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The won (원) (sign: ₩; code: KRW) is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is not used anymore for everyday transactions, and appear only on foreign exchange rates.

Etymology
Main article: Etymology of the Korean currencies
"Won" is a cognate of the Chinese yuan and Japanese yen. All three names derive from the Chinese character 圓(원), which means "round shape." The won was subdivided into 100 jeon (Hangul: 전; Hanja: 錢; RR: jeon; MR: chŏn), which means "money", which too is of Chinese origin and refers to the bronze and copper coins of old.

First South Korean won
Main article: South Korean won (1945)

History
The won was first used between 1902 and 1910. After the Korea under Japanese rule and subsequent occupation, the won was replaced at par by the yen, made up of the Japanese currency and banknotes of the Korean yen.

In 1945 after World War II, Korea became divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon. Only banknotes were issued, initially circulating alongside banknotes of both the Japanese and Korean yen and Japanese coins.

The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean war. The pegs were:

Pegs for the first South Korean won
Date introduced Value of U.S. dollar in won
October, 1945 15
July 15, 1947 50
October 1, 1948 450
June 14, 1949 900 (non-government transactions only)
May 1, 1950 1800
November 1, 1950 2500
April 1, 1951 6000

The first South Korean won was replaced by the hwan on February 15 1953 at a rate of 1 hwan = 100 won.

Banknotes
In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1000 won notes. The designs were similar to those of the yen notes from the Japanese occupation period. However, there were two subtle and important differences. The new notes replaced the paulownia, the badge of the government of Japan, with the five-petalled Rose of Sharon, South Korea's national flower. The clause referring to exchangeability with the Japanese yen was also removed.

A new central bank, the Bank of Korea, was established in 1950, and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, 100 and 1000 won. 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.

Second South Korean won

History
The won was reintroduced on June 9, 1962 at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975 with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = 1 U.S. dollar. The following pegs operated between 1962 and 1980.

Pegs for the second South Korean won
Date introduced Value of U.S. dollar in won
June 10, 1962 125
May 3, 1964 255
August 3, 1972 400
December 7, 1974 480
January 12, 1980 580

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary Fund.Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.

Coins
Until 1966, 10 and 50 hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966 in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Common era, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975.

In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 won and 10 won coins were issued in 1970, struck in brass. Cupro-nickel 100 won coins were also introduced that year, followed by Cupro-nickel 50 won in 1972
In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins were issued, using the same layout as the 500 won coins, but conserving the coins old themes.

The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. With the increasing manufacturing price, then at 38 won per 10 won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost effective to produce. The new coin is made of copper-coated aluminum with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin. The new coin was issued on December 18, 2006.

The 1 and 5 won coins are difficult to find in circulation today and prices of consumer goods are rounded to the nearest 10 won.

In 1998, the production costs per coin were are as follows: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.

Banknotes
The Bank of Korea designates banknote and coin series in an interesting way. Instead of putting those of similar design and issue dates in the same series, they assign series number X to the Xth design of for each individual value. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, ₩1000 issued in 1983 is series II (나) because it is the second design of all ₩1000 designs since the won introduction in 1962.

In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes were printed in the U.K. by Thomas De La Rue Company. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the Korea Minting and Security Printing Corporation.

In 1965, 100 won notes (Series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500 won notes followed in 1966 also using intaglio printing, and for the 50 won notes in 1969 using litho-printing.

With the economic development from the 60s the value of the 500 won notes became lower, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones. In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.

Higher denomination notes of 5000 won and 10,000 won were introduced in 1972 and 1973 respectively. The notes incorporated new security features, including watermark, security thread and ultraviolet response fibres and were inglio printed. The release of 10,000 won notes was planned to be at the same time as the 5000 won notes but problems with the main theme delayed it by a year. Newly designed 500 won notes were also released in 1973 and the need for a medium denomination resulted in the introduction of 1000 won notes in 1975.

In 1982, the 500 won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins (see above). Some of the note's most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better quality cotton pulp to reduce the production costs by extending their circulation life.

To cope with the deregulation of imports of color printer and the increasing use of computers and scanners, modified 5000 won and 10,000 won notes were released between 1994 and 2002 with various new security features, which included: color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5000 and 10,000 won are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.

The plates for the 5000 won notes were produced in Japan while the ones for the 1000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.

With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.
Currency Production
The Bank of Korea is the only institution in South Korea that has the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new crisp banknotes and coins are printed/minted, they are bundled up in bundles/rolls and shipped to the Headquarters of the Bank of Korea. When delivered, the banknotes and coins are deposited inside the Bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amount of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

The New Korean Won Series
In 2006, it became a major concern that the Korean won banknotes were being counterfeited/forged. Notably the 5000 won note (worth about US$5), over 50% of the notes were confiscated as counterfeit. This led the government to issue a new series of banknotes, with the 5000 won note being the first one to be redesigned. Later in 2007, the 1000 and the 10000 won note was introduced.

