South Korean Won flag

South Korean Won

원

Currency Code

KRW

ISO 410

Symbol

KRW

Native: ₩

Decimal Digits

0

Rounding: 0

Countries

KR

Using this currency

Currency Units

Major Unit

Name: won

Symbol: ₩

Minor Unit

Name:

Symbol:

Value: 0

Banknotes

Frequently Used

₩1000₩5000₩10000₩50000

Coins

Frequently Used

₩10₩50₩100₩500

Rarely Used

₩1₩5

Plural Forms

English Plural

South Korean won

Native Plural

원

Overview

The South Korean Won is the currency of South Korea, managed by the Bank of Korea. It is widely traded in international markets and has gained importance as South Korea has become a major global economy and technology leader.

Economy

  • South Korea is a member of G20, OECD, APEC, ASEAN+3, East Asia Summit.
  • Main industries include: Electronics, Telecommunications, Automobile production, Chemicals, Shipbuilding, Steel, Machinery, Textiles, Food processing.
  • South Korea is part of the World Trade Organization.
  • Imports are crude oil, semiconductors, natural gas, coal, steel, computers, wireless telecommunications equipment, motor vehicles.
  • Major exports include semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals.
  • GDP: $2.81 trillion (2023 est.).
  • GDP per capita: $54,330 (2023 est.).
  • Unemployment rate: 2.9% (2023 est.).
  • Inflation rate: 3.6% (2023 est.).
  • Main trading partners: China, United States, Vietnam, Hong Kong, Japan, Taiwan.
  • Trade agreements: RCEP, KORUS FTA, Korea-EU FTA, Korea-UK FTA, CPTPP (applied).

History

  • Previous currencies used: Korean yen, Japanese yen.
  • The won was introduced in 1945, replacing the Korean yen. It was revalued in 1953 and again in 1962. South Korea's rapid economic development has made the won increasingly important internationally.
  • 1945: Won introduced, replacing Korean yen
  • 1953: Currency reform (1 new won = 100 old won)
  • 1962: Second currency reform (1 new won = 10 old won)
  • 1980: Free floating exchange rate adopted
  • 1997: Asian Financial Crisis and IMF bailout
  • 2008: Global financial crisis impact
  • 2010s: Won strengthens with economic growth
  • Exchange rate peg: USD (1945-1980) various rates.
  • Exchange rate peg: Free floating (1980-present).

General Information

  • ISO 4217 Code: KRW
  • Symbols: KRW/₩
  • Currency Subunits: None (won is the base unit)
  • Central Bank: Bank of Korea
  • Monetary Policy: Inflation targeting with 2% target. Free-floating exchange rate with occasional interventions to smooth volatility.
  • Bills: ₩1,000, ₩5,000, ₩10,000, ₩50,000
  • Coins: ₩1, ₩5, ₩10, ₩50, ₩100, ₩500
  • USD Exchange Rate: Variable (approximately 1,320-1,350 KRW per USD)
  • Pegged To: None (Floating)
  • Capital: Seoul
  • Population: 51,844,834 (2023 est.)
  • Area: 99,720 km²
  • Languages: Korean (official), English (widely taught)
  • Time Zones: UTC+9 (Korea Standard Time)
  • Government Type: Presidential republic
  • Head of Government: President (head of state and government)
  • Independence: August 15, 1948 (from US military government)
  • Ethnic Groups: Korean homogeneous
  • Religions: Protestant 19.7%, Buddhist 15.5%, Catholic 7.9%, Other Christian 2%, Other 0.8%, None 54.1%
  • Literacy Rate: 99%
  • Transport: Incheon International Airport, KTX high-speed rail, extensive subway systems, major ports (Busan, Incheon)
  • Communications: World-leading telecommunications, 95% internet penetration, extensive 5G coverage
  • Energy: Coal 40%, Nuclear 27%, Natural gas 25%, Renewables 6%, Oil 2%
  • Countries Using This Currency: South Korea
  • Data Sources: Central Bank: Bank of Korea (bok.or.kr), Economic Data: Statistics Korea, Bank of Korea, World Bank, IMF, Trade Data: Korea International Trade Association, Demographic Data: Statistics Korea, Geographic Data: Korea Meteorological Administration, Historical Data: Bank of Korea archives
  • Last Updated: 2025