South Korean won

Last updated
South Korean won
Currency South Korea.jpg
ISO 4217
CodeKRW (numeric:410)
Unit
Unitwon
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol
Denominations
Subunit
1100jeon (전/錢)
Theoretical (not used)
Banknotes
Freq. used₩1,000, ₩5,000, ₩10,000, ₩50,000
Rarely used₩2,000
Coins
Freq. used₩10, ₩50, ₩100, ₩500
Rarely used₩1, ₩5
Demographics
User(s)South Korea
Issuance
Central bank Bank of Korea
Website eng.bok.or.kr
Printer Korea Minting and Security Printing Corporation
Website english.komsco.com
Mint Korea Minting and Security Printing Corporation
Website english.komsco.com
Valuation
Inflation 1.3% (Feb 2016, Year-on-Year % Change)
SourceFebruary 2016 [1]
  M2 money supply increases
  Inflation
  Inflation ex food and energy

The South Korean won (Symbol: ; Code: KRW; Korean : 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul.

Contents

Etymology

The old "won" was a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. It is derived from the hanja (, won), meaning "round", which describes the shape of the silver dollar.

The won was subdivided into 100 jeon (Korean : ; Hanja : ; MR : chŏn), itself a cognate of the Chinese unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it. [2] [3]

First South Korean won

History

The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.

During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese yen.

After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.

The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:

Pegs for the first South Korean won
Date introducedValue of U.S. dollar in won
October, 194515
July 15, 194750
October 1, 1948450
June 14, 1949900 (non-government transactions only)
May 1, 19501,800
November 1, 19502,500
April 1, 19516,000

The first South Korean won was replaced by the hwan on February 15, 1953, at a rate of 1 hwan = 100 won. [4]

Banknotes

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1,000 won notes.

A new central bank, the Bank of Korea, was established on 12 June 1950, [5] and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.

Second South Korean won

History

The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. The following pegs operated between 1962 and 1980:

Pegs for the second South Korean won
Date introducedValue of U.S. dollar in won
June 10, 1962125
May 3, 1964255
August 3, 1972400
December 7, 1974480
January 12, 1980580

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund. [6] Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

Coins

Until 1966, 10 and 50 hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Gregorian calendar, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975. [7]

In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 and 10 won coins were issued in 1970, struck in brass. Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972. [7]

1966–1982 issued coins [8] [9] (in Korean)
ImageValueTechnical parametersDescriptionDate of BOK series designation
ObverseReverseDiameterMassCompositionEdgeObverseReverseFirst mintingIssueIssue Suspended
1 won 1966 obverse.jpeg 1 won 1966 reverse.jpeg ₩117.2 mm1.7 g Brass
60% copper
40% zinc
Plain Rose of Sharon, value, bank title (hangul)Value (digit), bank title, year of minting1966August 16, 1966December 1, 1980Series I ()
1 won 1968 obverse.jpeg 1 won 1968 reverse.jpeg ₩117.2 mm0.729 g100% aluminium Plain Rose of Sharon, value, bank title (hangul)Value (digit), bank title, year of minting1968August 26, 19681992Series II ()
5 won 1966 obverse.jpeg 5 won 1966 reverse.jpeg ₩520.4 mm3.09 g Commercial bronze
88% copper
12% zinc
Plain Geobukseon, value, bank title (hangul)Value (digit), bank title, year of minting1966August 16, 19661992Series I ()
5 won 1970 obverse.jpeg 5 won 1970 reverse.jpeg ₩520.4 mm2.95 g High brass
65% copper
35% zinc
Plain Geobukseon, value, bank title (hangul)Value (digit), bank title, year of minting1970July 16, 19701992Series II ()
10 won 1966 obverse.jpeg 10 won 1966 reverse.jpeg ₩1022.86 mm4.22 gCommercial bronze
88% copper
12% zinc
Plain Dabotap Pagoda, value, bank title (hangul)Value (digit), bank title, year of minting1966August 16, 1966Still circulatingSeries I ()
10 won 1970 obverse.jpeg 10 won 1970 reverse.jpeg ₩1022.86 mm4.06 g High brass
65% copper
35% zinc
Plain Dabotap Pagoda, value, bank title (hangul)Value (digit), bank title, year of minting1970July 16, 1970Still circulatingSeries II ()
50 won 1972 obverse.jpeg 50 won 1972 reverse.jpeg ₩5021.6 mm4.16 g70% copper
18% zinc
12% nickel
ReededStalk of rice, value (hangul)Value (digit), bank title (hangul), year of minting1972December 1, 1972Still circulatingSeries I ()
100 won 1970 obverse.jpeg 100 won 1970 reverse.jpeg ₩10024 mm5.42 g Cupronickel
75% copper
25% nickel
Yi Sun-sin, value, bank title (hangul)Value (digit), year of minting1970November 30, 1970
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins was issued, using the same layout as the 500 won coins, but conserving the coins' old themes. [7]

