Read on to learn more about the south korean Won, besides known as south korean Won, Korean Republic Won, or KRW if you want to call it by its three-digit currency code .
Over the past decades, we ’ ve seen South Korea evolve into one of the strongest economies in Asia. It ’ south intrigue to know that the south korean economy and the korean currency have improved a batch after what the country has gone through, including what happened during World War II and the Korean War.
In this article, we ’ ll talk about the history of Korean money, the unlike korean bills and coins, and why you should learn about korean money .
The official name for Korean money is “ Won. ” This is the diagnose used for both south korean and North Korea. This became the official currency for both countries after being divided into two .
The name “ won ” originated from a Hanja character similar to the chinese Yuan and japanese Yen .
Although this is where the Korean money ’ mho diagnose came from, their rate is quite unlike. For case, 1 KRW equals 0.10 japanese Yen ( JPY ) and lone 0.01 chinese Yuan ( CNY ) .
Another direction of looking at it would be that 1 US Dollar to South Korean Won would be 1,218.28 KRW, 6.36 CNY in Chinese Yuan, and 123.87 JPY in japanese Yuan .
What is the currency in Korea ?
The official currency of South Korea is the Korean Republic Won or just the South Korean Won. In Korean, this currentness is called 대한민국 원 (daehanminguk won).
What is KRW ?
The south korean Won or KRW is the currentness of South Korea. This currentness uses the symbol “ ₩. ”
history of the Korean Won
korean currentness dates second hundreds of years to the Joseon Dynasty. During Joseon, Korean currentness made function of korean coins made of bronze and iron, which are known as 통보 ( metric ton ’ ongbo ) and 정보 ( jeongbo ), respectively. Paper money, or 저화 ( jeohwa ) in Korean, was first used during the Joseon Dynasty .
fast forward to the present day, korean currentness makes habit of Korean bills and korean coins. In them are print images of people who have made significant contributions to South Korea.
The first gear south korean Won bills were issued by the Bank of Joseon but former on, were issued by the Bank of Korea .
It ’ sulfur impressive that when learning more about the south korean Won, you can ’ triiodothyronine help but besides learn about korean history .
How does Korean Money work ?
presently, four banknotes or paper bills are in circulation in South Korea. These are the 50000 won bill, 10000 won bill, 5000 won bill, and 1000 won bill .
As for the confederacy korean won mint denominations, there are presently four that are in circulation. These are the 10-won coin, 50-won coin, 100-won coin, and the 500-won coin .
Ca n’t read korean so far ? Click here to learn for free in about 60 minutes ! Let ’ s move on to talking about the Korean Bills and Coins, what they look like, and the stimulate stories behind them. Let the fun facts get down !
There are four unlike Korean won bills issued by the Bank of Korea and used in South Korea. They are 50,000 won, 10,000 won, 5,000 south korean won, and 1,000 succeed .
The bills get larger as they go up. The 5,000 north korean won beak is slenderly larger than the 1,000 won bill, and the 10,000 succeed bill is slightly larger than the 5,000 won bill .
many of the names here are written in Hangeul, the Korean Alphabet. If you can ’ thymine learn korean characters yet, you can learn them for dislodge in about one hour here .
bill : You can use Google currency converter for more accurate conversions for update substitution rates .
The front of the ₩1,000 bill features 퇴계이황 Toegye Yi Hwang (1501 – 1570).
Yi Hwang was a celebrated confucian scholar from the Joseon Dynasty ( That ’ s the 500-year confucian dynasty in Korea ! ) who was boastful into calligraphy and poetry .
If you ’ re wonder who Toegye is, capital question ! That was his penitentiary name. Yi Hwang was a interfering guy .
The back of the ₩1,000 beak is the 계상정거도 Gyesangjeonggeodo. In addition to being an impressively long name for a paint, the rear of the 1,000 won circular besides represents a painting of Yi Hwang in Dosan Seowon ( area of Korea ) .
If you ’ ve ever visited contemporary Andong in Korea, then you have been to Dosan Seowon !
The US dollar exchange rate of ₩1,000 ( KRW ) is less than 1 USD, around $ 0.70 .
The front slope of the ₩5,000 bill is 율곡이이 Yulgok Yi I (1536 – 1584).
Like Yi Hwang, Yi I ( marked “ yee-ee ” ) was besides a mover and a shaker back in the 1500s. He attained fame as a confucian scholar and flew under the radar with his penitentiary diagnose Yulgok .
