The hwan () 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 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 hwanDate introducedValue of U.S. dollar in hwanFebruary 15, 19536015 December 1953180August 15, 1955500February 23, 1960650January 1, 19611000February 2, 19611250
In 1962, the second South Korean won was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.
Coins In 1959, coins were introduced in denominations of 10, 50 and 100 hwan. They were minted by the Philadelphia Mint.
Hwan Coins Image Value Technical parameters Description Date of Obverse Reverse Diameter Mass Composition Obverse Reverse first minting issue withdrawal 10 hwan19.1 mm2.46 gCopper 95%Zinc 5%Rose of Sharon, value, bank title (Hangul)Value (digit), "Republic of Korea", year of minting1959 (Korean calendar 4292)October 20, 1959March 22, 1975 50 hwan22.86 mm3.69 gCopper 70%Zinc 18%Nickel 12%Geobukseon, value, bank title (Hangul)Value (digit), "Republic of Korea", year of minting1959 (Korean calendar 4292)October 20, 1959March 22, 1975 100 hwan26.0 mm6.74 gCupronickelCopper 75%Nickel 25%Syngman Rhee, value, bank title (Hangul)October 30, 1959June 10, 1962
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 The 100 hwan coins were withdrawn on June 10, 1962.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 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 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. 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 Image Value Dimensions Main colour Description Date of Obverse Reverse Obverse Reverse issue withdrawal 1 hwan111 × 54 mmPinkBank name (Hanja), value (Hangul and Hanja)Bank of Korea's symbolFebruary 17, 1953June 10, 1962 5 hwanRed 10 hwan156 × 66 mmPurpleBank name (Hanja), value (Hangul and Hanja), GeobukseonBank of Korea's symbol 100 hwanGreen 1000 hwanBrown
Korean printed notes Korean printed hwan notes Image Value Dimensions Description Date of Obverse Reverse Obverse Reverse issue withdrawal 10 hwan156 × 66 mmNamdaemunHaegeumgang near GeojeMarch 17, 1953 June 10, 1962 December 15, 1953 50 hwan149 × 66 mmIndependence GateYi Sun-sin's bronze statue, GeobukseonAugust 15, 1958 100 hwan156 × 66 mmLee Sung-manIndependence GateDecember 18, 1953 February 1, 1954 ValueMarch 26, 1957 Mother and her child holding a savings account bookletIndependence GateMay 16, 1962 500 hwan156 × 73 mmLee Sung-manValueMarch 26, 1956 August 15, 1958 Sejong the GreatMain building of the Bank of KoreaApril 19, 1961 1000 hwan166 × 73 mmLee Sung-manBank of Korea's symbolMarch 26, 1957 165 × 73 mmSejong the GreatTorchAugust 15, 1960
See also
Economy of South Korea History of South Korea
References
External links
Bank of Korea, 1953-1962 banknotes Bank of Korea, A Brief History of Korean Currency Bank of Korea, Currency Issue System