1982–2006 issued coins [10] [11]
ImageValueTechnical parametersDescriptionDate ofBOK series designation
ObverseReverseDiameterMassCompositionEdgeObverseReverseFirst mintingIssue
1 won 1983 obverse.jpeg 1 won 1983 reverse.jpeg ₩1  [ ko ]17.2 mm0.729 g100% aluminium Plain Rose of Sharon, value (hangul)Value (digit), bank title, year of minting1983January 15, 1983Series III ()
5 won 1983 obverse.jpeg 5 won 1983 reverse.jpeg ₩5  [ ko ]20.4 mm2.95 g High brass
65% copper
35% zinc
Plain Geobukseon, value (hangul)Value (digit), bank title, year of minting1983January 15, 1983Series III ()
10 won 1983 obverse.jpeg 10 won 1983 reverse.jpeg ₩1022.86 mm4.06 gDabotap Pagoda, value (hangul)
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.
Current coins
ImageValueTechnical parametersDescriptionDate ofBOK series designation
ObverseReverseDiameterMassCompositionEdgeObverseReverseFirst mintingIssue
10 won 2006 obverse.jpeg 10 won 2006 reverse.jpeg ₩10  [ ko ]18 mm1.22 g Copper-plated aluminium
48% copper
52% aluminium
PlainDabotap pagoda, value (hangul)Value (digit), bank title, year of minting2006December 18, 2006Series IV ()
50 won 1983 obverse.jpeg 50 won 1983 reverse.jpeg ₩50  [ ko ]21.6 mm4.16 g70% copper
18% zinc
12% nickel
ReededStalk of rice, value (hangul)Value (digit), bank title, year of minting1983January 15, 1983Series II ()
100 won 1983 obverse.jpeg 100 won 1983 reverse.jpeg ₩100  [ ko ]24 mm5.42 gCupronickel
75% copper
25% nickel
Yi Sun-sin, value (hangul)
500 won 1982 obverse.jpeg 500 won 1982 reverse.jpeg ₩500 26.5 mm7.7 g Red-crowned crane, value (hangul)1982June 12, 1982Series I ()
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. With the increasing cost of production, then at 38 won per 10 won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce. [12] The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin. [13] The new coin was issued on December 18, 2006. [14] [15]

The 1 and 5 won coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets. [16] In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won. [17]

Banknotes

The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, 1,000 won issued in 1983 is series II () because it is the second design of all 1,000 won designs since the introduction of the South Korean won in 1962.

In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes was printed in the UK by Thomas De La Rue. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the Korea Minting and Security Printing Corporation.

In 1965, 100 won notes (series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500 won notes followed in 1966, also using intaglio printing, and for the 50 won notes in 1969 using lithoprinting. [7]

1962 Thomas De La Rue Series [8] (in Korean)
ImageValueDimensionsMain colorDescriptionDate ofBOK series designation
ObverseReverseObverseReverseIssueIssue Suspended
1 won obverse.jpeg 1 won reverse.jpeg ₩194 × 50 mmPinkBank of Korea's symbolValueJune 10, 1962May 20, 1970None
5 won obverse.jpeg 5 won reverse.jpeg ₩5BlueMay 1, 1969
10 won serieI obverse.jpeg 10 won serieI reverse.jpeg ₩10108 × 54 mmGreenSeptember 1, 1962Series I ()
50 won serieI obverse.jpeg 50 won serieI reverse.jpeg ₩50156 × 66 mmOrangeHaegeumgang near Geoje Torch, valueMay 20, 1970
100 won serieI obverse.jpeg 100 won serieI reverse.jpeg ₩100Green Independence Gate (Dongnimmun) February 14, 1969
500 won serieI obverse.jpeg 500 won serieI reverse.jpeg ₩500Grey Namdaemun February 3, 1967
1962–1969 KOMSCO Series [8] (in Korean)
10 jeon obverse.jpeg 10 jeon reverse.jpeg 10 jeon90 × 50 mmBlue"Bank of Korea" and value (Korean)"Bank of Korea" and value (English)December 1, 1962December 1, 1980None
50 jeon obverse.jpeg 50 jeon reverse.jpeg 50 jeonBrown
10 won serieII obverse.jpeg 10 won serieII reverse.jpeg ₩10140 × 63 mmPurple Cheomseongdae Geobukseon September 21, 1962October 30, 1973Series II ()
50 won serieII obverse.jpeg 50 won serieII reverse.jpeg ₩50149 × 64 mmGreen and orange / blueTapgol Park in Seoul Beacon, Rose of SharonMarch 21, 1969Series II ()
100 won serieII obverse.jpeg 100 won serieII reverse.jpeg ₩100156 × 66 mmGreen Independence Gate Gyeonghoeru Pavilion at Gyeongbok Palace November 1, 1962Series II ()
100 won serieIII obverse.jpeg 100 won serieIII reverse.jpeg Sejong the Great Main building of the Bank of KoreaAugust 14, 1965December 1, 1980Series III ()
500 won serieII obverse.jpeg 500 won serieII reverse.jpeg ₩500165 × 73 mmBrown Namdaemun GeobukseonAugust 16, 1966May 10, 1975Series II ()
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