The buttocks is another celebrated paint , 초충도 Chochungdo. This paint was made by Shin Saimdang ( Yi I ’ s mother ). It ’ sulfur called “ Insects and Plants. ”
The US dollar exchange rate of ₩5,000 ( KRW ) is approximately $ 3.50 .
The ₩10,000 bill features 세종대왕 Sejong the Great (1397 – 1450).
If you haven ’ metric ton listen of this 4th baron of the Joseon Dynasty, then consider this the first of many times that you will ! He is the one responsible for introducing Hangeul into Korean society. Hangeul is substantive to Korean society ; it even has its own vacation !
The back of the 10,000 north korean won bill is the 혼천시계 Honcheonsigye.
Since “ sigye ” means “ clock ” in Korean, we can call the picture on the back of this eminence the “ Hocheon Clock. ” 혼천시계 ( honcheonsigye ) is an astronomic clock that was made in 1669 and is still in being today. If you ’ rhenium ever sitting in your house and wondering what the situation of the universe is at any given clock, you ’ ll want to stop by Korea University to consult with the Hocehon Clock in person !
The US dollar substitute rate of ₩10,000 ( KRW ) is roughly $ 6.97 .
The presence of the ₩50,000 bill is 신사임당 Shin Saimdang (1504 – 1551).
Try saying that name four times fast ! Shin Saimdang was the mother of Yi I, a well as a writer, artist, calligrapher, and poet. Her artwork captured beautiful and finespun images of insects, flowers, pisces, and landscapes. People liked her because she was a model of confucian ideals .
At the back of the bill is the 월매도 Wolmaedo. Fairly dim-witted ; this is a paint of bamboo and a plum tree .
The US dollar exchange rate of ₩50,000 ( KRW ) is roughly $ 34.87 .
There you have it, the big four in korean currency .
now, let ’ s move on to the coins !
Crack open your hoggish banks ; we ’ re about to give you the need-to-know information for each of those celebrated coins you frequently see. Your trips to the vending machine will take on a new dimension of fun !
The obverse side of the ₩10 coin shows the 다보탑 ( Dabotap ) Pagoda, a Buddhist monument in Gyeongju, South Korea. The revoke slope displays the standard information found in all coins : the value of the currency, the date, and the issuer ( 한국은행 | Bank of Korea ) .
The US dollar exchange pace of this korean coin ( KRW ) is roughly about $ 0.0070 .
The obverse side of the ₩50 mint features a stalk of rice, Korea ’ s favorite food. The reverse english shows the value of the mint, the date, and the issuer ( 한국은행 | Bank of Korea ) .
The US dollar exchange rate of this korean mint ( KRW ) is approximately around $ 0.035 .
The principal design of the ₩100 coin is an image of Admiral Yi Sun-sin ( 1545-1598 ), a celebrate dark blue admiral and home hero in Korea. The reversion side displays the prize of the coin, the date, and the issuer ( 한국은행 | Bank of Korea ) .
The US dollar substitute rate of this korean mint ( KRW ) is roughly round $ 0.070 .
The ₩500 coin ’ south principal design is the elegant Red-Crowned Crane flying through the flip. The invert side displays the value of the coin, the date, and the issuer ( 한국은행 | Bank of Korea ) .
The US dollar exchange rate of this korean coin is roughly around $ 0.35 .
How to Convert Korean Won to USD
To convert Korean won to USD, USD to Korean won, or any other currency, you can check your local bank. You can besides check the exchange rates using converters like this one .
How much is 1000 win in US Dollars ?
1000 succeed in US Dollars is around $ 0.70 ( USD ) at the current exchange rate of 1 KRW = 0.00070 USD .
What is 10000 succeed in US Dollars ?
10000 gain in US Dollars is around $ 6.97 ( USD ) at the current exchange pace of 1 KRW = 0.00070 USD .
45.6 billion won to USD
If you have seen the korean series Squid Game, you might be curious how much the cash respect is when converted to USD .
The sum of 45.6 billion won to USD is a whack $ 38.3 million USD .
Why do I need to learn Korean money?
If you ’ re planning to visit or live in Korea or do business with Koreans, it ’ s valuable to know about korean money .
Getting familiar with the unlike korean money ( korean bills and Korean coins ) will help ease your life with anything related to spending money when you ’ re in South Korea .
Want to learn how to count money ? We ’ ll teach you how ! You can check out our article on korean Numbers and start count in korean today.
Read more : Top 11 how to use csgobig free coin code in 2022
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indeed there you have it ! Hopefully, you now know a bit more about Korean money .
Which Korean bill or mint is your darling ? Please feel free to leave a remark below !