Currency converter to korean won

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Finally, in , the won was established as the official currency, with 1 won replacing 5 yang. However, during the Colonial era, Korea was annexed by Japan, which introduced the Korean yen as its official currency. The end of World War II in , saw the won being replaced the yen. The peg was set at 15 won for a single U. Once its value had stabilized, the won was finally re-introduced in , at a rate of 1 won to 10 hwan.

The pegs varied across the years, until the floating exchange rate was introduced in , as part of the agreement with the International Monetary Fund IMF. Prior to that, hwan coins were the only ones available, in denominations of 10 and The Bank of Korea brought back the won, in new denominations of 1, 5 and The 1 won coin was distinguishable because it was made out of brass, while the 10 and 50 won coins were struck in bronze. Because the actual value of the 1 won brass coin was greater than its denominated value, aluminum coins were introduced as a replacement in Similarly, in , the 5 and the 10 won bronze coins were pulled from circulation, and new, brass ones were issued in their place.

The won cupronickel alloy coins were issues the same year, followed by the same coin, albeit with a different denomination of 50 won , two years later. Due to inflation, as well as the growing presence and popularity of the vending machines, the won coin was issued in The following year saw slight modifications introduced to the basic design of the won, as the 5 won coins that were in circulation at the time were updated to match the design of the won coin.

Even though it was still regularly produced almost every year up until , the 1 won coins had all but disappeared from everyday transactions, as a result of the growing inflation. Today, the 1 and 5 won coins are a rare find, seeing that as the prices are set in increments of 10 won.

The actual production costs per single won coin in were: 35 won for the production of the 10 won coin, 58 won for the won coin and 77 won for the production of the won coin. Interesting fact: the won coin is exactly the same shape as the U.