With the economic development from the 1960s, the value of the 500 won notes fell, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones. [7] In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.

Higher-denomination notes of 5,000 and 10,000 won were introduced in 1972 and 1973, respectively. The notes incorporated new security features, including watermark, security thread, and ultraviolet response fibres, and were intaglio printed. The release of 10,000 won notes was planned to be at the same time as the 5,000 won notes, but problems with the main theme delayed it by a year. [18] Newly designed 500 won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000 won notes in 1975.

1972–1973 Series [9] (in Korean)
ImageValueDimensionsMain colorDescriptionDate ofBOK series designationPlate produced
ObverseReverseObverseReverseWatermarkIssueIssue Suspended
5000 won serieI obverse.jpeg 5000 won serieI reverse.jpeg ₩5,000167 × 77 mmBrown Yi I Main building of the Bank of KoreaJuly 1, 1972December 1, 1980Series I ()By Thomas de la Rue [19]
10000 won serieI obverse.jpeg 10000 won serieI reverse.jpeg ₩10,000171 × 81 mmGreen Sejong the Great, Rose of SharonGeunjeongjeon at Gyeongbok PalaceJune 12, 1973November 10, 1981Series I ()In Japan [18]
1973–1979 Series [9] (in Korean)
500 won serieIII obverse.jpeg 500 won serieIII reverse.jpeg ₩500159 × 69 mmGreen and pink Yi Sun-sin, GeobukseonYi Sun-sin's Shrine at HyeonchungsaNoneSeptember 1, 1973May 12, 1993Series III ()
1000 won serieI obverse.jpeg 1000 won serieI reverse.jpeg ₩1,000163 × 73 mmPurple Yi Hwang, Rose of Sharon Dosan Seowon (Dosan Confucian Academy)August 14, 1975Series I ()In Japan [20]
5000 won serieII obverse.jpeg 5000 won serieII reverse.jpeg ₩5,000167 × 77 mmOrange Yi I Ojukheon in Gangneung June 1, 1977May 12, 1993Series II ()In Japan [19]
10000 won serieII obverse.jpeg 10000 won serieII reverse.jpeg ₩10,000171 × 81 mmGreen Sejong the Great, Water clock Gyeonghoeru Pavilion at Gyeongbok Palace, Rose of SharonJune 15, 1979May 12, 1993Series II ()In Japan [18]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

In 1982, the 500 won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins. Some of the notes' most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better-quality cotton pulp to reduce the production costs by extending their circulation life. [7]

To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 and 10,000 won notes were released between 1994 and 2002 with various new security features, which included color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5,000 and 10,000 won notes are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.

