlawed by the imperial Korean government, while the cast copper-alloy cash coins remained to be legal tender in Korea at a value of 0.2 jeon, which meant that they had a nominal value of 1⁄500 won.^[4]

Prince Hirobumi Ito pointed out to the Korean government the anomalous situation of having a foreign (Japanese) commercial bank as the central bank of their government and recommended that the Koreans create their own central bank in the same way that others nations had, ^[4] and so in 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type.^[4] And on 10 November 1909 many of the functions of the Dai-Ichi Bank were passed onto the newly established Bank of Korea.^[4]

The Bank of Korea assumed responsibility for the banknotes issued by the Dai-Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to an interest-free 20-year loan to the Dai-Ichi Bank.^[4]

In the year 1910 the Japanese had formally annexed Korea, this meant that Korea’s native currency system would become an arm of the Japanese currency system.^[4] As a part of the reforms of Korea during the colonial period Korean coinage was suspended;^[4] Japanese coinage was then introduced to the peninsula to replace it, although the Japanese created no «crash» program of recall,^[4] nine years later in 1919 as much as 25% of all Korean won coins remained in circulation as only 75% of the Korean coinage had been withdrawn by the Japanese.^[4]

The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910 during the Colonial Era. In 1910, the Bank of Korea was renamed the Bank of Joseon (Korean: 조선은행; 朝鮮銀行), which issued notes denominated in yen and sen.

Coins[edit]

Coins were minted in the denominations of 1⁄2, 1, 5, 10 and 20 jeon, 1⁄2, 5, 10 and 20 won.^[3] The coins all carried the title of the «state», Daehan (대한; 大韓),^[3] and the Korean era name, Gwangmu (광무; 光武) and then Yunghui (융희; 隆熙), whilst the specifications were equivalent to the coins of the Japanese yen.^[3]

In 1906 Korea’s first gold coinage was created, in denominations of 5 won, 10 won, and 20 won.^[4] These coins were also of identical weight and fineness to their Japanese counterparts, but used a dragon which was similar to the previous generation of Japanese yen gold coins in their designs.^[4]

The dragon symbol was replaced by the phoenix on the 1⁄2 jeon, 1 jeon, and 5 jeon coins when these coins started being produced by the Japan Mint.^[3]

List of coins of the Korean won:^[3]

Korean Won Coins
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1⁄2 jeon (半錢)[10]	95% copper, 4% tin, 1% zinc	21.9 (1906) 19.1 (1907–1910)	3.4 (1906) 2.1 (1907–1910)	1.5 (1906) 1 (1907–1910)	1906–1910
		1 jeon (一錢)	98% copper, 1% tin, 1% zinc	28 (1905–1906) 22.5 (1907–1910)	7.1 (1905–1906) 4.1 (1907–1910)	1.5 (1905–1906) 1 (1907–1910)	1905–1910
		5 jeon (五錢)	Cupronickel (75% copper and 25% nickel)	20.8	4	2	1905, 1907, and 1909
		10 jeon (十錢)[11][12][13]	800‰ silver, 200‰ copper	17.6	2.5, 2.25 (1907 only)	1.5	1906–1910
		20 jeon (二十錢)[14][15][16]	22.8 (1905–1906) 20.3 (1907–1910)	5.4 (1905–1906) 4 (1907–1910)	1.5	1905–1910
	1⁄2 won (半圜)[17][18][19]	31 (1905–1906) 27.5 (1907–1908)	13.5 (1905–1906) 10.13 (1907–1908)	2	1905–1908
		5 won (五圜)[20]	900‰ gold, 100‰ copper	17	4.1666	1	1908–1909
		10 won (十圜)[21][22]	21.2	8.3	1.5	1906 and 1909
	20 won (二十圜)[23][24]	28.8	16.667	2	1906, 1908, and 1909

Rare coins[edit]

• There is some question as to whether or not any 1⁄2 jeon coins were minted in the year Gwangmu 11.^[3]

• The 1⁄2 jeon coins minted in the years 1907 (隆熙元年) and 1910 (隆熙四年) are known to be very scarce.^[3]

• In September 2011 a 5 jeon coin from 1909 was at auction for $138,000.^[3]

• The 5 won gold coins are dated to have been produced in the years 1908 (隆熙二年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the 5 won are known to be extent, one of these pieces was sold at an auction for $460,000 in September 2011.^[3]

• The 10 won gold coins are dated to have been produced in the years 1906 (光武十年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the coin are known to be extent with one specimen of this series being sold at an auction for $299,000 in September 2011.^[3]

• The 20 won gold coins are dated to have been produced in the years 1906 (光武十年), 1908 (隆熙二年), and 1909 (隆熙三年).^[3] Only two specimens of the 1909 coin are known to be extent with one specimen of this series being sold at an auction for $632,500 in September 2011.^[3]

Banknotes[edit]

No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai-Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行). The Dai-Ichi Bank’s role as treasury bank for the imperial Korean government, its responsibility for recalling the old cupronickel and Korean cash coinage, and the fact that this bank issued the only banknotes that ever gained universal acceptance in Korea at the time emphasised the fact that the Dai-Ichi Bank held a status of being the de facto «Central Bank of Korea» until the founding of the Bank of Korea.^[4]

Both local banks and quasi-governmental firms had tried to establish a paper money system in Korea during this era, but none of their issues seemed to have been readily accepted by the public.^[4] The Dai-Ichi Bank had petitioned the imperial Japanese government to be granted permission to issue banknotes in Korea, to augment the demonetised Japanese yen coins that it was importing, this was because in the year 1885 the imperial government had monopolised the issuing of banknotes and prohibited banks from doing this in Japan.^[4]

After the imperial Japanese government has granted this permission, the Dai-Ichi Bank released banknotes in the year 1902 that were printed by the Japanese Finance Ministry Printing Bureau.^[4] In Southern Korea they were well received in the trade port cities, but faced rejection in the Russian influenced cities of Seoul and Incheon. This was because of the ongoing rivalry between Japan and Russia. In the year 1902 the Russians successfully petitioned the Korean government to ban all banknotes issued by the Dai-Ichi Bank, but this ban only lasted for a few months.^[4]

The Dai-Ichi Bank had enough fiscal and economic strength to redeem every banknote that was presented to them when they were banned from circulating, later the Dai-Ichi Bank was able to withstand yet another run on its banknotes, this meant that public confidence in the issues of the Dai-Ichi Bank grew in Korea which helped the bank succeed.^[4]

In the year 1905 the Dai-Ichi Bank had been designated the «treasury bank» for the Korean government, which meant that it served as the Korean government’s agent for depositories and disbursing finances.^[4]

The Dai-Ichi Bank would issue fractional denomination banknotes (banknotes with denominations smaller than 1 yen) for the Imperial Japanese Army soldiers that were operating in northern Korea and Manchuria.^[4] Since these banknotes were printed by the Japanese Ministry of Finance, they were almost identical to the banknotes issued by the imperial Japanese government themselves for these same soldiers.^[4] The fractional banknotes issued by the Dai-Ichi Bank were seen as being very convenient, and were soon circulating all over the Korean peninsula.^[4]

Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable «in gold or Nippon Ginko notes.»^[4] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.^[4]

Korean «Eagle» coins[edit]

Following the Japanese victory during the First Sino-Japanese War, the Qing dynasty’s influence over the Korean peninsula was replaced by that of the Japanese Empire.^[3] Furthermore China’s weakened position during this era allowed for the interests of the Russian Empire in the Far East to expand significantly as well.^[3] The Russian Empire sent Mr. Alexiev as the financial advisor to Korea. On March 1, 1898 the first branch of the Russo-Korean Bank in Asia was established.^[3] In the year 1901, Alexiev authorised the minting of a new set of three coins, these were Korean «Eagle» coins were issued by the Russo-Korean Bank.^[3]

These coins are known as the Korean «Eagle» coins because the fact that instead of having a Korean dragon or Korean phoenix in their design they have an crowned eagle based on the coat of arms of Russia.^[3] All of the Korean «Eagle» coins were minted at the Yongsan Mint (龍山典局).^[3] These coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The Russo-Korean bank also created a set of experimental coins (or «trial coins») that were produced but never saw any circulation. This unissued coin series included a copper 10 won (十圜), a copper 20 won (二十圜), and a silver «half dollar» (半圜, «half won»).^[3] While all of these unissued Korean «Eagle» coins were reportedly minted in the year 1901, the coins display various other dates such as 1899, 1901, 1902, or 1903.^[3]

Following the Japanese victory during the Russo-Japanese War and Korea becoming a Japanese protectorate under the Eulsa Treaty, the Japanese would confiscate and destroy almost all Korean «Eagle» coins.^[3] Because of this, surviving Korean «Eagle» coins are extremely rare.^[3]

List of issued Korean «Eagle» coins:^[3]

Korean «Eagle» Coins Issued by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1 jeon (一錢)[25]	98% copper, 1% tin, 1% zinc	28	8		1902 (光武六年)
		5 jeon (五錢)[26]	Cupronickel (75% copper, 25% nickel)	20.5	5.4		1902 (光武六年)
		1⁄2 won (半圜)[27]	90% silver, 10% copper	30.9	13.5	2	1901 (光武五年)

List of unissued Korean «Eagle» pattern coins:^[3]

Unissued Korean «Eagle» pattern coins created by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Dates on the coins
		10 won (十圜)[28]	Copper				1903 (光武七年)
		20 won (二十圜)[29]	Copper				1902 (光武六年)

Rare Korean «Eagle» coins[edit]

• A specimen of a 1 jeon Korean «Eagle» coin dated 1902 (光武六年) sold at an auction for $149,500 in September 2011.^[3]

• A specimen of a 20 won Korean «Eagle» coin dated 1902 (光武六年) sold at the same auction as the coin above for $115,000 in September 2011.^[3]

See also[edit]

• Names of Korea
• Economy of South Korea
• Economy of North Korea

References[edit]

Further reading[edit]

• Schuler, Kurt. «Tables of Modern Monetary History: Asia». Retrieved 2004-02-29.
• Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
• Krause, Chester L.; Clifford Mishler (2004). Standard Catalog of World Coins: 1801–1900. Colin R. Bruce II (senior editor) (4th ed.). Krause Publications. ISBN 0873497988.

From Wikipedia, the free encyclopedia

This article is about the history of the currency prior to 1945. For the later South and North Korean currencies, see South Korean won and North Korean won. For the former online gaming service, see World Opponent Network.

Korean won

圓 / 원 (Korean)
A half won (半圜) coin issued in 1905.
Denominations
Subunit
1⁄100	jeon (錢)
Demographics
Date of introduction	1902
Replaced	Korean yang
Replaced by	Korean yen and Japanese yen
User(s)	Korean Empire
Valuation
Pegged with	Japanese yen = 1 won
This infobox shows the latest status before this currency was rendered obsolete.

