Coins of South Korea: photo, denomination, currency name, interesting specimens

2024 Author: Howard Calhoun | [email protected]. Last modified: 2024-01-17 18:37

The Republic of Korea (or South Korea) is a state in East Asia, one of the leading economies in its region. The country is ranked among the so-called "Asian tigers". This is a group of states that demonstrated phenomenally high economic performance from the 1960s to the 1990s.

This article contains a detailed story about South Korean coins: both modern and those that have already gone out of circulation.

Meet: Won

The official currency of the Republic is the South Korean Won (KRW). Her "biography" begins on June 9, 1962, when she replaced the hwan, the previous state currency. At that time, the won was artificially pegged to the US dollar at a ratio of 1:125 in favor of the greenback.

Today, both coins and paper banknotes are in circulation in South Korea. Previously, there was also a fractionala coin "chon" in denominations of 1/100 won. However, as a result of many years of devaluation of the Korean currency, it has lost its value and is no longer used. Coins of South Korea in 1, 5 and 10 won are extremely rare these days. All calculations in the country are usually rounded up to ten.

As of December 2018, the exchange rate of the South Korean Won against other currencies is as follows:

• 100 Russian rubles=1695 KRW.
• 100 USD=113296 KRW.
• 100 Japanese yen=1000 KRW.

Coins of South Korea: photo and general information

For many centuries, the peninsula has been heavily influenced by Chinese culture. Accordingly, the coins here were cast according to the Chinese model - with a characteristic square hole in the middle.

Officially in circulation today you can find coins of the following denominations: 1, 5, 10, 50, 100, 500 won.

More detailed information about them is given in the table:

Coins of South Korea

Denomination	Diameter	Metal/Alloy	Years of issue	What is pictured
1	17, 2mm	Aluminum	1968, 1983	Syrian hibiscus
5	20, 4 mm	Bronze or brass	1966, 1970, 1983	Kobukson ship
10	22, 9mm	Bronze or brass	1966, 1970, 1983	Tabothap (pagoda)
10	18, 0mm	Aluminum (copper on top)	2006	Tabothap (pagoda)
50	21, 6 mm	Copper-zinc-nickel alloy	1972, 1983	Rice flower
100	24, 0mm	Copper Nickel	1970, 1983	Lee Sun-sin (military leader)
500	26.5mm	Copper Nickel	1972	Crane

Interesting and especially valuable specimens

Some South Korean coins are of particular value to numismatists and collectors. One of the most expensive is a commemorative silver coin of 1970 minted in denominations of 500 won. Its collection value is about 15 thousand rubles. Another interesting numismatic example of South Korea is the 100 won coin from 1975. This is a fairly large (300 mm in diameter) commemorative coin dedicated to the 30th anniversary of the Liberation of Korea.

A number of jubilee South Korean coins of the 80s were timed to coincide with a significant event in the history of the country - the XXIV Olympic Games, which, asknown to have taken place in Seoul (pictured). Considerable demand among numismatists is caused by a copper-nickel copy of 1984 of issue with a face value of 1000 won. This coin is interesting because its obverse depicts the Catholic Cathedral of Myeongdong, located in Seoul.

South Korean coins may be a thing of the past

Already by 2020, the South Korean government plans to completely withdraw metal money from circulation. This initiative of the authorities is supported by 51% of Koreans (a special survey was conducted). Initially, the so-called "coinless program" will be tested in small retail outlets. After that, metal money will no longer be accepted and issued in large shopping centers and supermarkets. Small change will be transferred to the buyer on his bank card or on the public transport fare card.