South Korea boasts one of the most advanced security features on their banknotes, with over 10 security features in each denomination of banknote. The 10000 won note has 21 security features, the 5000 won note with 17, and the 1000 won note with 19 security features. Many modern security features that can be also found in Euros, Pound sterling, Canadian dollar, Japanese yen are included in the banknotes. Some security features inserted in South Korean won notes are:

holograms with 3D images that change colors within the metallic foil on the obverse side of the notes(exception of 1000 won)
watermark portraits of the effigy of the note is visible when held to the light in the white section of the note
intaglio printing on words and the effigy give off a raised feeling, different than ordinary paper
security thread in the right side of the obverse side with small lettering 한국은행 Bank of Korea and the denomination
color shifting ink on the value number at the back of the note
For the first time in the world, the KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits which are now getting exported to Europe, North America, etc.

50,000 won note
The Bank of Korea announced that a 50,000 won note will be released to circulation on June 23, 2009. On the front a portrait of Shin Saimdang, a prominent 16th-century female artist, calligrapher, and mother of Confucian scholar Yulgok can be seen. This note will be the first Korean banknote that features the portrait of a woman. 100,000 won notes were also announced, but their release was later canceled.

韩币的基本单位是韩元。 韩国的货币单位为"원"，汉字写作“圆”，拼音以“WON”表示。有时候亦沿用旧称“圜”(환, Hwan)。
　　韩币有纸币和硬币两种。纸币有1000韩元、5000韩元、10000韩元、50000韩元四种，易于根据纸币上面印的历史人物和颜色加以分辨。
　　韩国铸币总共有1韩元，5韩元，10韩元，50韩元，100韩元，500韩元，6个币值。现流通的硬币有10韩元、50韩元、100韩元、500韩元四种（10韩元是最小单位）。
　　由于韩元汇率高不值钱,故1元，5元硬币2001年2月起停止流通。2009年6月23日韩国央行韩国银行发行面额为5万韩元（约合40美元）的钞票，这是该国迄今为止发行的面额最大的钞票。
[汇率]
　　（2009年4月12日）
　　1美元 = 1317 韩国圆
　　1英镑 = 1930.39 韩国圆
　　1日元 = 13.1437 韩国圆
　　1欧元 = 1737.98 韩国圆
　　1瑞士法郎 = 1137.76 韩国圆
　　1人民币 = 192.693 韩国圆
　　韩国现在仍在发行的纸币
　　1,000韩元：退溪李滉 新版2007年发行
　　5,000韩元：栗谷李珥 新版2006年发行 韩国的全部六种币值
　　10,000韩元：世宗大王 新版2007年发行
　　50,000韩元：申师任堂 新版2009年发行
　　退溪李滉 （1501—1570）
　　朝鲜李朝唯心主义哲学家，朝鲜朱子学的主要代表人物。初名瑞鸿，字景浩、季浩，号退溪、陶翁、退陶。朝鲜安东府礼安县温溪人。历任礼曹判书、艺文馆检阅、公州判官、丹阳郡守、大司成、大提学等官职。由于目睹历次“士祸”给士林带来的灾难，他曾多次以体弱年老为借口,向国王上书请求退职。晚年定居故乡,在退溪建立书院，从事教育和著书事业。著有《退溪集》（68卷）、《朱子书节要》、《启蒙传疑》、《心经释录》、《天贫图说》、《四端七情论》等。
　　栗谷李珥 （1536—1584）