The Korean won (^[1] Korean: 원 (圓), Korean pronunciation: [wʌn]) or Korean Empire won (Korean: 대한제국 원), was the official currency of the Korean Empire between 1902 and 1910. It was subdivided into 100 jeon (;^[2] Korean: 전 (錢), Korean pronunciation: [tɕʌn]).

Korean won
Hunminjeongeum	원, 전
Hanja	圓, 錢
Revised Romanization	won, jeon
McCune–Reischauer	wŏn, chŏn

Etymology[edit]

Won is 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 圓 (원, won), meaning «round», which describes the shape of the silver dollar.

History[edit]

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.

On May 22, 1901 the Korean Empire adopted the gold standard in response to many other countries doing the same.^[3] The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, «fun» ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper.^[3] Another notable feature of these coins is that they, unlike the earlier yang coinage, contained no English inscriptions as they only contained Chinese and Hangul legends.^[3]

As a part of the Russian influence in Korea at the time the Koreans introduced a small number of «Russified» coins between the years 1901 and 1902, but these coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The disagreements between the Japanese and Russian Empires led to the Russo-Japanese War when Japan attacked Port Arthur in Russian Dalian and Incheon in Korea, the war ended in a Japanese victory, Japan occupied the Kwantung Leased Territory and the Korean peninsula.^[4] The Japanese immediately took control over Korean financial matters. On October 16, 1904 the Koreans accepted Baron Megata Tanetarō from the Japanese Ministry of Finance as financial adviser to their government,^[5][6][4] Megata was assigned to assume complete jurisdiction over Korea’s finances.^[7] When Megata arrived in Korea, he told Sir John Newell Jordan, who was the British Minister-Resident in Korea at the time, that the Japanese protectorate over Korea was being modeled on British rule in Egypt.^[8] One of the first recommendations by Baron Megata was to close all Korean Mints and commence a reform of the Korean currency. One of the primary policy he proposed was removing the cupronickel coins from circulation.^[4]

After the Japanese had pressured the Korean Mint Bureau, which had been striking coins for 20 years, to close in November of the year 1904,^[3] all gold coins of the won were produced at the Japan Mint in Osaka (日本大阪造幣局).^[3] In 1905 the Japan Mint began to produce the Korean won’s new coinage, this entirely new series was modeled almost exactly on the patterns of contemporary Japanese coins and even used the same planchets.^[4]

As the coins of the Korean won were being struck on the same planchets as the Japanese yen, when the Japanese would reduce the weight of the minor coinages of the yen in 1906, the weights and sizes of Korean coins were also reduced in 1907.^[4] This was also because the Japanese and Korean coins were circulating as equivalents to each other in exchange at the time.^[4]

In the year 1907 the imperial Korean government had designated the Japanese Dai-Ichi Bank to carry out the monetary reforms that were suggested by the Japanese adviser to Korea Baron Megata Tanetarō.^[4] The Dai-Ichi Bank attempted to withdraw the cupronickel coinage, recall the yeopjeon, and help circulate the newly introduced coinage that was minted in Osaka. During this era Korean cash coins were still largely circulating in the regions of southern and north-eastern Korea.^[4] The task of withdrawing the cupronickel coinage from circulation proved to not be an easy one because of the substantial number of counterfeit cupronickel coins that were circulating in Korea at the time, these counterfeit coins were redeemed by the Dai-Ichi Bank at reduced rates from the «official» cupronickel coins; during the exchange process, it was assumed by everybody that theirs cupronickel were «official» cupronickel coins and demanded the maximum exchange rate.^[4] The withdrawal of copper-alloy Korean cash coins was made easier due to a global rise in the price of copper, during this era thousands of pounds of copper-alloy Korean cash coins were exported at a profit.^[4]

In the year 1908, Korea was hit by a panic when the value of nickel dropped significantly, this led to the Korean public quickly exchanging their cupronickel at the banks.^[9] A staggering amount of 266.480,000 of cupronickel coins were exchanged during this panic.^[9] This panic would lead to the demonetisation of the Korean cupronickel coinage in November 1908.^[9] In the year 1909 there were supposedly 4,000,000 of 5 jeon nickel coins that were struck at the Japan Mint, however, most were melted down due to their demonetised status.^[9] Copper coins during this period were not affected by the panic exchange. Older coins collected by the banks from July 1905 to October 1907 resulted to be more than 375 tonnes. If it assumed that only cupronickel 5 fun coins of 7 grams were collected by the banks, more than 53,000,000 would have been collected from general circulation.^[9]

After 1908, circulation of the old cupronickel coins was outlawed by the imperial Korean government, while the cast copper-alloy cash coins remained to be legal tender in Korea at a value of 0.2 jeon, which meant that they had a nominal value of 1⁄500 won.^[4]

Prince Hirobumi Ito pointed out to the Korean government the anomalous situation of having a foreign (Japanese) commercial bank as the central bank of their government and recommended that the Koreans create their own central bank in the same way that others nations had, ^[4] and so in 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type.^[4] And on 10 November 1909 many of the functions of the Dai-Ichi Bank were passed onto the newly established Bank of Korea.^[4]

The Bank of Korea assumed responsibility for the banknotes issued by the Dai-Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to an interest-free 20-year loan to the Dai-Ichi Bank.^[4]

In the year 1910 the Japanese had formally annexed Korea, this meant that Korea’s native currency system would become an arm of the Japanese currency system.^[4] As a part of the reforms of Korea during the colonial period Korean coinage was suspended;^[4] Japanese coinage was then introduced to the peninsula to replace it, although the Japanese created no «crash» program of recall,^[4] nine years later in 1919 as much as 25% of all Korean won coins remained in circulation as only 75% of the Korean coinage had been withdrawn by the Japanese.^[4]

The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910 during the Colonial Era. In 1910, the Bank of Korea was renamed the Bank of Joseon (Korean: 조선은행; 朝鮮銀行), which issued notes denominated in yen and sen.

Coins[edit]

Coins were minted in the denominations of 1⁄2, 1, 5, 10 and 20 jeon, 1⁄2, 5, 10 and 20 won.^[3] The coins all carried the title of the «state», Daehan (대한; 大韓),^[3] and the Korean era name, Gwangmu (광무; 光武) and then Yunghui (융희; 隆熙), whilst the specifications were equivalent to the coins of the Japanese yen.^[3]

In 1906 Korea’s first gold coinage was created, in denominations of 5 won, 10 won, and 20 won.^[4] These coins were also of identical weight and fineness to their Japanese counterparts, but used a dragon which was similar to the previous generation of Japanese yen gold coins in their designs.^[4]

The dragon symbol was replaced by the phoenix on the 1⁄2 jeon, 1 jeon, and 5 jeon coins when these coins started being produced by the Japan Mint.^[3]

List of coins of the Korean won:^[3]

Korean Won Coins
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1⁄2 jeon (半錢)[10]	95% copper, 4% tin, 1% zinc	21.9 (1906) 19.1 (1907–1910)	3.4 (1906) 2.1 (1907–1910)	1.5 (1906) 1 (1907–1910)	1906–1910
		1 jeon (一錢)	98% copper, 1% tin, 1% zinc	28 (1905–1906) 22.5 (1907–1910)	7.1 (1905–1906) 4.1 (1907–1910)	1.5 (1905–1906) 1 (1907–1910)	1905–1910
		5 jeon (五錢)	Cupronickel (75% copper and 25% nickel)	20.8	4	2	1905, 1907, and 1909
		10 jeon (十錢)[11][12][13]	800‰ silver, 200‰ copper	17.6	2.5, 2.25 (1907 only)	1.5	1906–1910
		20 jeon (二十錢)[14][15][16]	22.8 (1905–1906) 20.3 (1907–1910)	5.4 (1905–1906) 4 (1907–1910)	1.5	1905–1910
	1⁄2 won (半圜)[17][18][19]	31 (1905–1906) 27.5 (1907–1908)	13.5 (1905–1906) 10.13 (1907–1908)	2	1905–1908
		5 won (五圜)[20]	900‰ gold, 100‰ copper	17	4.1666	1	1908–1909
		10 won (十圜)[21][22]	21.2	8.3	1.5	1906 and 1909
	20 won (二十圜)[23][24]	28.8	16.667	2	1906, 1908, and 1909

Rare coins[edit]

• There is some question as to whether or not any 1⁄2 jeon coins were minted in the year Gwangmu 11.^[3]

• The 1⁄2 jeon coins minted in the years 1907 (隆熙元年) and 1910 (隆熙四年) are known to be very scarce.^[3]

• In September 2011 a 5 jeon coin from 1909 was at auction for $138,000.^[3]

• The 5 won gold coins are dated to have been produced in the years 1908 (隆熙二年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the 5 won are known to be extent, one of these pieces was sold at an auction for $460,000 in September 2011.^[3]

• The 10 won gold coins are dated to have been produced in the years 1906 (光武十年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the coin are known to be extent with one specimen of this series being sold at an auction for $299,000 in September 2011.^[3]

• The 20 won gold coins are dated to have been produced in the years 1906 (光武十年), 1908 (隆熙二年), and 1909 (隆熙三年).^[3] Only two specimens of the 1909 coin are known to be extent with one specimen of this series being sold at an auction for $632,500 in September 2011.^[3]

Banknotes[edit]

No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai-Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行). The Dai-Ichi Bank’s role as treasury bank for the imperial Korean government, its responsibility for recalling the old cupronickel and Korean cash coinage, and the fact that this bank issued the only banknotes that ever gained universal acceptance in Korea at the time emphasised the fact that the Dai-Ichi Bank held a status of being the de facto «Central Bank of Korea» until the founding of the Bank of Korea.^[4]

Both local banks and quasi-governmental firms had tried to establish a paper money system in Korea during this era, but none of their issues seemed to have been readily accepted by the public.^[4] The Dai-Ichi Bank had petitioned the imperial Japanese government to be granted permission to issue banknotes in Korea, to augment the demonetised Japanese yen coins that it was importing, this was because in the year 1885 the imperial government had monopolised the issuing of banknotes and prohibited banks from doing this in Japan.^[4]

After the imperial Japanese government has granted this permission, the Dai-Ichi Bank released banknotes in the year 1902 that were printed by the Japanese Finance Ministry Printing Bureau.^[4] In Southern Korea they were well received in the trade port cities, but faced rejection in the Russian influenced cities of Seoul and Incheon. This was because of the ongoing rivalry between Japan and Russia. In the year 1902 the Russians successfully petitioned the Korean government to ban all banknotes issued by the Dai-Ichi Bank, but this ban only lasted for a few months.^[4]

