The South Korean won traces its name back to the Spanish-American silver dollar

Countries & Cities · Published 3 October 2026 Swipe more like this →

In short: The won is more than just South Korea's official currency; its name is a linguistic relic of global trade. Derived from the hanja for round, the term reflects the shape of silver coins that circulated between the Americas and Asia for centuries, linking modern Seoul to a distant colonial past.

The modern South Korean won, issued by the Bank of Korea, has a complex history marked by multiple iterations. While the current version was adopted in 1962, the currency's roots lie in the Spanish-American silver dollar, a coin that facilitated trade across the Pacific from the 1500s through the 1800s. The name itself, won, is a cognate of the Chinese yuan, both sharing the same etymological origin.

The path to the current won was turbulent. Following the end of World War II in 1945, Korea was divided, and the won replaced the Japanese yen at par. However, economic instability and the Korean War led to devaluations and the introduction of the hwan in 1953. It was not until 1962 that the won was reintroduced at a rate of one won to ten hwan, eventually becoming the sole legal tender by 1975.

Today, the Bank of Korea manages a sophisticated currency system featuring advanced security measures, including color-shifting ink and intaglio printing. The 50,000 won note, introduced in 2009, notably features Shin Saimdang, the first woman to appear on a Korean banknote. Despite proposals to redenominate the currency to better reflect the nation's economic strength, the current system remains in place, as many officials argue that other economic priorities take precedence.

The physical production of money has also evolved. In the 1960s and 70s, the Bank of Korea transitioned from notes to coins for lower denominations to manage costs. By 2006, the rising price of materials forced a redesign of the 10 won coin. As electronic payments become more common, the central bank has even explored ways to reduce coin usage, reflecting the ongoing shift toward a digital economy.

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