　　朝鲜人(号栗谷)的诚哲学，属于人性理论哲学。他的哲学思想总体上未超出儒学经典的框架，但包涵了丰富的实学思想：(1)反对俗家文与道脱离；反对假儒的“空言无实”，强调直践力行的实证、实用为特征的实事求是；(2)民本的民主思想；(3)强调民族的自主精神；(4)贯穿着社会改革思想；(5)哲学上的气一元论。栗谷因此而被认为是朝鲜实学理论的奠基人。实学思想其后又有李脺光的“实心、实政、实功”及“民者君之天”；柳馨远的“法久则弊生”；洪大容的“正心诚意”；丁若镛的“牧为民”等思想，形成了一定影响。
　　世宗大王 （1397—1450）
　　世宗，全称“英文睿武仁圣明孝大王”，姓李名祹，字元正，即位前被封为忠宁大君，是李氏朝鲜第4代国王（在位：1418年-1450年）。由於他对国家所作出的巨大贡献，所以后世史学家通常都尊称他为世宗大王。其在位期间，召集郑麟趾、成三问、申叔舟、朴彭年、崔恒、李善老、李垲等著名学者，创立了韩文字母（Hangul），并于公元1446年颁布《训民正音》，在全国推广。世宗去世后，明朝赐谥其为“庄宪” （严敬临民曰庄；行善可纪曰宪）。
　　申师任堂 （1504—1551）
　　她是朝鲜李朝时期著名女书画家，也是栗谷李珥的母亲，以她的美德和聪慧以及她在书法、绘画和诗歌上的杰出造诣成为韩国女性的典范。现存作品中具有代表性的有《荷花池的白鹭》、《葡萄》、《鳜鱼》、《茄子》等。
　　韩元
　　1,000元:
　　正面图案： 李朝孔儒学家 Yi Hwang 头像
　　1983年发行的最新币(151mm*76mm),正面是代表韩国的学者退溪李滉先生的图案,背面是退溪李滉先生为他的弟子提高业绩而建立的陶山书院的图案.
　　李滉 （1501～1570）
　　朝鲜李朝唯心主义哲学家，朝鲜朱子学的主要代表人物。初名瑞鸿，字景浩、季浩，号退溪、陶翁、退陶。朝鲜安东府礼安县温溪人。历任礼曹判书、艺文馆检阅、公州判官、丹阳郡守、大司成、大提学等官职。由于目睹历次“士祸”给士林带来的灾难，他曾多次以体弱年老为借口,向国王上书请求退职。晚年定居故乡,在退溪建立书院，从事教育和著书事业。著有《退溪集》（68卷）、《朱子书节要》、《启蒙传疑》、《心经释录》、《天贫图说》、《四端七情论》等。
　　在哲学上，李滉既反对以徐敬德为代表的唯物主义，又排斥佛教和王阳明的主观唯心主义，崇信朱熹的客观唯心主义。他认为“理”是世界的本原和主宰，如果没有“理”,便没有天地和人类万物,一切都将不存在。他承袭朱熹的未有天地之前毕竟先有一个“理”，未有君臣已先有君臣之“理”，未有父子已先有父子之 “理”的观点,将“理”看作为超自然、超时空的精神本体,而自然界以及整个人类社会则是由“理”派生的，不过是“理”的表现而已。
　　李滉反对王阳明的 “知行合一”说，信奉朱熹的“先知后行”说。但他又认为人有两种人性，即“本然之性”和“气质之性”。由“气质”的“清浊”与“粹驳”而有“上智”、“中人”、“下愚”之分，即“天理”、“知行”相兼的人属于“上智”；“知足而行不足”的人则为“中人”；“知昧行恶”的人是“下愚”。李滉以此为李朝封建社会等级制度的合理性辩护。同时，李滉认为人们虽然具有“气质”之差距，但经过个人的不断读书和修养，差距可以缩小，亦能达到圣人的境地。
　　李滉强调“天理” 与“人欲”的对立，要求人们放弃“人欲”，服从“天理”。在他看来，“四端、七情”与“天理、人欲” 有所不同。“四端” 就是“天理”，“七情”却不尽同于“人欲”。因为“七情”包括为善为恶的两种可能，而“人欲”则一定是“恶”的。“天理”和“人欲”是完全对立而不可并存的。读书、修养的目的就是革尽“人欲”，复尽“天理”。李滉的“理欲”观反映了当时李朝封建当权者的思想和利益。
　　李滉的哲学思想在朝鲜哲学史上具有深刻的影响，而且对日本朱子学的发展也产生一定的影响。
　　李退溪在韩国家喻户晓，韩国政府为了纪念这位思想家，将其头像印在了第三版的1000元的韩元上。此外，首尔特别市钟路区北部亦有一条退溪路用以纪念他。
　　5000韩元票面人物:李珥
　　正面图案仍沿用了韩国历史上最伟大的学者栗谷李珥肖像画，还加上了栗谷出生地点乌竹轩图案和竹子。
　　10000韩元票面人物:朝鲜李朝世宗大王
　　世宗以精通儒学而著称。正面是被指定为世界遗产的训民正音的创造者世宗大王的图案,背景图案《日月五峰图》和《龙飞御天歌》,背面的背景图案是浑天仪和光学天体望远镜和《天象列次分野地图》。
　　另外韩国将于2009上半年发行5万韩元和10万韩元面额纸币
　　面值1000韩元的纸币总共发行了3版。
　　第一版是1975年8月14号发行的,并于1993年5月12号停止发行。纸面规格为163 x 73mm，为凹版印刷。纸币的正面以退溪李滉的头像和无穷花为象征，背面是陶山书院的图案。
　　李滉其人：李滉是朝鲜时代中期的著名学者和文人，同时他还是当时‘理气互发说’的主要倡导者。生于1501年，逝世于1570年。陶山书院是李滉为了教书育人和学术研究而于1574年专门建造的。1575年，陶山书院被当朝皇上御赐更名为‘赐额书院’。
　　第二版是于1983年6月11日发行的，至今仍在发行当中。纸面规格做了改动，为151 x 76mm，凹版印刷。纸币的背面仍是陶山书院的图案，正面仍以退溪李滉的头像为象征，不同的的是前版的无穷花变成了投壶。
　　第二版和第一版的不同处还在于，第一版的原版是在日本制造的，而第二版的原版则是由韩国造币公司自己制作的，并使用了防伪技术。
　　第三版也是最新一版，是在2007年1月22日发行的，纸面规格为136 x 68，凹版印刷。纸币的正反面的图案也有所变更。正面以退溪李滉的头像和明伦堂的图案为主，背面则是‘溪上静居图’的图案。明伦堂是朝鲜王朝时代在首尔的成均馆内，或者地方的各学校内设立的专门供学生聚集在一起学习的讲堂。而溪上静居图则是陶山的写实图。
　　第三版千元纸币的制造方法遵循了2005年4月18号公布的‘防伪纸币新银行券发行计划’，对纸币的规格和图案进行了更改，并采用了大量尖端的防伪技术。