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The currency followed in South Korea is South Korean won (KRW). It has been the currency of South Korea from 1962. Earlier won was divided into 100 jeon. However, it is no more used now. The origin of the currency Won is the same as the currency of China (Yuan) and the currency of Japan (Yen). These three names have come from the Chinese character ? that means circular shape. The first coins which were circulated in 1966 were made of brass in denominations of one, five and 10 won.
Coins are found in denominations of 10 KRW, 50 KRW,100 KRW and 500 KRW. The notes are found in denominations of 1000KRW, 5000KRW and 10,000 KRW. There are talks going on in South Korea to issue 50,000 and 100,000 bank notes in the next two years. The 10,000 won note is the highest valued bill. For large transactions 100,000 won bank cheques are used and given out by ATM'S.
The present Korea exchange rate s are
1US$=928.75 KRW
1AUD=777.83 KRW
1 British Pound=1858.7 KRW
1EUR(Euro)=1261.8 KRW
The 10,000 won note is the highest valued bill. For large transactions 100,000 won bank cheques are used given out by ATM'S.
Some new changes have come about in the bank notes. The Bank seal has changed from red circle to a square ,color same as the color of the particular note. Moreover, the Bank's name printed on the backside of the note has changed from "The Bank of Korea" to "Bank of Korea". Some security measures have also been introduced on the bank notes like the introduction of EURion constellation on every bank note. Previously it was applicable only for Series V 10,000 won notes. Now on there will be color changing holograms for 5000 and 10,000 won notes.
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