1962 origin
Foundation
The modern South Korean won was introduced in 1962 at 10 hwan to 1 won, resetting the post-war currency after hyperinflation and reform.
South Korean won did not appear fully formed. The modern South Korean won was introduced in 1962 at 10 hwan to 1 won, resetting the post-war currency after hyperinflation and reform.
Later reforms — decimalisation, central-bank charters, pegs and floats — matter as much as the founding date for how the unit behaves now.
Where it began
1962Seoul
The modern South Korean won was introduced in 1962 at 10 hwan to 1 won, resetting the post-war currency after hyperinflation and reform.
Timeline
1945Liberation
Colonial yen system ends.
1950War
Korean War devastates money and prices.
1953Hwan
Hwan replaces the first won.
1962Won returns
10 hwan = 1 won redenomination.
1960sExport drive
Managed rates support industrialisation.
1980sGradual open
FX markets slowly liberalise.
1997IMF crisis
Won collapses; programme follows.
1998Float
Freer float after the crisis.
2008GFC
Dollar funding squeeze hits Korea.
2022Global tightening
Won volatility returns with US rates.
The eras
Classical period
Establishment
South Korean won became embedded in trade, tax and daily prices in its core territory.
Twentieth century
Modernisation
Central banking, note series and FX regimes modernised how the unit worked.
Late century shocks
Stress & reform
Crises and reforms redefined convertibility, pegs or floats.
Today
Digital era
Cards, instant payments and CBDC debates reshape how balances move.
Major reforms
Founding statute
1962Legal creation or major restatement of South Korean won as a unit of account.
Modern central bank framework
20th c.Bank of Korea (or its predecessor) took primary responsibility for note issue and monetary stability.
FX regime shift
late 20th c.Peg, basket or float arrangements were redefined as capital flows and inflation targets evolved.
Understanding South Korean won starts with its legal birth and the crises that forced redesigns of convertibility and trust.
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