KRW

KRW, or the South Korean won, is the currency of South Korea. Its ISO 4217 code is KRW and its sign is ₩. One won is subdivided into 100 jeon, though jeon coins are not used in daily transactions. The won is issued by the Bank of Korea and is the legal tender for the country.

Current denominations are banknotes of 1,000, 5,000, 10,000, and 50,000 won, and coins of 1, 5, 10, 50, 100, and 500 won. The smallest units, jeon, are effectively out of use.

The won has been the official currency since 1953, replacing the hwan after the Korean War. It has undergone redenomination and reform during the 20th century. Since the late 20th century, the won has been traded on international currency markets and is managed under a floating or managed float regime, with the Bank of Korea occasionally intervening to influence its value.

In domestic use, the won is the dominant medium of exchange and pricing in South Korea, and it plays a central role in the country’s economy, including its significant export sector. The currency’s performance is closely tied to macroeconomic policy, inflation, and external demand for Korean goods and investments.