At the time of its introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen. In October of the same year the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devalued at 6000 won = 1 dollar.[1] Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.
Coins
No coins were issued by South Korea during this period; however, Japanese 1 sen coins continued to be used for small transactions until February 1953.[2] South Korea would eventually introduce its first coins for circulation in 1959.
Banknotes
Bank of Joseon issued notes
The won was subdivided into 100 jeon. Only banknotes were issued. Initially, the won was issued by Bank of Joseon with a similar design to the older notes of the Japanese occupation period. However, there were two subtle and important differences. The new notes replaced the paulownia, the badge of the government of Japan, with the Rose of Sharon, South Korea's national flower; and the clause about exchangeability with the Japanese yen was removed.
Bank of Joseon issued notes
Value
5 jeon
10 jeon
20 jeon
50 jeon
1 won
5 won
10 won
100 won
Bank of Korea issued notes
On June 12, 1950, the Bank of Korea was established and assumed the duties of Bank of Joseon. The Bank of Joseon's notes were still kept in circulation as not all denominations were replaced by the Bank of Korea's notes.
^Bank of Korea. 화폐연대자료, 1953년~1962년 (in Korean). Retrieved June 21, 2023. 1953년 2월 17일부터(...) 그 동안(...) 통용되어 오던(...) 일본정부의 소액보조화폐(1錢주화)의 유통도 전면 중지하고..." → Translation: "As of 17 February 1953, the 1 sen coin (a small-denomination coin issued by the Japanese government), which had been in use during this period, ceased to circulate... Note that the English version of this page erroneously translates 1 sen as "1-jeon", and omits the 17 February date.
