South Korean hwan

1953–1962 currency of South Korea

South Korean hwan

The reverse side of a one hwan note

Plural| The language(s) of this currency do(es) not have a morphological plural distinction.
Denominations
Subunit|
1⁄100| jeon (전/錢)
(Theoretical only, never used)
Banknotes| 1, 5, 10, 50, 100, 500, 1000 hwan
Coins| 10, 50, 100 hwan
Demographics
User(s)| South Korea
Issuance
Central bank| Bank of Korea
Website| www.bok.or.kr
Printer| Korea Minting and Security Printing Corporation
Website| english.komsco.com
Mint| Philadelphia Mint
This infobox shows the latest status before this currency was rendered obsolete.
South Korean hwan

Hangul|

Hanja|

Revised Romanization| hwan
McCune–Reischauer| hwan

The hwan (Korean: 환) was the currency of South Korea between February 15, 1953, and June 9, 1962. It succeeded the first South Korean won and preceded the second South Korean won.

## History

[edit]

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

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

Hwan Coins [1] (in 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%  | Syngman Rhee, value, bank title (Hangul)  | October 30, 1959  | June 10, 1962
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

The 10 and 50 hwan coins continued to circulate until March 22, 1975, accepted as if it were 1 and 5 won coins, respectively. The 100 hwan coins were withdrawn on June 10, 1962.

## Banknotes

[edit]

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. 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

[edit]

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] (in 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 pixel per millimetre (18 pixel per inch). For table standards, see the banknote specification table.

### Korean printed notes

[edit]

Korean printed hwan notes [3] (in 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 holding a savings account booklet  | 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 pixel per millimetre (18 pixel per inch). For table standards, see the banknote specification table.

## See also

[edit]

* Money portal
* Numismatics portal
* South Korea portal

* Economy of South Korea
* History of South Korea

## References

[edit]

1. ^ Bank of Korea. 우리나라의 화폐, 1953년~1962년 (in Korean). Archived from the original on March 10, 2007. Retrieved December 4, 2006. "긴급통화조치로 화폐단위가 圓에서 圜으로 바뀌었음에도 이 당시 은행권은 圜을 '원'으로 표기하고 있는데 이는 동 은행권이 긴급통화조치의 결정 이전에 다른 용도로 미국연방인쇄국에서 제조된 것이기 때문." → Translation: "With the Emergency Currency Measures, and also the exchange of currency from the won to the hwan, at the time "won" was inscribed for "hwan" on the new banknotes; and that's because, as a result of a previous Emergency Currency Measure's decision, these new notes to be issued were to be manufactured by the US Government Printing Office."

* Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
* Pick, Albert (1994). Bruce, Colin R. II; Shafer, Neil (eds.). Standard Catalog of World Paper Money: General Issues (7th ed.). Krause Publications. ISBN 0-87341-207-9.

## External links

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Wikimedia Commons has media related to Money of South Korea.

* (in Korean) Bank of Korea, 1953-1962 banknotes
* Bank of Korea, A Brief History of Korean Currency
* Bank of Korea, Currency Issue System

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

|
|

* v
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Historical currencies of Korea

| Mun
998–1105,
1423–1425,
1625–1892 | Yang
1892-1902 | Won
1902-1910 | Yen
1902-1945 |  |  | Won (Red Army)
1945-1947 | North Korean old won
1947-1959 | North Korean new won
1959-2009 | North Korean third won
since 2009

|
|
|

| South Korean old won
1945-1953 | South Korean hwan
1953-1962 | South Korean new won
since 1962

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Etymology and history of the Korean currencies

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