The plates for the 5,000 won notes were produced in Japan, while the ones for the 1,000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio. [18] [19] [20]

1983–2002 Series [21] (in Korean)
ImageValueDimensionsMain ColorDescriptionDate of issueSuspended DateBOK series designationModification
ObverseReverseObverseReverseWatermark
1000 won serieII obverse.jpeg 1000 won serieII reverse.jpeg ₩1,000151 × 76 mmPurple Yi Hwang Dosan Seowon (Dosan Confucian Academy)Reversed portraitJune 11, 1983June 1, 2016Series II ()
5000 won serieIII obverse.jpeg 5000 won serieIII reverse.jpeg ₩5,000156 × 76 mmOrange Yi I Ojukheon in GangneungJune 11, 1983Series III ()
5000 won serieIV obverse.jpeg 5000 won serieIV reverse.jpeg June 12, 2002Series IV ()Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
10000 won serieIII obverse.jpeg 10000 won serieIII reverse.jpeg ₩10,000161 × 76 mmGreenSejong the Great, Water clockGyeonghoeru Pavilion at Gyeongbok PalaceOctober 8, 1983Series III ()
10000 won serieIV obverse.jpeg 10000 won serieIV reverse.jpeg January 20, 1994Series IV ()Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
10000 won serieV obverse.jpeg 10000 won serieV reverse.jpeg Reversed portrait, Taeguk June 19, 2000Series V ()Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

New security features

In 2006, it became a major concern that the South Korean won banknotes were being counterfeited/forged. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced.

On June 23, 2009, the Bank of Korea released the 50,000 won note. The obverse bears a portrait of Shin Saimdang, a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, also known as Yi I, who is on the 5,000 won note. This note is the first Korean banknote to feature the portrait of a woman. [22] The release of the 50,000 won note stirred some controversy among shop owners and those with visual impairments due to its similarity in color and numerical denomination with the 5,000 won note. [23]

New 100,000 won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands. [24] [25] [26] [27] Also of controversy was the appearance of Kim Ku on the note, who is controversial among the South Korean right. [28]

The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features, the 10,000 won note 21, the 5,000 won note 17, the 2,000 won note 10 and the 1,000 won note 19. Many modern security features that can be also found in euros, pounds, Canadian dollars, and Japanese yen are included in the banknotes. Some security features inserted in won notes are:

For the first time in the world, KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc. [29]

2006 Series [30] (in Korean)
ImageValueDimensionsMain colorDescriptionDate of issueBOK series designation
ObverseReverseObverseReverseWatermark
1000 won serieIII obverse.jpeg 1000 won serieIII reverse.jpeg ₩1,000  [ ko ]136 × 68 mmBlue Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers "Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon Reversed portrait and electrotype denomination (₩1,000 to ₩50,000)January 22, 2007Series III ()
5000 won serieV obverse.jpeg 5000 won serieV reverse.jpeg ₩5,000  [ ko ]142 × 68 mmOrange Yi I, Ojukheon in Gangneung, black bamboo "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin SaimdangJanuary 2, 2006Series V ()
10000 won serieVI obverse.jpeg 10000 won serieVI reverse.jpeg ₩10,000  [ ko ]148 × 68 mmGreen Sejong the Great, Irworobongdo, a folding screen for Joseon-era kings, and text from the second chapter of Yongbieocheonga , the first work of literature written in hangulGlobe of Honcheonsigye, Cheonsang Yeolcha Bunyajido C14 star map and reflecting telescope at Bohyeonsan Observatory in the backgroundJanuary 22, 2007Series VI ()
50000 KRW 2009 ob.jpg 50000 KRW 2009 rev.jpg ₩50,000  [ ko ]154 × 68 mmYellow Shin Saimdang with Chochungdo - a Folding Screen of Embroidered Plants and Insects (South Korean National Treasure No. 595) in the background Bamboo and a plum treeJune 23, 2009Series I ()
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.
2017 Commemorative Series [31] (in Korean)
ImageValueDimensionsMain colorDescriptionDate of issueBOK series designation
ObverseReverseObverseReverseWatermark
Products-16574.jpg
Products-16575.jpg ₩2,000140 x 75 mmGraySeven winter sports events (Biathlon, Ice hockey, Curling, Speed skating, Ski jumping, Luge and Bobsled)Songhamaenghodo (a painting of a tiger and a pine tree by Joseon-era artist Kim Hong-do) Pyeongchang Olympic Stadium November 17, 2017Series I ()
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Future

Coinless trials

As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins by depositing change into prepaid cards. [32] As of 2019, however, public participation in this program has decreased. [33]

Redenomination proposals

There have been recurring proposals in the South Korean National Assembly to redenominate the won by introducing a new won or new unit, equal to 1,000 old won, and worth nearly one U.S. dollar. While proponents cite a more valuable currency unit better projects the strength of the nation's economy, a majority remain opposed to the idea. Reasons cited are: economic harm if done immediately, no issues on public confidence in the won and its inflation rate, limited cost savings, and the presence of more urgent economic issues. [34]

Currency production

The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new banknotes and coins are printed/minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

Current exchange rates

KRW-USD v2.svg
KRW-EUR 1999-.svg
South Korean won exchange rate against U.S. dollar (from 1990) and Euro (from 1999).

