Historical information

Used during Korean War
Won (1947-)
Main article: North Korean won
After the division of Korea, North Korea continued using the Korean yen for 2 years until the Central Bank of the Democratic People's Republic of Korea was established on December 6, 1947 and a new currency was issued. It was at the time pegged at par to the Soviet ruble. It was revalued at a rate of one hundred to one in February 1959 and new won were issued.
In the following years the won faced some devaluation, caused by the subsequent devaluation and redenomination of the Soviet ruble.
From 1978 to 2001, the North Korean government maintained an iconic rate of 2.16 won to the US dollar; since then banks in the country exchange at rates closer to the black market rate. However, rampant inflation has been eroding the North Korean wŏn's value to such an extent that currently it is believed to be worth about the same as the South Korean wŏn. In any case, the U.S. dollar and other currencies are still worth more in North Korean wŏn on the black market than officially.
South Korean currencies[edit]

Won (1945-1953)[edit]
Main article: South Korean won (1945)
Following the end of the division of Korea, the won was introduced to replace the Korean yen. The won was subdivided in 100 jeon. The first banknotes were issued by the Bank of Joseon in denominations ranging from 5 jeon to 100 won. In 1950 the currency management switched to the Bank of Korea and new notes were then issued, mostly with higher denominations.
The first note put in circulation by the Bank of Korea in 1950 was printed in Japan by the National Printing Bureau (国立印刷局). The next year the Korea Minting and Security Printing Corporation was created and took over as printer of South Korean currency.
At the time of the introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen. In October of the same year the anchor currency got change to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devaluated at 6000 won = 1 dollar. Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.
Hwan (1953-1962)[edit]
Main article: South Korean hwan
Due to devaluation of the won the hwan was introduced on February 15, 1953 at the rate of 1 hwan = 100 won. It was subdivided in 100 jeon, but they were never used. New banknotes in denominations between 10 and 1000 hwan were issued. Starting in 1959, 10 and 50 hwan coins were also issued to replace the lower denomination notes. Those were the first circulating coins in South Korea.
Due to the short notice of the change in currency, the first series of the new notes was commissioned from the United States Government Printing Office. The notes were released in five denominations, all with an identical design. Some replacement notes with a more suited Korean theme were later issued, starting with the 100 hwan just a month later.
The hwan suffered from inflation as well. At its introduction, it was pegged to the United States dollar at 1 dollar = 60 hwan, but toward the end of its life it was devaluated at 1 dollar = 1250 hwan. In 1962, the won was reintroduced at the rate of 1 won = 10 hwan. The 10 and 50 hwan coins were kept in circulation until March 22, 1975.

Physical description

5 Currency notes issued by Korean Government and R.A.A.F. denominations of 100, 100 Won and 1 shilling