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Korean won
From Wikipedia, the free encyclopedia
- This page provides 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.
The won (圓) was the currency of Korea between 1902 and 1910. It was subdivided into 100 chon (錢).
| Korean won | ||||||||
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Won is a cognate of the Chinese yuan and Japanese yen.
The won was introduced in 1902, replacing the yang at a rate of 1 won = 5 yang. In 1909, the Bank of Korea (韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type. The won was equivalent to the Japanese yen and was replaced by the Japanese currency and the Korean yen in 1910 when Korea lost its sovereignty to Japan. In 1910, the Bank of Korea was renamed the Bank of Joseon (朝鮮銀行), which issued notes denominated in yen and sen.
Coins were minted in the denominations of ½, 1, 5, 10 and 20 chon, ½, 5, 10 and 20 won. The coins all carried the title of the "state", Daehan (대한; 大韓), 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.
| Korean Won Coins | |
|---|---|
| Denomination | Composition |
| ½ chon | Bronze |
| 1 chon | |
| 5 chon | Cupronickel |
| 10 chon | 800‰ silver |
| 20 chon | |
| ½ won | |
| 5 won | 900‰ gold |
| 10 won | |
| 20 won | |
No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai Ichi Ginko (First National Bank (of Japan), 株式會社第一銀行).
- Schuler, Kurt. Tables of Modern Monetary History: Asia. Retrieved on 2004-02-29.
- Krause, Chester L. and Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901-Present, Colin R. Bruce II (senior editor), 31st ed., Krause Publications. ISBN 0-87349-593-4.
- Krause, Chester L. and Clifford Mishler (2004). Standard Catalog of World Coins: 1801-1900, Colin R. Bruce II (senior editor), 4th ed., Krause Publications. ISBN 0-87349-798-8.
| Preceded by: Korean yang Reason: heavier influence by Japan Ratio: 1 won = 5 yang |
Currency of Korea 1902 – 1910 Concurrent with: Korean yen |
Succeeded by: Korean yen Reason: complete annexation by Japan Ratio: at par |
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| See also: Etymology of the Korean currencies · History of the Korean currencies |