The Dai-Ichi Bank had enough fiscal and economic strength to redeem every banknote that was presented to them when they were banned from circulating, later the Dai-Ichi Bank was able to withstand yet another run on its banknotes, this meant that public confidence in the issues of the Dai-Ichi Bank grew in Korea which helped the bank succeed.^[4]

In the year 1905 the Dai-Ichi Bank had been designated the «treasury bank» for the Korean government, which meant that it served as the Korean government’s agent for depositories and disbursing finances.^[4]

The Dai-Ichi Bank would issue fractional denomination banknotes (banknotes with denominations smaller than 1 yen) for the Imperial Japanese Army soldiers that were operating in northern Korea and Manchuria.^[4] Since these banknotes were printed by the Japanese Ministry of Finance, they were almost identical to the banknotes issued by the imperial Japanese government themselves for these same soldiers.^[4] The fractional banknotes issued by the Dai-Ichi Bank were seen as being very convenient, and were soon circulating all over the Korean peninsula.^[4]

Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable «in gold or Nippon Ginko notes.»^[4] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.^[4]

Korean «Eagle» coins[edit]

Following the Japanese victory during the First Sino-Japanese War, the Qing dynasty’s influence over the Korean peninsula was replaced by that of the Japanese Empire.^[3] Furthermore China’s weakened position during this era allowed for the interests of the Russian Empire in the Far East to expand significantly as well.^[3] The Russian Empire sent Mr. Alexiev as the financial advisor to Korea. On March 1, 1898 the first branch of the Russo-Korean Bank in Asia was established.^[3] In the year 1901, Alexiev authorised the minting of a new set of three coins, these were Korean «Eagle» coins were issued by the Russo-Korean Bank.^[3]

These coins are known as the Korean «Eagle» coins because the fact that instead of having a Korean dragon or Korean phoenix in their design they have an crowned eagle based on the coat of arms of Russia.^[3] All of the Korean «Eagle» coins were minted at the Yongsan Mint (龍山典局).^[3] These coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The Russo-Korean bank also created a set of experimental coins (or «trial coins») that were produced but never saw any circulation. This unissued coin series included a copper 10 won (十圜), a copper 20 won (二十圜), and a silver «half dollar» (半圜, «half won»).^[3] While all of these unissued Korean «Eagle» coins were reportedly minted in the year 1901, the coins display various other dates such as 1899, 1901, 1902, or 1903.^[3]

Following the Japanese victory during the Russo-Japanese War and Korea becoming a Japanese protectorate under the Eulsa Treaty, the Japanese would confiscate and destroy almost all Korean «Eagle» coins.^[3] Because of this, surviving Korean «Eagle» coins are extremely rare.^[3]

List of issued Korean «Eagle» coins:^[3]

Korean «Eagle» Coins Issued by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1 jeon (一錢)[25]	98% copper, 1% tin, 1% zinc	28	8		1902 (光武六年)
		5 jeon (五錢)[26]	Cupronickel (75% copper, 25% nickel)	20.5	5.4		1902 (光武六年)
		1⁄2 won (半圜)[27]	90% silver, 10% copper	30.9	13.5	2	1901 (光武五年)

List of unissued Korean «Eagle» pattern coins:^[3]

Unissued Korean «Eagle» pattern coins created by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Dates on the coins
		10 won (十圜)[28]	Copper				1903 (光武七年)
		20 won (二十圜)[29]	Copper				1902 (光武六年)

Rare Korean «Eagle» coins[edit]

• A specimen of a 1 jeon Korean «Eagle» coin dated 1902 (光武六年) sold at an auction for $149,500 in September 2011.^[3]

• A specimen of a 20 won Korean «Eagle» coin dated 1902 (光武六年) sold at the same auction as the coin above for $115,000 in September 2011.^[3]

See also[edit]

• Names of Korea
• Economy of South Korea
• Economy of North Korea

References[edit]

Further reading[edit]

• Schuler, Kurt. «Tables of Modern Monetary History: Asia». Retrieved 2004-02-29.
• Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
• Krause, Chester L.; Clifford Mishler (2004). Standard Catalog of World Coins: 1801–1900. Colin R. Bruce II (senior editor) (4th ed.). Krause Publications. ISBN 0873497988.

From Wikipedia, the free encyclopedia

This article is about the history of the currency prior to 1945. For the later South and North Korean currencies, see South Korean won and North Korean won. For the former online gaming service, see World Opponent Network.

Korean won

圓 / 원 (Korean)
A half won (半圜) coin issued in 1905.
Denominations
Subunit
1⁄100	jeon (錢)
Demographics
Date of introduction	1902
Replaced	Korean yang
Replaced by	Korean yen and Japanese yen
User(s)	Korean Empire
Valuation
Pegged with	Japanese yen = 1 won
This infobox shows the latest status before this currency was rendered obsolete.

The Korean won (^[1] Korean: 원 (圓), Korean pronunciation: [wʌn]) or Korean Empire won (Korean: 대한제국 원), was the official currency of the Korean Empire between 1902 and 1910. It was subdivided into 100 jeon (;^[2] Korean: 전 (錢), Korean pronunciation: [tɕʌn]).

Korean won
Hunminjeongeum	원, 전
Hanja	圓, 錢
Revised Romanization	won, jeon
McCune–Reischauer	wŏn, chŏn

Etymology[edit]

Won is 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 圓 (원, won), meaning «round», which describes the shape of the silver dollar.

History[edit]

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.

On May 22, 1901 the Korean Empire adopted the gold standard in response to many other countries doing the same.^[3] The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, «fun» ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper.^[3] Another notable feature of these coins is that they, unlike the earlier yang coinage, contained no English inscriptions as they only contained Chinese and Hangul legends.^[3]

As a part of the Russian influence in Korea at the time the Koreans introduced a small number of «Russified» coins between the years 1901 and 1902, but these coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The disagreements between the Japanese and Russian Empires led to the Russo-Japanese War when Japan attacked Port Arthur in Russian Dalian and Incheon in Korea, the war ended in a Japanese victory, Japan occupied the Kwantung Leased Territory and the Korean peninsula.^[4] The Japanese immediately took control over Korean financial matters. On October 16, 1904 the Koreans accepted Baron Megata Tanetarō from the Japanese Ministry of Finance as financial adviser to their government,^[5][6][4] Megata was assigned to assume complete jurisdiction over Korea’s finances.^[7] When Megata arrived in Korea, he told Sir John Newell Jordan, who was the British Minister-Resident in Korea at the time, that the Japanese protectorate over Korea was being modeled on British rule in Egypt.^[8] One of the first recommendations by Baron Megata was to close all Korean Mints and commence a reform of the Korean currency. One of the primary policy he proposed was removing the cupronickel coins from circulation.^[4]

After the Japanese had pressured the Korean Mint Bureau, which had been striking coins for 20 years, to close in November of the year 1904,^[3] all gold coins of the won were produced at the Japan Mint in Osaka (日本大阪造幣局).^[3] In 1905 the Japan Mint began to produce the Korean won’s new coinage, this entirely new series was modeled almost exactly on the patterns of contemporary Japanese coins and even used the same planchets.^[4]

As the coins of the Korean won were being struck on the same planchets as the Japanese yen, when the Japanese would reduce the weight of the minor coinages of the yen in 1906, the weights and sizes of Korean coins were also reduced in 1907.^[4] This was also because the Japanese and Korean coins were circulating as equivalents to each other in exchange at the time.^[4]

In the year 1907 the imperial Korean government had designated the Japanese Dai-Ichi Bank to carry out the monetary reforms that were suggested by the Japanese adviser to Korea Baron Megata Tanetarō.^[4] The Dai-Ichi Bank attempted to withdraw the cupronickel coinage, recall the yeopjeon, and help circulate the newly introduced coinage that was minted in Osaka. During this era Korean cash coins were still largely circulating in the regions of southern and north-eastern Korea.^[4] The task of withdrawing the cupronickel coinage from circulation proved to not be an easy one because of the substantial number of counterfeit cupronickel coins that were circulating in Korea at the time, these counterfeit coins were redeemed by the Dai-Ichi Bank at reduced rates from the «official» cupronickel coins; during the exchange process, it was assumed by everybody that theirs cupronickel were «official» cupronickel coins and demanded the maximum exchange rate.^[4] The withdrawal of copper-alloy Korean cash coins was made easier due to a global rise in the price of copper, during this era thousands of pounds of copper-alloy Korean cash coins were exported at a profit.^[4]

In the year 1908, Korea was hit by a panic when the value of nickel dropped significantly, this led to the Korean public quickly exchanging their cupronickel at the banks.^[9] A staggering amount of 266.480,000 of cupronickel coins were exchanged during this panic.^[9] This panic would lead to the demonetisation of the Korean cupronickel coinage in November 1908.^[9] In the year 1909 there were supposedly 4,000,000 of 5 jeon nickel coins that were struck at the Japan Mint, however, most were melted down due to their demonetised status.^[9] Copper coins during this period were not affected by the panic exchange. Older coins collected by the banks from July 1905 to October 1907 resulted to be more than 375 tonnes. If it assumed that only cupronickel 5 fun coins of 7 grams were collected by the banks, more than 53,000,000 would have been collected from general circulation.^[9]

After 1908, circulation of the old cupronickel coins was outlawed by the imperial Korean government, while the cast copper-alloy cash coins remained to be legal tender in Korea at a value of 0.2 jeon, which meant that they had a nominal value of 1⁄500 won.^[4]

Prince Hirobumi Ito pointed out to the Korean government the anomalous situation of having a foreign (Japanese) commercial bank as the central bank of their government and recommended that the Koreans create their own central bank in the same way that others nations had, ^[4] and so in 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type.^[4] And on 10 November 1909 many of the functions of the Dai-Ichi Bank were passed onto the newly established Bank of Korea.^[4]

The Bank of Korea assumed responsibility for the banknotes issued by the Dai-Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to an interest-free 20-year loan to the Dai-Ichi Bank.^[4]

In the year 1910 the Japanese had formally annexed Korea, this meant that Korea’s native currency system would become an arm of the Japanese currency system.^[4] As a part of the reforms of Korea during the colonial period Korean coinage was suspended;^[4] Japanese coinage was then introduced to the peninsula to replace it, although the Japanese created no «crash» program of recall,^[4] nine years later in 1919 as much as 25% of all Korean won coins remained in circulation as only 75% of the Korean coinage had been withdrawn by the Japanese.^[4]

The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910 during the Colonial Era. In 1910, the Bank of Korea was renamed the Bank of Joseon (Korean: 조선은행; 朝鮮銀行), which issued notes denominated in yen and sen.

