what is the money called in south korea
won The won
title: South Korean won text: South Korean won The won (; , ; symbol: ₩; code: KRW) or the Korean Won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul. The old "won" was a cognate of the Chinese yuan and Japanese yen. It is derived from the hanja (), meaning "currency" or "coin." The won was subdivided into 100 "jeon" (), itself a cognate title: South Korean hwan text: South Korean hwan The hwan was the currency of the Republic of Korea (South Korea) between February 15, 1953 and June 9, 1962. Due to the devaluation of the first South Korean won (from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 "jeon" but the lowest denomination issued was 1 hwan. The hwan also suffered from inflation and a series of devaluations occurred. In 1962, the second South Korean won title: South Korean won text: of the Chinese character 錢 ("qián") which means "money" and also used as a unit of money in ancient times. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it. Prior to 1910, the won was the currency. During the colonial era under the Japanese (1910-45), the won was replaced by the Korean yen which was at par with the Japanese Yen. After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern title: Korean currency text: its introduction, it was pegged to the United States dollar at 1 dollar = 60 hwan, but toward the end of its life it was devaluated at 1 dollar = 1250 hwan. In 1962, the won was reintroduced at the rate of 1 won = 10 hwan. The 10 and 50 hwan coins were kept in circulation until March 21, 1975. After the devaluation of the hwan, the won was reintroduced as South Korea's currency on June 10, 1962. At the time the South Korean currency was still pegged to the US dollar. It stayed so until December 24, 1997, title: South Korean won (1945–53) text: South Korean won (1945–53) The won was the first South Korean currency and was in use from August 15, 1945 to February 15, 1953. Won is a cognate of the Chinese yuan and Japanese yen. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer: "chŏn"; revised: "jeon"). Following the end of the Colonial Era and the division of Korea, the won was introduced to replace the Korean yen. The first banknotes were issued by the Bank of Joseon until 1950, when the currency management switched to the Bank of Korea. At the time of its introduction in 1945 the