Ranking

Most traded currencies by value
Currency distribution of global foreign exchange market turnover [35]
RankCurrency ISO 4217
code
Symbol or
abbreviation
Proportion of daily volumeChange
(2019–2022)
April 2019April 2022
1 U.S. dollar USDUS$88.3%88.5%Increase2.svg 0.2pp
2 Euro EUR32.3%30.5%Decrease2.svg 1.8pp
3 Japanese yen JPY¥ / 16.8%16.7%Decrease2.svg 0.1pp
4 Sterling GBP£12.8%12.9%Increase2.svg 0.1pp
5 Renminbi CNY¥ / 4.3%7.0%Increase2.svg 2.7pp
6 Australian dollar AUDA$6.8%6.4%Decrease2.svg 0.4pp
7 Canadian dollar CADC$5.0%6.2%Increase2.svg 1.2pp
8 Swiss franc CHFCHF4.9%5.2%Increase2.svg 0.3pp
9 Hong Kong dollar HKDHK$3.5%2.6%Decrease2.svg 0.9pp
10 Singapore dollar SGDS$1.8%2.4%Increase2.svg 0.6pp
11 Swedish krona SEKkr2.0%2.2%Increase2.svg 0.2pp
12 South Korean won KRW₩ / 2.0%1.9%Decrease2.svg 0.1pp
13 Norwegian krone NOKkr1.8%1.7%Decrease2.svg 0.1pp
14 New Zealand dollar NZDNZ$2.1%1.7%Decrease2.svg 0.4pp
15 Indian rupee INR1.7%1.6%Decrease2.svg 0.1pp
16 Mexican peso MXNMX$1.7%1.5%Decrease2.svg 0.2pp
17 New Taiwan dollar TWDNT$0.9%1.1%Increase2.svg 0.2pp
18 South African rand ZARR1.1%1.0%Decrease2.svg 0.1pp
19 Brazilian real BRLR$1.1%0.9%Decrease2.svg 0.2pp
20 Danish krone DKKkr0.6%0.7%Increase2.svg 0.1pp
21 Polish złoty PLN0.6%0.7%Increase2.svg 0.1pp
22 Thai baht THB฿0.5%0.4%Decrease2.svg 0.1pp
23 Israeli new shekel ILS0.3%0.4%Increase2.svg 0.1pp
24 Indonesian rupiah IDRRp0.4%0.4%Steady2.svg
25 Czech koruna CZK0.4%0.4%Steady2.svg
26 UAE dirham AEDد.إ0.2%0.4%Increase2.svg 0.2pp
27 Turkish lira TRY1.1%0.4%Decrease2.svg 0.7pp
28 Hungarian forint HUFFt0.4%0.3%Decrease2.svg 0.1pp
29 Chilean peso CLPCLP$0.3%0.3%Steady2.svg
30 Saudi riyal SAR0.2%0.2%Steady2.svg
31 Philippine peso PHP0.3%0.2%Decrease2.svg 0.1pp
32 Malaysian ringgit MYRRM0.2%0.2%Steady2.svg
33 Colombian peso COPCOL$0.2%0.2%Steady2.svg
34 Russian ruble RUB1.1%0.2%Decrease2.svg 0.9pp
35 Romanian leu RONL0.1%0.1%Steady2.svg
36 Peruvian sol PENS/0.1%0.1%Steady2.svg
37 Bahraini dinar BHD.د.ب0.0%0.0%Steady2.svg
38 Bulgarian lev BGNBGN0.0%0.0%Steady2.svg
39 Argentine peso ARSARG$0.1%0.0%Decrease2.svg 0.1pp
Other1.8%2.3%Increase2.svg 0.5pp
Total [lower-alpha 1] 200.0%200.0%
  1. The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the one being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on. For example, the US dollar is bought or sold in 88% of all currency trades, while the euro is bought or sold in 31% of all trades.
Current KRW exchange rates
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Preceded by:
Korean yen
Ratio: at par
Currency of South Korea
1945 1953
Succeeded by:
South Korean hwan
Reason: inflation
Ratio: 1 hwan = 100 won
Preceded by:
South Korean hwan
Reason: inflation
Ratio: 1 won = 10 hwan
Currency of South Korea
1962
Succeeded by:
Current