Coins[edit]

Coins were minted in the denominations of 1⁄2, 1, 5, 10 and 20 jeon, 1⁄2, 5, 10 and 20 won.^[3] The coins all carried the title of the «state», Daehan (대한; 大韓),^[3] and the Korean era name, Gwangmu (광무; 光武) and then Yunghui (융희; 隆熙), whilst the specifications were equivalent to the coins of the Japanese yen.^[3]

In 1906 Korea’s first gold coinage was created, in denominations of 5 won, 10 won, and 20 won.^[4] These coins were also of identical weight and fineness to their Japanese counterparts, but used a dragon which was similar to the previous generation of Japanese yen gold coins in their designs.^[4]

The dragon symbol was replaced by the phoenix on the 1⁄2 jeon, 1 jeon, and 5 jeon coins when these coins started being produced by the Japan Mint.^[3]

List of coins of the Korean won:^[3]

Korean Won Coins
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1⁄2 jeon (半錢)[10]	95% copper, 4% tin, 1% zinc	21.9 (1906) 19.1 (1907–1910)	3.4 (1906) 2.1 (1907–1910)	1.5 (1906) 1 (1907–1910)	1906–1910
		1 jeon (一錢)	98% copper, 1% tin, 1% zinc	28 (1905–1906) 22.5 (1907–1910)	7.1 (1905–1906) 4.1 (1907–1910)	1.5 (1905–1906) 1 (1907–1910)	1905–1910
		5 jeon (五錢)	Cupronickel (75% copper and 25% nickel)	20.8	4	2	1905, 1907, and 1909
		10 jeon (十錢)[11][12][13]	800‰ silver, 200‰ copper	17.6	2.5, 2.25 (1907 only)	1.5	1906–1910
		20 jeon (二十錢)[14][15][16]	22.8 (1905–1906) 20.3 (1907–1910)	5.4 (1905–1906) 4 (1907–1910)	1.5	1905–1910
	1⁄2 won (半圜)[17][18][19]	31 (1905–1906) 27.5 (1907–1908)	13.5 (1905–1906) 10.13 (1907–1908)	2	1905–1908
		5 won (五圜)[20]	900‰ gold, 100‰ copper	17	4.1666	1	1908–1909
		10 won (十圜)[21][22]	21.2	8.3	1.5	1906 and 1909
	20 won (二十圜)[23][24]	28.8	16.667	2	1906, 1908, and 1909

Rare coins[edit]

• There is some question as to whether or not any 1⁄2 jeon coins were minted in the year Gwangmu 11.^[3]

• The 1⁄2 jeon coins minted in the years 1907 (隆熙元年) and 1910 (隆熙四年) are known to be very scarce.^[3]

• In September 2011 a 5 jeon coin from 1909 was at auction for $138,000.^[3]

• The 5 won gold coins are dated to have been produced in the years 1908 (隆熙二年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the 5 won are known to be extent, one of these pieces was sold at an auction for $460,000 in September 2011.^[3]

• The 10 won gold coins are dated to have been produced in the years 1906 (光武十年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the coin are known to be extent with one specimen of this series being sold at an auction for $299,000 in September 2011.^[3]

• The 20 won gold coins are dated to have been produced in the years 1906 (光武十年), 1908 (隆熙二年), and 1909 (隆熙三年).^[3] Only two specimens of the 1909 coin are known to be extent with one specimen of this series being sold at an auction for $632,500 in September 2011.^[3]

Banknotes[edit]

No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai-Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行). The Dai-Ichi Bank’s role as treasury bank for the imperial Korean government, its responsibility for recalling the old cupronickel and Korean cash coinage, and the fact that this bank issued the only banknotes that ever gained universal acceptance in Korea at the time emphasised the fact that the Dai-Ichi Bank held a status of being the de facto «Central Bank of Korea» until the founding of the Bank of Korea.^[4]

Both local banks and quasi-governmental firms had tried to establish a paper money system in Korea during this era, but none of their issues seemed to have been readily accepted by the public.^[4] The Dai-Ichi Bank had petitioned the imperial Japanese government to be granted permission to issue banknotes in Korea, to augment the demonetised Japanese yen coins that it was importing, this was because in the year 1885 the imperial government had monopolised the issuing of banknotes and prohibited banks from doing this in Japan.^[4]

After the imperial Japanese government has granted this permission, the Dai-Ichi Bank released banknotes in the year 1902 that were printed by the Japanese Finance Ministry Printing Bureau.^[4] In Southern Korea they were well received in the trade port cities, but faced rejection in the Russian influenced cities of Seoul and Incheon. This was because of the ongoing rivalry between Japan and Russia. In the year 1902 the Russians successfully petitioned the Korean government to ban all banknotes issued by the Dai-Ichi Bank, but this ban only lasted for a few months.^[4]

The Dai-Ichi Bank had enough fiscal and economic strength to redeem every banknote that was presented to them when they were banned from circulating, later the Dai-Ichi Bank was able to withstand yet another run on its banknotes, this meant that public confidence in the issues of the Dai-Ichi Bank grew in Korea which helped the bank succeed.^[4]

In the year 1905 the Dai-Ichi Bank had been designated the «treasury bank» for the Korean government, which meant that it served as the Korean government’s agent for depositories and disbursing finances.^[4]

The Dai-Ichi Bank would issue fractional denomination banknotes (banknotes with denominations smaller than 1 yen) for the Imperial Japanese Army soldiers that were operating in northern Korea and Manchuria.^[4] Since these banknotes were printed by the Japanese Ministry of Finance, they were almost identical to the banknotes issued by the imperial Japanese government themselves for these same soldiers.^[4] The fractional banknotes issued by the Dai-Ichi Bank were seen as being very convenient, and were soon circulating all over the Korean peninsula.^[4]

Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable «in gold or Nippon Ginko notes.»^[4] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.^[4]

Korean «Eagle» coins[edit]

Following the Japanese victory during the First Sino-Japanese War, the Qing dynasty’s influence over the Korean peninsula was replaced by that of the Japanese Empire.^[3] Furthermore China’s weakened position during this era allowed for the interests of the Russian Empire in the Far East to expand significantly as well.^[3] The Russian Empire sent Mr. Alexiev as the financial advisor to Korea. On March 1, 1898 the first branch of the Russo-Korean Bank in Asia was established.^[3] In the year 1901, Alexiev authorised the minting of a new set of three coins, these were Korean «Eagle» coins were issued by the Russo-Korean Bank.^[3]

These coins are known as the Korean «Eagle» coins because the fact that instead of having a Korean dragon or Korean phoenix in their design they have an crowned eagle based on the coat of arms of Russia.^[3] All of the Korean «Eagle» coins were minted at the Yongsan Mint (龍山典局).^[3] These coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The Russo-Korean bank also created a set of experimental coins (or «trial coins») that were produced but never saw any circulation. This unissued coin series included a copper 10 won (十圜), a copper 20 won (二十圜), and a silver «half dollar» (半圜, «half won»).^[3] While all of these unissued Korean «Eagle» coins were reportedly minted in the year 1901, the coins display various other dates such as 1899, 1901, 1902, or 1903.^[3]

Following the Japanese victory during the Russo-Japanese War and Korea becoming a Japanese protectorate under the Eulsa Treaty, the Japanese would confiscate and destroy almost all Korean «Eagle» coins.^[3] Because of this, surviving Korean «Eagle» coins are extremely rare.^[3]

List of issued Korean «Eagle» coins:^[3]

Korean «Eagle» Coins Issued by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1 jeon (一錢)[25]	98% copper, 1% tin, 1% zinc	28	8		1902 (光武六年)
		5 jeon (五錢)[26]	Cupronickel (75% copper, 25% nickel)	20.5	5.4		1902 (光武六年)
		1⁄2 won (半圜)[27]	90% silver, 10% copper	30.9	13.5	2	1901 (光武五年)

List of unissued Korean «Eagle» pattern coins:^[3]

Unissued Korean «Eagle» pattern coins created by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Dates on the coins
		10 won (十圜)[28]	Copper				1903 (光武七年)
		20 won (二十圜)[29]	Copper				1902 (光武六年)

Rare Korean «Eagle» coins[edit]

• A specimen of a 1 jeon Korean «Eagle» coin dated 1902 (光武六年) sold at an auction for $149,500 in September 2011.^[3]

• A specimen of a 20 won Korean «Eagle» coin dated 1902 (光武六年) sold at the same auction as the coin above for $115,000 in September 2011.^[3]

See also[edit]

• Names of Korea
• Economy of South Korea
• Economy of North Korea

References[edit]

Further reading[edit]

• Schuler, Kurt. «Tables of Modern Monetary History: Asia». Retrieved 2004-02-29.
• Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
• Krause, Chester L.; Clifford Mishler (2004). Standard Catalog of World Coins: 1801–1900. Colin R. Bruce II (senior editor) (4th ed.). Krause Publications. ISBN 0873497988.

From Wikipedia, the free encyclopedia

This article is about the history of the currency prior to 1945. For the later South and North Korean currencies, see South Korean won and North Korean won. For the former online gaming service, see World Opponent Network.

Korean won

圓 / 원 (Korean)
A half won (半圜) coin issued in 1905.
Denominations
Subunit
1⁄100	jeon (錢)
Demographics
Date of introduction	1902
Replaced	Korean yang
Replaced by	Korean yen and Japanese yen
User(s)	Korean Empire
Valuation
Pegged with	Japanese yen = 1 won
This infobox shows the latest status before this currency was rendered obsolete.

The Korean won (^[1] Korean: 원 (圓), Korean pronunciation: [wʌn]) or Korean Empire won (Korean: 대한제국 원), was the official currency of the Korean Empire between 1902 and 1910. It was subdivided into 100 jeon (;^[2] Korean: 전 (錢), Korean pronunciation: [tɕʌn]).

Korean won
Hunminjeongeum	원, 전
Hanja	圓, 錢
Revised Romanization	won, jeon
McCune–Reischauer	wŏn, chŏn

Etymology[edit]

Won is 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 圓 (원, won), meaning «round», which describes the shape of the silver dollar.

History[edit]

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.

