KRW - South Korean Won
South Korean Won Basic Information
Category | Details |
|---|---|
Name | South Korean Won |
Symbol | ₩ |
Code | KRW |
Country or Region | South Korea |
Central Bank | Bank of Korea |
KRW - South Korean Won Denominations & Conversion
The basic unit of the South Korean Won is the won. The currency does not use subunits today due to their minimal value, which ceased to be in practical use in everyday transactions. Historically, the won was divided into 100 jeon, but these units are no longer issued.
Conversion and Denominations Table
Unit | Subunits | Conversion Relationship |
|---|---|---|
Won | None | 1 Won = 100 Jeon (historical) |
Coins | ₩10, ₩50, ₩100, ₩500 | Each coin is valued at its face value |
Banknotes | ₩1,000, ₩5,000, ₩10,000, ₩50,000 | Each banknote is valued at its face value |
KRW - South Korean Won History
The South Korean Won was first introduced in 1945 following the liberation of Korea from Japanese rule. Initially pegged to the US Dollar, the won has undergone several major redenominations to stabilize its value and combat inflation. The most recent redenomination in 1962 established the won that is currently in circulation.
Top 5 Cities in South Korea
Seoul (Capital): As the capital and largest city of South Korea, Seoul serves as the economic, political, and cultural hub of the country, featuring modern skyscrapers, high-tech subways, and pop culture alongside Buddhist temples and palaces.
Busan: South Korea's second-largest city, Busan is known for its beaches, mountains, and temples, as well as being a major port city with bustling commerce and maritime industries.
Incheon: Adjacent to Seoul and hosting the country's largest airport, Incheon is a vital transportation hub and offers a mix of industrial and cultural attractions, including the Incheon Grand Park.
Daegu: As the fourth-largest city in South Korea, Daegu is the economic and cultural center of the southeastern part of the country, known for its fashion and textile industries.
Gwangju: Gwangju is a metropolitan city steeped in rich history and culture, known for its vibrant political history and as a stronghold of democracy in South Korea.
Travel Tips for Visiting South Korea
Land and Administrative Divisions: South Korea covers around 100,339 sq km, featuring 8 provinces, 1 special autonomous province, 6 metropolitan cities, and the special city of Seoul. There are no separate entities similar to Taiwan in South Korea.
Climate and Weather: South Korea experiences four distinct seasons, including a wet monsoon/summer in the middle of the year and a very cold winter. Travelers are advised to check seasonal conditions and dress accordingly.
Cuisine: South Korean cuisine is noted for its variety and flavor, with famous dishes like kimchi, bibimbap, and bulgogi. The country is renowned for its traditional markets and street food offerings alongside modern dining experiences.
Payment Methods: While cash is still commonly used, credit cards are widely accepted, and mobile payment platforms like Samsung Pay, KakaoPay, and Naver Pay are extremely popular.
Telecommunications: The top telecommunications providers include SK Telecom, KT Corp, and LG Uplus, offering extensive coverage and advanced technology.
Transport: South Korea boasts an advanced public transportation network including buses, subways, and trains, particularly the high-speed KTX trains connecting major cities.
World Heritage Sites and Attractions: Notable attractions include Haeinsa Temple, Gyeongbokgung Palace, and Jeju Island, along with modern sites like the Lotte World Tower in Seoul.
Tipping: Tipping is not customary in South Korea and is generally not expected in restaurants, hotels, or taxis. In tourist-heavy areas, some service providers may accept tips graciously.
