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South Korean hwan

 

South Korean hwan

South Korean hwan
대한민국 환 (Korean)
大韓民國圜 (Hanja)
Central bank Bank of Korea
 Website www.bok.or.kr
User(s) Republic of Korea
Subunit
 1/100 jeon (전/錢)
Never used
Plural The language(s) of this currency does not have a morphological plural distinction.
Coins 10, 50, 100 hwan
Banknotes 1, 5, 10, 50, 100, 500, 1000 hwan
Printer Korea Minting and Security Printing Corporation
 Website http://english.komsco.com/
Mint Philadelphia Mint
This infobox shows the latest status before this currency was rendered obsolete.

The hwan (圜, 환) was the currency of South Korea between February 15, 1953 and June 9, 1962.

History

Due to the devaluation of the first South Korean won (from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan. The hwan also suffered from inflation and a series of devaluations occurred.

Pegs for the South Korean hwan
Date introduced Value of U.S. dollar in hwan
February 15, 1953 60
15 December 1953 180
August 15, 1955 500
February 23, 1960 650
January 1, 1961 1000
February 2, 1961 1250

In 1962, the second South Korean won was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.

Coins

In 1959, coins were introduced in denominations of 10, 50 and 100 hwan. They were minted by the Philadelphia Mint.

Hwan Coins [1] (Korean)
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Mass Composition Obverse Reverse first minting issue withdrawal
10 hwan 19.1 mm 2.46 g Copper 95%
Zinc 5%
Rose of Sharon, value, bank title (Hangul) Value (digit), "Republic of Korea", year of minting 1959 (Korean calendar 4292) October 20, 1959 March 22, 1975
50 hwan 22.86 mm 3.69 g Copper 70%
Zinc 18%
Nickel 12%
Geobukseon, value, bank title (Hangul) Value (digit), "Republic of Korea", year of minting 1959 (Korean calendar 4292) October 20, 1959 March 22, 1975
100 hwan 26.0 mm 6.74 g Cupronickel
Copper 75%
Nickel 25%
Lee Sung-man, value, bank title (Hangul) October 30, 1959 June 10, 1962
These images are to scale at 2.5 pixels per millimeter. For table standards, see the .


The 10 and 50 hwan coins continued to circulate until March 22, 1975 but the 100 hwan coins were withdrawn on June 10, 1962.

Banknotes

In 1953, banknotes were introduced in denominations of 1, 5, 10, 100 and 1000 hwan. Some of these notes were printed in the U.S.A. and gave the denomination in English and Hangul as won. 500 hwan notes were introduced in 1956, followed by 1000 hwan in 1957 and 50 hwan in 1958.

American printed notes

The first hwan notes were printed by the United States Government Printing Office. All Hanja and Hangul inscription on both the obverse and reverse sides of these notes are written right to left (traditional direction), instead of the modern (Westernized) left to right.

They have a few obvious defects. The term "hwan" is written in Hanja (圜) while "won" is written in Hangul (원) and English. Those problems were attributed to an urgent need for new banknotes and the change in currency name, as well as the decision to commission the new notes to be manufactured in the United States.[1] Unaware banknote catalog editors may erroneously categorize these notes as part of the old won system, such as the Standard Catalog of World Paper Money by Albert Pick.

American printed hwan notes [2] (Korean)
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
1 hwan 111 × 54 mm Pink Bank name (Hanja), value (Hangul and Hanja) Bank of Korea's symbol February 17, 1953 June 10, 1962
5 hwan Red
10 hwan 156 × 66 mm Purple Bank name (Hanja), value (Hangul and Hanja), Geobukseon Bank of Korea's symbol
100 hwan Green
1000 hwan Brown
These images are to scale at 0.7 pixels per millimeter.

Korean printed notes

Korean printed hwan notes [3] (Korean)
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
10 hwan 156 × 66 mm Namdaemun Haegeumgang near Geoje March 17, 1953 June 10, 1962
December 15, 1953
50 hwan 149 × 66 mm Independence Gate Yi Sun-sin's bronze statue, Geobukseon August 15, 1958
100 hwan 156 × 66 mm Lee Sung-man Independence Gate December 18, 1953
February 1, 1954
Value March 26, 1957
Mother and her child Independence Gate May 16, 1962
500 hwan 156 × 73 mm Lee Sung-man Value March 26, 1956
August 15, 1958
Sejong the Great Main building of the Bank of Korea April 19, 1961
1000 hwan 166 × 73 mm Lee Sung-man Bank of Korea's symbol March 26, 1957
165 × 73 mm Sejong the Great Torch August 15, 1960
These images are to scale at 0.7 pixels per millimeter.

See also

References

  1. ^

External links

  • (Korean) 1953-1962 banknotesBank of Korea,
  • A Brief History of Korean CurrencyBank of Korea,
  • Currency Issue SystemBank of Korea,
Preceded by:
South Korean won (1945)
Reason: inflation
Ratio: 1 hwan = 100 won
Currency of South Korea
1953 – 1962
Succeeded by:
South Korean won
Reason: inflation
Ratio: 1 won = 10 hwan


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