Korean Won

About The Korean Won: The Currency of South Korea

Quick Facts About the Korean Won Notes

Country of Origin	South Korea
Symbol	₩
Currency Code	KRW
Nick Names
Minor units	Jeon
Denominations (Banknotes)	₩1,000, ₩2,000, ₩5,000, ₩10,000 and ₩50,000
Motto
Identification Feature	On the note worth 5,000 won is a portrait of Yi I, while on the note worth 10,000 won is a portrait of King Sejong.
Issuing Bank	Bank of Korea
In Circulation Since	August 16, 1966
INR Exchange Rate	0.0702 🔄

Korean Won is the official currency of South Korea. The jeon, equivalent to one hundred won, is the lowest currency value that can be obtained in South Korea. The won can be traded for any other currency in the globe at any time, including the U.S. dollar, the Japanese yen, and the European Union euro (EUR). Throughout the course of the last century, the won has undergone a series of transformations and adjustments in order to counteract the impacts of devaluations as well as the consequences of war. In recent years, the won has established itself as a reliable and extensively traded currency thanks in large part to South Korea's expansive and highly developed economy. The South Korean won currency symbol is ₩.

The live Korean Won rate is INR (0.0702 🔄) . You can keep an eye on the real-time Korean Won price.

History of the Korean Won

Let’s learn about the South Korean won exchange rate history. The won has served as the standard unit of currency for the Korean people for literally thousands of years. During the period of Japanese colonial rule over the country from 1910 until 1945, the won was temporarily substituted for the Korean yen, a currency used by the Japanese.

The Korean won was initially pegged at a rate of 15 won to 1 dollar, but due to the economic toll of the Korean War, the won was subsequently devalued multiple times.

In the 1980s, South Korea moved away from having its currency pegged to the dollar in favour of using a basket of currencies. This was done in the hopes of increasing the value of its currency in international trade. In addition, as a response to the Asian Financial Crisis, the government devalued the won and allowed it to float freely on foreign exchange markets. This action resulted in additional changes being implemented in the late 1990s.

The Bank of Joseon did not issue its first paper money until 1946 when it did so in denominations of 10 and 100 won. The Bank of Korea now prints banknotes ranging in value from 1,000 won to 50,000 won. These banknotes can be found in circulation. The South Korean won sign is ₩.

Countries Accepting the Korean Won

Amount in the Korean Won You Should Carry for Your Trip

It is reasonable for vacationers to anticipate spending anywhere from ₩46,655 to ₩300,559 per person, per day while exploring South Korea. However, if there are two of you travelling, you should anticipate spending between ₩1,00,000 and ₩6,00,000.

When it comes to lodging, travellers can anticipate spending somewhere around ₩21,996 per person, per night, while those on a more lavish holiday could anticipate spending upwards of ₩1,22,862 per person, per night. Depending on whether you take taxis or buses to explore this charming country, the cost of your commute will range anywhere from ₩6,173 to ₩52,782.

You can check the Korean Won rate today in order to plan a cost-effective vacation. You can make use of currency converter South Korean won to get an idea of how much money you’ll need to convert. You can also keep an eye on South Korean won to INR exchange rate.