On May 22, 1901 the Korean Empire adopted the gold standard in response to many other countries doing the same.^[3] The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, «fun» ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper.^[3] Another notable feature of these coins is that they, unlike the earlier yang coinage, contained no English inscriptions as they only contained Chinese and Hangul legends.^[3]

As a part of the Russian influence in Korea at the time the Koreans introduced a small number of «Russified» coins between the years 1901 and 1902, but these coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The disagreements between the Japanese and Russian Empires led to the Russo-Japanese War when Japan attacked Port Arthur in Russian Dalian and Incheon in Korea, the war ended in a Japanese victory, Japan occupied the Kwantung Leased Territory and the Korean peninsula.^[4] The Japanese immediately took control over Korean financial matters. On October 16, 1904 the Koreans accepted Baron Megata Tanetarō from the Japanese Ministry of Finance as financial adviser to their government,^[5][6][4] Megata was assigned to assume complete jurisdiction over Korea’s finances.^[7] When Megata arrived in Korea, he told Sir John Newell Jordan, who was the British Minister-Resident in Korea at the time, that the Japanese protectorate over Korea was being modeled on British rule in Egypt.^[8] One of the first recommendations by Baron Megata was to close all Korean Mints and commence a reform of the Korean currency. One of the primary policy he proposed was removing the cupronickel coins from circulation.^[4]

After the Japanese had pressured the Korean Mint Bureau, which had been striking coins for 20 years, to close in November of the year 1904,^[3] all gold coins of the won were produced at the Japan Mint in Osaka (日本大阪造幣局).^[3] In 1905 the Japan Mint began to produce the Korean won’s new coinage, this entirely new series was modeled almost exactly on the patterns of contemporary Japanese coins and even used the same planchets.^[4]

As the coins of the Korean won were being struck on the same planchets as the Japanese yen, when the Japanese would reduce the weight of the minor coinages of the yen in 1906, the weights and sizes of Korean coins were also reduced in 1907.^[4] This was also because the Japanese and Korean coins were circulating as equivalents to each other in exchange at the time.^[4]

In the year 1907 the imperial Korean government had designated the Japanese Dai-Ichi Bank to carry out the monetary reforms that were suggested by the Japanese adviser to Korea Baron Megata Tanetarō.^[4] The Dai-Ichi Bank attempted to withdraw the cupronickel coinage, recall the yeopjeon, and help circulate the newly introduced coinage that was minted in Osaka. During this era Korean cash coins were still largely circulating in the regions of southern and north-eastern Korea.^[4] The task of withdrawing the cupronickel coinage from circulation proved to not be an easy one because of the substantial number of counterfeit cupronickel coins that were circulating in Korea at the time, these counterfeit coins were redeemed by the Dai-Ichi Bank at reduced rates from the «official» cupronickel coins; during the exchange process, it was assumed by everybody that theirs cupronickel were «official» cupronickel coins and demanded the maximum exchange rate.^[4] The withdrawal of copper-alloy Korean cash coins was made easier due to a global rise in the price of copper, during this era thousands of pounds of copper-alloy Korean cash coins were exported at a profit.^[4]

In the year 1908, Korea was hit by a panic when the value of nickel dropped significantly, this led to the Korean public quickly exchanging their cupronickel at the banks.^[9] A staggering amount of 266.480,000 of cupronickel coins were exchanged during this panic.^[9] This panic would lead to the demonetisation of the Korean cupronickel coinage in November 1908.^[9] In the year 1909 there were supposedly 4,000,000 of 5 jeon nickel coins that were struck at the Japan Mint, however, most were melted down due to their demonetised status.^[9] Copper coins during this period were not affected by the panic exchange. Older coins collected by the banks from July 1905 to October 1907 resulted to be more than 375 tonnes. If it assumed that only cupronickel 5 fun coins of 7 grams were collected by the banks, more than 53,000,000 would have been collected from general circulation.^[9]

After 1908, circulation of the old cupronickel coins was outlawed by the imperial Korean government, while the cast copper-alloy cash coins remained to be legal tender in Korea at a value of 0.2 jeon, which meant that they had a nominal value of 1⁄500 won.^[4]

Prince Hirobumi Ito pointed out to the Korean government the anomalous situation of having a foreign (Japanese) commercial bank as the central bank of their government and recommended that the Koreans create their own central bank in the same way that others nations had, ^[4] and so in 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type.^[4] And on 10 November 1909 many of the functions of the Dai-Ichi Bank were passed onto the newly established Bank of Korea.^[4]

The Bank of Korea assumed responsibility for the banknotes issued by the Dai-Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to an interest-free 20-year loan to the Dai-Ichi Bank.^[4]

In the year 1910 the Japanese had formally annexed Korea, this meant that Korea’s native currency system would become an arm of the Japanese currency system.^[4] As a part of the reforms of Korea during the colonial period Korean coinage was suspended;^[4] Japanese coinage was then introduced to the peninsula to replace it, although the Japanese created no «crash» program of recall,^[4] nine years later in 1919 as much as 25% of all Korean won coins remained in circulation as only 75% of the Korean coinage had been withdrawn by the Japanese.^[4]

The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910 during the Colonial Era. In 1910, the Bank of Korea was renamed the Bank of Joseon (Korean: 조선은행; 朝鮮銀行), which issued notes denominated in yen and sen.

Coins[edit]

Coins were minted in the denominations of 1⁄2, 1, 5, 10 and 20 jeon, 1⁄2, 5, 10 and 20 won.^[3] The coins all carried the title of the «state», Daehan (대한; 大韓),^[3] and the Korean era name, Gwangmu (광무; 光武) and then Yunghui (융희; 隆熙), whilst the specifications were equivalent to the coins of the Japanese yen.^[3]

In 1906 Korea’s first gold coinage was created, in denominations of 5 won, 10 won, and 20 won.^[4] These coins were also of identical weight and fineness to their Japanese counterparts, but used a dragon which was similar to the previous generation of Japanese yen gold coins in their designs.^[4]

The dragon symbol was replaced by the phoenix on the 1⁄2 jeon, 1 jeon, and 5 jeon coins when these coins started being produced by the Japan Mint.^[3]

List of coins of the Korean won:^[3]

Korean Won Coins
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1⁄2 jeon (半錢)[10]	95% copper, 4% tin, 1% zinc	21.9 (1906) 19.1 (1907–1910)	3.4 (1906) 2.1 (1907–1910)	1.5 (1906) 1 (1907–1910)	1906–1910
		1 jeon (一錢)	98% copper, 1% tin, 1% zinc	28 (1905–1906) 22.5 (1907–1910)	7.1 (1905–1906) 4.1 (1907–1910)	1.5 (1905–1906) 1 (1907–1910)	1905–1910
		5 jeon (五錢)	Cupronickel (75% copper and 25% nickel)	20.8	4	2	1905, 1907, and 1909
		10 jeon (十錢)[11][12][13]	800‰ silver, 200‰ copper	17.6	2.5, 2.25 (1907 only)	1.5	1906–1910
		20 jeon (二十錢)[14][15][16]	22.8 (1905–1906) 20.3 (1907–1910)	5.4 (1905–1906) 4 (1907–1910)	1.5	1905–1910
	1⁄2 won (半圜)[17][18][19]	31 (1905–1906) 27.5 (1907–1908)	13.5 (1905–1906) 10.13 (1907–1908)	2	1905–1908
		5 won (五圜)[20]	900‰ gold, 100‰ copper	17	4.1666	1	1908–1909
		10 won (十圜)[21][22]	21.2	8.3	1.5	1906 and 1909
	20 won (二十圜)[23][24]	28.8	16.667	2	1906, 1908, and 1909

Rare coins[edit]

• There is some question as to whether or not any 1⁄2 jeon coins were minted in the year Gwangmu 11.^[3]

• The 1⁄2 jeon coins minted in the years 1907 (隆熙元年) and 1910 (隆熙四年) are known to be very scarce.^[3]

• In September 2011 a 5 jeon coin from 1909 was at auction for $138,000.^[3]

• The 5 won gold coins are dated to have been produced in the years 1908 (隆熙二年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the 5 won are known to be extent, one of these pieces was sold at an auction for $460,000 in September 2011.^[3]

• The 10 won gold coins are dated to have been produced in the years 1906 (光武十年) and 1909 (隆熙三年).^[3] Only two known pieces of the 1909 version of the coin are known to be extent with one specimen of this series being sold at an auction for $299,000 in September 2011.^[3]

• The 20 won gold coins are dated to have been produced in the years 1906 (光武十年), 1908 (隆熙二年), and 1909 (隆熙三年).^[3] Only two specimens of the 1909 coin are known to be extent with one specimen of this series being sold at an auction for $632,500 in September 2011.^[3]

Banknotes[edit]

No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai-Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行). The Dai-Ichi Bank’s role as treasury bank for the imperial Korean government, its responsibility for recalling the old cupronickel and Korean cash coinage, and the fact that this bank issued the only banknotes that ever gained universal acceptance in Korea at the time emphasised the fact that the Dai-Ichi Bank held a status of being the de facto «Central Bank of Korea» until the founding of the Bank of Korea.^[4]

Both local banks and quasi-governmental firms had tried to establish a paper money system in Korea during this era, but none of their issues seemed to have been readily accepted by the public.^[4] The Dai-Ichi Bank had petitioned the imperial Japanese government to be granted permission to issue banknotes in Korea, to augment the demonetised Japanese yen coins that it was importing, this was because in the year 1885 the imperial government had monopolised the issuing of banknotes and prohibited banks from doing this in Japan.^[4]

After the imperial Japanese government has granted this permission, the Dai-Ichi Bank released banknotes in the year 1902 that were printed by the Japanese Finance Ministry Printing Bureau.^[4] In Southern Korea they were well received in the trade port cities, but faced rejection in the Russian influenced cities of Seoul and Incheon. This was because of the ongoing rivalry between Japan and Russia. In the year 1902 the Russians successfully petitioned the Korean government to ban all banknotes issued by the Dai-Ichi Bank, but this ban only lasted for a few months.^[4]

The Dai-Ichi Bank had enough fiscal and economic strength to redeem every banknote that was presented to them when they were banned from circulating, later the Dai-Ichi Bank was able to withstand yet another run on its banknotes, this meant that public confidence in the issues of the Dai-Ichi Bank grew in Korea which helped the bank succeed.^[4]

In the year 1905 the Dai-Ichi Bank had been designated the «treasury bank» for the Korean government, which meant that it served as the Korean government’s agent for depositories and disbursing finances.^[4]

The Dai-Ichi Bank would issue fractional denomination banknotes (banknotes with denominations smaller than 1 yen) for the Imperial Japanese Army soldiers that were operating in northern Korea and Manchuria.^[4] Since these banknotes were printed by the Japanese Ministry of Finance, they were almost identical to the banknotes issued by the imperial Japanese government themselves for these same soldiers.^[4] The fractional banknotes issued by the Dai-Ichi Bank were seen as being very convenient, and were soon circulating all over the Korean peninsula.^[4]

Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable «in gold or Nippon Ginko notes.»^[4] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.^[4]

Korean «Eagle» coins[edit]

Following the Japanese victory during the First Sino-Japanese War, the Qing dynasty’s influence over the Korean peninsula was replaced by that of the Japanese Empire.^[3] Furthermore China’s weakened position during this era allowed for the interests of the Russian Empire in the Far East to expand significantly as well.^[3] The Russian Empire sent Mr. Alexiev as the financial advisor to Korea. On March 1, 1898 the first branch of the Russo-Korean Bank in Asia was established.^[3] In the year 1901, Alexiev authorised the minting of a new set of three coins, these were Korean «Eagle» coins were issued by the Russo-Korean Bank.^[3]

