The first currency of Korea appeared almost a thousand years ago. The further history of money, like the history of the country itself, was very difficult. The names of banknotes here were constantly changing, because Korea was won by more powerful neighbors - China and Japan, and they could not enter money into a stable circulation until the 19th century. Koreans for a long time recognized only barter, measuring the value of goods with cloth or rice. If a particularly large deal was planned , then the calculation was made with silver bullion.
The currency of Korea dates back to 998 - the inhabitants of the country then adopted the experience of neighboring China and began to cast coins from a special copper alloy. Each coin weighed only about three grams and was worth according to the material spent, that is, very little. In the middle of each money, they made a square hole and stringed their capital on threads. It happened that such ligaments weighed several kilograms. On the coins depicted only hieroglyphs, by which it was possible to understand where and under what ruler the given currency of Korea was put into circulation.
But this first attempt to establish commodity-money circulation in the country ended in failure, and soon the population again returned to the usual and reliable exchange in kind.
The next currency of Korea appeared only in 1633. And this time everything turned out well. Gradually, citizens of the country got used to using banknotes; at the end of the 19th century, coins ceased to be cast from copper and threaded, and they began to be minted in the usual way. At the same time, the first Korean silver coin with ornaments came into circulation.
Nevertheless, the
monetary system still could not be settled. With each new ruler, new money was issued with new names and images. They were similar at different times to Chinese, Japanese and even Mexican coins. And at the beginning of the 20th century, money was generally issued depicting an eagle, very reminiscent of the Russian.
In 1910, the country was occupied by the Japanese, so the yen came into circulation - the Japanese currency. After the Second World War, in 1948, Korea regained its independence, but at the same time split into two states - the South and the North.
The currency in South Korea first saw the light in 1950, and it was called "hwan." The notes depicted President Lee Seung Man, and in 1953, banknotes appeared in English and Korean.
Soon the country suffered high inflation, the Khvans practically depreciated, and it was decided to abandon them. In 1962, a monetary reform was carried out, and new banknotes entered the circulation - won, the inscriptions on which began to be applied only in their native Korean language.
“Won” is the traditional name of the Korean currency, which comes from the Chinese character “money” - the same as the name of the Japanese yen. In fact, “yen” and “won” are one and the same word, which differs only in pronunciation.
The exchange of hvans for won occurred at the rate of 10 hvans = 1 won. The new currency of Korea was pegged to the US dollar: $ 1 = 125 won.
But by the beginning of the 80s, money depreciated again, and $ 1 was worth 580 won. In 1997, the country's leadership decided to switch to a floating rate without a tight peg to the dollar.
The modern currency of South Korea is issued in denominations of 1,000 won, 5,000, 10,000 and, finally, 50,000 won. The banknotes depict famous philosophers, national heroes, and monuments of national architecture - in short, everything that makes up the cultural heritage of the Korean people.
For 1 US dollar now already give 1090 won. But, despite such a significant devaluation of the currency, the authorities are in no hurry to conduct a denomination, therefore, even for everyday purchases, Koreans have to take millions of won. But they have found a way out of this situation, and are increasingly making payments through bank cards or checks.