Won

Won
Hangul:	원
Hanja:	圓
Revised Romanization:	Won
McCune-Reischauer:	Wŏn

This page provides the history and etymology of the currency name "won" prior to 1948. For the South Korean currency, see South Korean won. For the North Korean currency, see North Korean won.

Won (pronounced like English "one"; a cognate of Chinese "yuan" and Japanese "yen") is the shared name of the separate official currencies of South Korea and North Korea.

Full names	Symbols	ISO 4217 Code
North Korean won	₩n or Wn	KPW
South Korean won	₩ or W	KRW

The won sign ("₩", a capital W with a horizontal stroke) is represented in Unicode at the code point 20A9 (8361 in decimal).

History

The first definitive record of currency use in Korea appears in the Goryeo period (918 - 1392). Early in that period, even though some imported Chinese currency was in circulation, commodity currency such as grain and linen continued in general circulation. In the 10th and 11th centuries, iron and copper coins along with silver vase-shaped coins were issued, but never widely circulated.

It was not until the beginning of the Joseon period (1392 - 1910) that copper coins were minted for wide circulation. Chohwa, which was made of standardized mulberry-bark paper early in the Joseon period, become the first legal paper money and was used as a medium of exchange in place of coins. From the 17th century until the end of the 19th century, Sang Pyong Tong Bo copper coins were the most widely circulated currency.

The mintage and circulation of modern currency began during the last years of the old Korean Empire as a result of contact with the West. Around the time of the trial adoption of the gold standard in 1901, gold and silver coins were in circulation along with some Japanese bank notes. In 1909, the Bank of Korea was founded in Seoul as a central bank and began issuing currency of modern type.

After Korea lost her sovereignty to Japan in 1910, the Bank of Korea was renamed the Bank of Chosun, until Korea's independence in 1945 at the end of World War II. Bank of Chosun had issued notes in units of won and jeon (1 won = 100 jeon) (전; 錢; McCune-Reischauer: chŏn; Revised Romanization: jeon). Jeon are no longer used in South Korea.

With the establishment of the respective states in 1948, the South Korean Won and North Korean Won experienced separate histories and valuations.

The Won in popular culture

The primary unit of currency in the anime series Cowboy Bebop is the woolong, whose symbol (₩) is identical to that of the won.

ca:won de:Won es:won fr:won ko:대한민국 원 io:won ja:ウォン fi:won nl:won pl:Won sv:won zh:圜