These coins are known as the Korean «Eagle» coins because the fact that instead of having a Korean dragon or Korean phoenix in their design they have an crowned eagle based on the coat of arms of Russia.^[3] All of the Korean «Eagle» coins were minted at the Yongsan Mint (龍山典局).^[3] These coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.^[4]

The Russo-Korean bank also created a set of experimental coins (or «trial coins») that were produced but never saw any circulation. This unissued coin series included a copper 10 won (十圜), a copper 20 won (二十圜), and a silver «half dollar» (半圜, «half won»).^[3] While all of these unissued Korean «Eagle» coins were reportedly minted in the year 1901, the coins display various other dates such as 1899, 1901, 1902, or 1903.^[3]

Following the Japanese victory during the Russo-Japanese War and Korea becoming a Japanese protectorate under the Eulsa Treaty, the Japanese would confiscate and destroy almost all Korean «Eagle» coins.^[3] Because of this, surviving Korean «Eagle» coins are extremely rare.^[3]

List of issued Korean «Eagle» coins:^[3]

Korean «Eagle» Coins Issued by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Years of production
		1 jeon (一錢)[25]	98% copper, 1% tin, 1% zinc	28	8		1902 (光武六年)
		5 jeon (五錢)[26]	Cupronickel (75% copper, 25% nickel)	20.5	5.4		1902 (光武六年)
		1⁄2 won (半圜)[27]	90% silver, 10% copper	30.9	13.5	2	1901 (光武五年)

List of unissued Korean «Eagle» pattern coins:^[3]

Unissued Korean «Eagle» pattern coins created by the Russo-Korean Bank
Obverse	Reverse	Denomination	Composition	Diameter (in millimeters)	Weight (in grams)	Thickness (in millimeters)	Dates on the coins
		10 won (十圜)[28]	Copper				1903 (光武七年)
		20 won (二十圜)[29]	Copper				1902 (光武六年)

Rare Korean «Eagle» coins[edit]

• A specimen of a 1 jeon Korean «Eagle» coin dated 1902 (光武六年) sold at an auction for $149,500 in September 2011.^[3]

• A specimen of a 20 won Korean «Eagle» coin dated 1902 (光武六年) sold at the same auction as the coin above for $115,000 in September 2011.^[3]

See also[edit]

• Names of Korea
• Economy of South Korea
• Economy of North Korea

References[edit]

Further reading[edit]

• Schuler, Kurt. «Tables of Modern Monetary History: Asia». Retrieved 2004-02-29.
• Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
• Krause, Chester L.; Clifford Mishler (2004). Standard Catalog of World Coins: 1801–1900. Colin R. Bruce II (senior editor) (4th ed.). Krause Publications. ISBN 0873497988.

Эта статья об официальной валюте Южной Кореи. Официальную валюту Северной Кореи см. Северокорейский вон.

Южнокорейский вон
대한민국 원 (Корейский )
Монеты и банкноты южнокорейской воны
ISO 4217
Код	KRW
Число	410
Экспонента	0
Наименования
Субъединица
​1⁄100	Чон (전 / 錢) Теоретический (не используется)
Множественное число	Язык (а) этой валюты не имеет морфологического множественного числа.
Символ	₩
Банкноты
Freq. использовал	₩1,000, ₩5,000, ₩10,000, ₩50,000
Редко используемый	₩2,000
Монеты
Freq. использовал	₩10, ₩50, ₩100, ₩500
Редко используемый	₩1, ₩5
Демография
Пользователь (ы)	Южная Корея
Выдача
Центральный банк	Банк Кореи
Интернет сайт	eng.bok.или же.kr
Принтер	Корейская корпорация чеканки и защищенной печати
Интернет сайт	английский.komsco.com
Мята	Корейская корпорация чеканки и защищенной печати
Интернет сайт	английский.komsco.com
Оценка
Инфляция	1,3% (февраль 2016 г., изменение в% г / г)
Источник	[5], Февраль 2016

Южнокорейский вон
Хангыль	대한민국 원
Ханджа	大韓民國 원
Пересмотренная романизация	Дэханмин (-) гук выиграл
МакКьюн – Райшауэр	Taehanmin’guk wŏn
Текущий вон (원) официально не имеет никакого отношения к ханджа.[1][2]

В Южнокорейский вон (;^[3] Корейский: 원, Корейское произношение:[wʌn]; символ: ₩; код: KRW) или же Корейская Республика выиграла (Корейский: 대한민국 원) — официальная валюта Южная Корея. Один вон делится на 100 чжон, денежную единицу. Чон больше не используется для повседневных транзакций и отображается только в курсах обмена валют. Вон выдается Банк Кореи, базирующаяся в столице Сеул.

Этимология

Старый «выигранный» был родственный из Китайский юань и Японская иена. Это получено из ханья 圓 (원, выиграл), что означает «круглый». Вон разделили на 100 Чон (Корейский : 전; Ханджа : 錢; RR : Чон; МИСТЕР : чн), который сам является родственником китайской единицы веса булава и вообще синоним денег. Текущий вон (с 1962 года по настоящее время) написан только на хангыле и официально не имеет никакого отношения к хандже.^[1][2]

Первая южнокорейская вона

История

До 1910 года валютой была вона.

Вовремя колониальная эпоха при японцах (1910–45) вон был заменен на Корейская иена который был по номиналу с Японская иена.

После Вторая Мировая Война закончился в 1945 году, Корея была разделена, в результате чего две отдельные валюты, называемые вон, для Юга и север. Оба Южный выиграл и Северная выиграла заменил иену по номиналу. Первая южнокорейская вона была разделена на 100 Чон.

Южнокорейская вона изначально имела фиксированный обменный курс к доллар США по курсу 15 вон за 1 доллар. Серия девальвации последовали, более поздние, частично из-за Корейская война (1950–53). Колышки были:

Колышки для первой южнокорейской воны

Дата введения	Стоимость доллара США в вонах
Октябрь 1945 г.	15
15 июля 1947 г.	50
1 октября 1948 г.	450
14 июня 1949 г.	900 (только негосударственные операции)
1 мая 1950 г.	1,800
1 ноября 1950 г.	2,500
1 апреля 1951 г.	6,000

Первая южнокорейская вона была заменена на Хван 15 февраля 1953 г. по курсу 1 хван = 100 вон.^[4]

Банкноты

В 1946 г. Банк Чосон представил купюры номиналом 10 и 100 вон. За ними в 1949 году последовали банкноты 5 и 1000 вон.

Новый центральный банк, Банк Кореи, была основана 12 июня 1950 г.,^[5] и принял на себя обязанности Банка Чосон. Были введены банкноты (некоторые датированы 1949 годом) достоинством в 5, 10 и 50 чон, а также 100 и 1000 вон. Банкноты номиналом 500 вон были выпущены в 1952 году. В 1953 году была выпущена серия банкнот, которые, хотя и имели номинал в английский в вон, по сути, были первыми выпусками Хван.

Вторая южнокорейская вона

История

Вон был повторно введен 10 июня 1962 года по курсу 1 вона = 10 хван. Он стал единственным законным платежным средством 22 марта 1975 года с изъятием последних находящихся в обращении монет хван. Его ISO 4217 код — KRW. При повторном введении вон в 1962 году их стоимость была установлена ​​на уровне 125 вон = 1 доллар США. В период с 1962 по 1980 год действовали следующие колышки:

Колышки для второй южнокорейской воны

Дата введения	Стоимость доллара США в вонах
10 июня 1962 г.	125
3 мая 1964 г.	255
3 августа 1972 г.	400
7 декабря 1974 г.	480
12 января 1980 г.	580

27 февраля 1980 г. были предприняты попытки привести к плавающий обменный курс. Наконец, 24 декабря 1997 года вону было разрешено плавать, когда было подписано соглашение с Международный Валютный Фонд.^[6] Вскоре после этого вона была девальвирована почти до половины своей стоимости в рамках 1997 Азиатский финансовый кризис.

Монеты

До 1966 года монеты номиналом 10 и 50 хван, переоцененные как 1 и 5 вон, были единственными монетами в обращении. Новые монеты, деноминированные в вонах, были введены в обращение Банком Кореи 16 августа 1966 года достоинством в 1, 5 и 10 вон, причем 1 вона отчеканена в латунь и 5 и 10 выиграли бронзу. Это были первые южнокорейские монеты, на которых дата в Наша эра, более ранние монеты использовали Корейский календарь. Монеты достоинством 10 и 50 хван были демонетизированы 22 марта 1975 года.^[7]

В 1968 году, когда внутренняя стоимость латунной монеты в 1 вон намного превысила ее номинал, вместо них были выпущены новые алюминиевые монеты в 1 вон. В целях дальнейшего снижения затрат на производство валюты в 1970 году были выпущены новые монеты 5 и 10 вон, отчеканенные из латуни. В том же году были выпущены монеты из мельхиора в 100 вон, а в 1972 году — монеты в 50 вон.^[7]

1966–1982 выпущено монет.[8][9] (на корейском)
Изображение	Ценить	Технические характеристики	Описание	Дата	BOK обозначение серии
Лицевой	Обеспечить регресс	Диаметр	Масса	Сочинение	Край	Лицевой	Обеспечить регресс	Первая чеканка	Проблема	Снятие
		₩1	17,2 мм	1,7 г	Латунь 60% медь 40% цинк	Простой	Роза Шарона, стоимость, название банка (хангыль )	Стоимость (цифра), название банка, год чеканки	1966	16 августа 1966 г.	1 декабря 1980 г.	Серия I (가)
		₩1	17,2 мм	0,729 г	100% алюминий	Простой	Роза Шарона, стоимость, название банка (хангыль)	Стоимость (цифра), название банка, год чеканки	1968	26 августа 1968 г.	1992	Серия II (나)
		₩5	20,4 мм	3,09 г	Коммерческая бронза 88% медь 12% цинк	Простой	Геобуксеон, стоимость, название банка (хангыль)	Стоимость (цифра), название банка, год чеканки	1966	16 августа 1966 г.	1992	Серия I (가)
		₩5	20,4 мм	2,95 г	Высокая латунь 65% медь 35% цинк	Простой	Геобуксеон, стоимость, название банка (хангыль)	Стоимость (цифра), название банка, год чеканки	1970	16 июля 1970 г.	1992	Серия II (나)
		₩10	22,86 мм	4,22 г	Коммерческая бронза 88% медь 12% цинк	Простой	Пагода Даботап, стоимость, название банка (хангыль)	Стоимость (цифра), название банка, год чеканки	1966	16 августа 1966 г.	Все еще в обращении	Серия I (가)
		₩10	22,86 мм	4,06 г	Высокая латунь 65% медь 35% цинк	Простой	Пагода Даботап, стоимость, название банка (хангыль)	Стоимость (цифра), название банка, год чеканки	1970	16 июля 1970 г.	Все еще в обращении	Серия II (나)
		₩50	21,6 мм	4,16 г	70% медь 18% цинк 12% никель	Рифленый	Стебель рис, значение (хангыль)	Стоимость (цифра), название банка (хангыль), год чеканки	1972	1 декабря 1972 г.	Все еще в обращении	Серия I (가)
		₩100	24 мм	5,42 г	Мельхиор 75% медь 25% никель	Йи Сун-син, стоимость, название банка (хангыль)	Стоимость (цифра), год чеканки	1970	30 ноября 1970 г.
Эти изображения масштабируются с шагом 2,5 пикселя на миллиметр. Стандарты таблиц см. таблица характеристик монет.

В 1982 году, с инфляцией и растущей популярностью торговые автоматы 12 июня 1982 г. были введены в обращение монеты номиналом 500 вон. В январе 1983 г. с целью стандартизации чеканки была выпущена новая серия монет номиналом 1, 5, 10, 50 и 100 вон с использованием того же макета, что и монеты номиналом 500 вон. выиграл монеты, но сохранил старые темы монет.^[7]

1982–2006 гг. Выпущено монет.[10][11]
Изображение	Ценить	Технические характеристики	Описание	Дата	Обозначение серии БОК
Лицевой	Обеспечить регресс	Диаметр	Масса	Сочинение	Край	Лицевой	Обеспечить регресс	Первая чеканка	Проблема
		₩1 [ко ]	17,2 мм	0,729 г	100% алюминий	Простой	Роза Шарона, значение (хангыль)	Стоимость (цифра), название банка, год чеканки	1983	15 января 1983 г.	Серия III (다)
		₩5 [ко ]	20,4 мм	2,95 г	Высокая латунь 65% медь 35% цинк	Простой	Геобуксеон, значение (хангыль)	Стоимость (цифра), название банка, год чеканки	1983	15 января 1983 г.	Серия III (다)
		₩10	22,86 мм	4,06 г	Пагода Даботап, значение (хангыль)
Эти изображения масштабируются с шагом 2,5 пикселя на миллиметр. Стандарты таблиц см. таблица характеристик монет.

Текущие монеты
Изображение	Ценить	Технические характеристики	Описание	Дата	Обозначение серии БОК
Лицевой	Обеспечить регресс	Диаметр	Масса	Сочинение	Край	Лицевой	Обеспечить регресс	Первая чеканка	Проблема
		₩10 [ко ]	18 мм	1,22 г	Медь алюминий 48% медь 52% алюминия	Простой	Пагода Даботап, значение (хангыль)	Стоимость (цифра), название банка, год чеканки	2006	18 декабря 2006 г.	Серия IV (라)
		₩50 [ко ]	21,6 мм	4,16 г	70% медь 18% цинк 12% никель	Рифленый	Стебель рис, значение (хангыль)	Стоимость (цифра), название банка, год чеканки	1983	15 января 1983 г.	Серия II (나)
		₩100 [ко ]	24 мм	5,42 г	Мельхиор 75% медь 25% никель	Йи Сун-син, значение (хангыль)
		₩500	26,5 мм	7,7 г	Журавль с красной короной, значение (хангыль)	1982	12 июня 1982 г.	Серия I (가)
Эти изображения масштабируются с шагом 2,5 пикселя на миллиметр. Стандарты таблиц см. таблица характеристик монет.

В начале 2006 года Банк Кореи объявил о своем намерении изменить дизайн монеты в 10 вон к концу того же года. С ростом стоимости производства, которая тогда составляла 38 вон за монету 10 вон, и слухами о том, что некоторые люди переплавляли монеты для изготовления ювелирных изделий, потребовался редизайн, чтобы сделать монету более рентабельной в производстве.^[12] Новая монета изготовлена ​​из алюминия с медным покрытием с уменьшенным диаметром 18 мм и весом 1,22 г. Внешний вид такой же, как у старинной монеты.^[13] Новая монета выпущена 18 декабря 2006 года.^[14][15]

Монеты в 1 и 5 вон редко находятся в обращении с 1992 года, а цены на потребительские товары округлены до ближайших 10 вон. Тем не менее, они все еще находятся в производстве, ежегодно чеканив ограниченное количество этих двух монет для ежегодных монетных дворов Банка Кореи.^[16]В 1998 году стоимость производства одной монеты составляла: 10 вон монет стоили 35 вон каждая, 100 вон монет стоили 58 вон, а 500 вон монет стоили 77 вон.^[17]

Банкноты

В Банк Кореи уникальным образом обозначает серию банкнот и монет. Вместо того, чтобы помещать те, которые имеют аналогичный дизайн и даты выпуска в одну и ту же серию, он присваивает номер серии X X-му дизайну данного номинала. Номера серий выражаются с помощью Корейские буквы используется в алфавитном порядке, например 가, 나, 다, 라, 마, 바, 사. Таким образом, 1000 фунтов стерлингов, выпущенные в 1983 году, относятся к серии II (나), потому что это второй дизайн из всех дизайнов стоимостью 1000 фунтов стерлингов с момента введения в обращение южнокорейской воны в 1962 году.

В 1962 году Банк Кореи ввел в обращение банкноты номиналом 10 и 50 чон, 1, 5, 10, 50, 100 и 500 вон. Первый выпуск банкнот номиналом 1, 5, 10, 50, 100 и 500 вон был напечатан в Великобритания к Томас де ла Рю. Банкноты чжон вместе со вторым выпуском банкнот номиналом 10 и 100 вон были напечатаны внутри страны Корейская корпорация чеканки и защищенной печати.

В 1965 году банкноты 100 вон (серия III) были напечатаны с использованием глубокой печати Впервые на банкнотах, отпечатанных внутри страны, с целью сокращения числа подделок. В 1966 году последовали замены британских банкнот номиналом 500 вон, также с использованием глубокой печати, а в 1969 году банкноты 50 вон были заменены. литопечать.^[7]

1962 Томас де ла Рю Серии[8] (на корейском)
Изображение	Ценить	Размеры	Основной цвет	Описание	Дата	Обозначение серии БОК
Лицевой	Обеспечить регресс	Лицевой	Обеспечить регресс	Проблема	Снятие
		₩1	94 × 50 мм	Розовый	Символ банка Кореи	Ценить	10 июня 1962 г.	20 мая 1970 г.	Никто
		₩5	Синий	1 мая 1969 г.
		₩10	108 × 54 мм	Зеленый	1 сентября 1962 г.	Серия I (가)
		₩50	156 × 66 мм	апельсин	Хэгымган рядом Кодже	Факел, значение	20 мая 1970 г.
		₩100	Зеленый	Ворота Независимости (Донниммун)	14 февраля 1969 г.
		₩500	Серый	Намдэмун	3 февраля 1967 г.
1962–1969 КОМСКО Серии[8] (на корейском)
		10 чон	90 × 50 мм	Синий	«Банк Кореи» и стоимость (корейский)	«Банк Кореи» и стоимость (англ.)	1 декабря 1962 г.	1 декабря 1980 г.	Никто
		50 чон	коричневый
		₩10	140 × 63 мм	Фиолетовый	Cheomseongdae	Геобуксеон	21 сентября 1962 г.	30 октября 1973 г.	Серия II (나)
		₩50	149 × 64 мм	Зеленый и оранжевый / синий	Парк Тапгол в Сеул	Маяк, Роза Шарона	21 марта 1969 г.	Серия II (나)
		₩100	156 × 66 мм	Зеленый	Ворота Независимости	Gyeonghoeru Pavilion at Дворец Кёнбок	1 ноября 1962 г.	Серия II (나)
		Седжон Великий	Главное здание Банка Кореи	14 августа 1965 г.	1 декабря 1980 г.	Серия III (다)
		₩500	165 × 73 мм	коричневый	Намдэмун	Геобуксеон	16 августа 1966 г.	10 мая 1975 г.	Серия II (나)
Масштаб этих изображений составляет 0,7 пикселя на миллиметр. Стандарты таблиц см. таблица характеристик банкнот.

С экономическим развитием с 1960-х годов стоимость банкнот в 500 вон упала, что привело к более широкому использованию кассирских чеков с более высоким фиксированным номиналом в качестве средства платежа, а также к увеличению использования поддельных.^[7] В 1970 году банкноты в 100 вон были заменены монетами, и то же самое произошло с банкнотами в 50 вон в 1972 году.

Банкноты более высокого достоинства 5 000 и 10 000 вон были введены в обращение в 1972 и 1973 годах соответственно. Заметки включают новые функции безопасности, в том числе водяной знак, защитная нить, и волокна с ультрафиолетовым ответом, и были напечатаны глубокой печатью. Выпуск банкнот в 10 000 вон планировался одновременно с выпуском банкнот в 5 000 вон, но проблемы с основной темой задержали его на год.^[18] Банкноты нового дизайна номиналом 500 вон также были выпущены в 1973 году, а потребность в банкнотах среднего достоинства привела к появлению банкнот в 1000 вон в 1975 году.

1972–1973 серии[9] (на корейском)
Изображение	Ценить	Размеры	Основной цвет	Описание	Дата	Обозначение серии БОК	Пластина произведена
Лицевой	Обеспечить регресс	Лицевой	Обеспечить регресс	Водяной знак	Проблема	Снятие
		₩5,000	167 × 77 мм	коричневый	Йи я	Главное здание Банка Кореи		1 июля 1972 г.	1 декабря 1980 г.	Серия I (가)	Томас де ла Рю[19]
		₩10,000	171 × 81 мм	Зеленый	Седжон Великий, Роза Шарона	Кынджонджон во дворце Кёнбок		12 июня 1973 г.	10 ноября 1981 г.	Серия I (가)	В Япония[18]
1973–1979 серии[9] (на корейском)
		₩500	159 × 69 мм	Зеленый и розовый	Йи Сун-син, Геобуксеон	Храм И Сун Син в Хёнчхонса	Никто	1 сентября 1973 г.	12 мая 1993 г.	Серия III (다)
		₩1,000	163 × 73 мм	Фиолетовый	И Хван, Роза Шарона	Досан Сеовон (Конфуцианская академия Досана)		14 августа 1975 г.	Серия I (가)	В Япония[20]
		₩5,000	167 × 77 мм	апельсин	Йи я	Оджухон в Каннын		1 июня 1977 г.	12 мая 1993 г.	Серия II (나)	В Япония[19]
		₩10,000	171 × 81 мм	Зеленый	Седжон Великий, Водные часы	Павильон Кёнхёру во дворце Кёнбок, Роза Шарона		15 июня 1979 г.	12 мая 1993 г.	Серия II (나)	В Япония[18]
Масштаб этих изображений составляет 0,7 пикселя на миллиметр. Стандарты таблиц см. таблица характеристик банкнот.

В 1982 году банкнота в 500 вон была заменена монетой. В следующем году, в рамках своей политики рационализации валютной системы, Банк Кореи выпустил новый набор банкнот, а также новый набор монет. Некоторые из наиболее примечательных особенностей банкнот — это различимые для слепых отметки под водяным знаком и добавление машиночитаемого языка в рамках подготовки к механизации обработки наличных денег. Они также были напечатаны на более качественной хлопковой целлюлозе, чтобы снизить производственные затраты за счет увеличения срока их обращения.^[7]

Чтобы справиться с дерегулированием импорта цветных принтеров и растущим использованием компьютеров и сканеров, в период с 1994 по 2002 год были выпущены модифицированные банкноты 5000 и 10000 вон с различными новыми функциями безопасности, включая меняющие цвет чернила, микропечать, сегментированную металлическую нить, муар, и Созвездие EURion. Последнюю версию банкнот 5000 и 10 000 вон легко идентифицировать по информации об авторских правах, нанесенной под водяным знаком: «© 한국 은행»и год выпуска на лицевой стороне,« © Банк Кореи »и год выпуска на реверсе.

Пластины для банкнот номиналом 5000 вон были изготовлены в Японии, а пластины для банкнот 1000 и 10 000 вон были изготовлены Корейской корпорацией чеканки и защищенной печати. Все они были напечатаны глубокой печатью.^[18][19][20]

После выпуска нового набора банкнот еще не было запланировано изъятие этих банкнот из обращения.^[21]

1983–2002 серии[22] (на корейском)
Изображение	Ценить	Размеры	Основной цвет	Описание	Дата выдачи	Обозначение серии БОК	Модификация
Лицевой	Обеспечить регресс	Лицевой	Обеспечить регресс	Водяной знак
		₩1,000	151 × 76 мм	Фиолетовый	И Хван	Досан Сеовон (Конфуцианская академия Досан)	Перевёрнутый портрет	11 июня 1983 г.	Серия II (나)
		₩5,000	156 × 76 мм	апельсин	Йи я	Оджухон в Канныне	11 июня 1983 г.	Серия III (다)
		12 июня 2002 г.	Серия IV (라)	Краски меняющие цвет на точках для штор, сегментированная металлическая нить, авторское право
		₩10,000	161 × 76 мм	Зеленый	Седжон Великий, Водяные часы	Павильон Кёнхёру во дворце Кёнбок	8 октября 1983 г.	Серия III (다)
		20 января 1994 г.	Серия IV (라)	Сегментированная металлическая нить, микропечать под водяными часами, муар в области водяных знаков, глубина скрытого изображения
		Перевернутый портрет, Taeguk	19 июня 2000 г.	Серия V (마)	Краски, меняющие цвет на точках для жалюзи, удаление муара, созвездие EURion, авторское право
Масштаб этих изображений составляет 0,7 пикселя на миллиметр. Стандарты таблиц см. таблица характеристик банкнот.

Новая серия

В 2006 году серьезной проблемой стало то, что банкноты южнокорейских вон были подделаны / подделаны. Примечательно, что около 50% банкнот в 5000 вон (на сумму около 5 долларов США) были конфискованы как поддельные.^{[нужна цитата ]} Это привело к тому, что правительство выпустило новую серию банкнот, при этом банкнота в 5000 вон была первой, которая была переработана. Позже в 2007 году были выпущены банкноты номиналом 1000 и 10 000 вон.

23 июня 2009 года Банк Кореи выпустил банкноту в 50 000 вон. На аверсе изображен портрет Шин Саймданг, выдающийся художник XVI века, каллиграф, мать корейского ученого Юлгок, также известный как Йи И, на банкноте в 5000 вон. Эта банкнота является первой корейской банкнотой с портретом женщины.^[23] Выпуск банкноты 50 000 вон вызвал споры среди владельцев магазинов и лиц с нарушениями зрения из-за сходства цвета и числового номинала с банкнотой в 5 000 вон.^[24]

Были также объявлены новые банкноты в 100000 вон, но их выпуск был позже отменен из-за разногласий по поводу запланированного изображения банкноты с изображением Daedongyeojido карту, не считая спорных Токто острова.^{[25][26][27][28]}

Банкноты имеют более 10 защитных элементов каждого достоинства. Банкнота 50 000 вон имеет 22 элемента защиты, банкнота 10 000 вон 21, банкнота 5 000 вон 17, банкнота 2000 вон 10 и банкнота 19 000 вон. Многие современные функции безопасности, которые также можно найти в евро, фунты, Канадские доллары, и Японская иена Включены в банкноты. Некоторые элементы защиты, вставленные в банкноты:

• Голограммы с трехмерными изображениями, которые меняют цвет внутри металлической фольги на лицевой стороне банкнот (кроме 1000 ₩)
• Водяной знак портреты чучела заметки видны, если поднести к свету в белой части заметки.
• Глубокая печать на словах и изображениях создает ощущение приподнятости, отличное от обычной бумаги
• Защитная нить в правой части лицевой стороны банкноты мелкими буквами «한국 은행 Банк Кореи »и его соответствующее наименование
• Чернила, меняющие цвет на номере значения на обратной стороне примечания:

Впервые в мире КОМСКО Корейский монетный двор добавил новое вещество в банкноты для обнаружения подделок. Эта техника экспортируется в Европу, Северную Америку и др.^[29]

2006–2017 серии[30] (на корейском)
Изображение	Ценить	Размеры	Основной цвет	Описание	Дата выдачи	Обозначение серии БОК
Лицевой	Обеспечить регресс	Лицевой	Обеспечить регресс	Водяной знак
		₩1,000 [ко ]	136 × 68 мм	Синий	И Хван, Мёнрюндан в Сонгёнван, сливы	«Кесанчжонггеодо»; картина И Хван в Досан Сеовон к Чон Сон	Перевернутый портрет и номинал электротипа (от 1000 до 50 000 вон) Олимпийский стадион Пхенчхана (₩2,000)	22 января 2007 г.	Серия III (다)
[6]	[7]	₩2,000	140 x 75 мм	серый	Семь зимних видов спорта (биатлон, хоккей, керлинг, конькобежный спорт, прыжки с трамплина, санный спорт и бобслей)	Songhamaenghodo (картина с изображением тигра и сосны художника эпохи Чосон Ким Хон-до)	11 декабря 2017 г.	Серия I (가)
		₩5,000 [ко ]	142 × 68 мм	апельсин	Йи я, Оджухеон в Каннын, черный бамбук	«Насекомые и растения», картина с изображением арбуза и петушиных гребешков, сделанная матерью И И Шин Саймданг.	2 января 2006 г.	Серия V (마)
		₩10,000 [ко ]	148 × 68 мм	Зеленый	Седжон Великий, Ирворобонгдо, складной экран для Чосон -era kings, и текст из второй главы Yongbieocheonga, первое литературное произведение на хангыле	Глобус Honcheonsigye, Чхонсан Ёльча Буньяджидо Карта звездного неба C14 и телескоп-отражатель в обсерватории Бохёнсан на заднем плане	22 января 2007 г.	Серия VI (바)
		₩50,000 [ко ]	154 × 68 мм	Желтый	Шин Саймданг с Чочунгдо — ширма с вышитыми растениями и насекомыми (национальное достояние Южной Кореи № 595) на заднем плане	Бамбук и сливовое дерево	23 июня 2009 г.	Серия I (가)
Масштаб этих изображений составляет 0,7 пикселя на миллиметр. Стандарты таблиц см. таблица характеристик банкнот.

Будущее южнокорейской воны

По мере того, как экономика Южной Кореи развивается за счет использования электронных платежей, монеты в южнокорейский вон становятся все менее используемыми потребителями. Банк Кореи начал судебное разбирательство, результатом которого стало полное прекращение производства монет южнокорейской воны.^[31]

Производство валюты

Банк Кореи — единственное учреждение в Южной Корее, имеющее право печатать банкноты и монеты чеканки. Банкноты и монеты печатаются в KOMSCO, государственной корпорации под руководством Банка Кореи. После того, как новые банкноты и монеты напечатаны / отчеканены, они упаковываются или скручиваются и отправляются в штаб-квартиру Банка Кореи. Корея. После доставки они хранятся в хранилище банка и готовы к передаче коммерческим банкам по запросу. Соллаль и Чусок В два основных корейских праздника Банк Кореи распределяет большие суммы своей валюты среди большинства коммерческих банков Южной Кореи, которые затем передаются их клиентам по запросу.

Текущие обменные курсы

Текущие обменные курсы KRW
Из Google Финансы:	Австралийский доллар CAD Швейцарский франк евро Фунт стерлингов Гонконгский доллар JPY доллар США китайский юань INR
Из Yahoo! Финансы:	Австралийский доллар CAD Швейцарский франк евро Фунт стерлингов Гонконгский доллар JPY доллар США китайский юань INR
Из XE.com:	Австралийский доллар CAD Швейцарский франк евро Фунт стерлингов Гонконгский доллар JPY доллар США китайский юань INR
От OANDA:	Австралийский доллар CAD Швейцарский франк евро Фунт стерлингов Гонконгский доллар JPY доллар США китайский юань INR
С сайта fxtop.com:	Австралийский доллар CAD Швейцарский франк евро Фунт стерлингов Гонконгский доллар JPY доллар США китайский юань INR

Смотрите также

Рекомендации

внешняя ссылка

• «БОК объявляет о банкнотах меньшего размера». Чосун Ильбо. 21 июля 2005 г. Архивировано из оригинал на 2006-10-26. Получено 2006-10-17.
• «Новый W5,000 готов к выпуску 2 января». Чосун Ильбо. 2005-12-13. Архивировано из оригинал на 2006-10-26. Получено 2006-10-17.
• «Обнародованы новые облигации W1,000». Чосун Ильбо. 2006-01-17. Архивировано из оригинал на 2006-10-26. Получено 2006-10-17.
• «Доллар резко упал до докризисного уровня по отношению к воне». Чосун Ильбо. 2006-01-25. Архивировано из оригинал на 2006-10-26. Получено 2006-10-17.
• «Новые подделки банкнот W5,000 — но не водонепроницаемые». Чосун Ильбо. 2006-01-25. Архивировано из оригинал на 2006-10-26. Получено 2006-10-17.
• «Обнародованы новые облигации W10,000». Чосун Ильбо. 18 мая 2006 г. Архивировано из оригинал на 2006-07-09. Получено 2006-10-17.
• Новые банкноты южнокорейских вон, информационная страница новых заметок БОК
• Произношение Вон на freedictionary.com
• Хайко Отто (ред.). «Банкноты Южной Кореи» (на английском и немецком языках). Получено 2018-10-21.