The Republic of Korea (South Korea) dates from 1948. Prior to 1945, Korea was a Japanese colony the Japanese called "Chosen" (1910-1945). The first, real, Republic of Korea banknotes were issued on September 1, 1949. The denomination was known as the "Won" (subdivided, decimally, into "Chon"). Prior to that, the Koreans were using banknotes and reprinted banknotes of the old Japanese "Bank of Chosen" designs. Long story short, the Koreans in the South went through four currency reforms, as their economy was in a seriously bad state from 1945 to the mid-1960s.
My website "Circulation Coins of the Republic of Korea" focuses on the "Won"-denominated coins that were first minted in 1966. I do not include much information on the "Hwan"-denominated coins of 1959, 1961. The "Hwan" was the currency of South Korea from 1953 to 1962. It was replaced in a currency reform in 1962 with the "Won" which is now the currency of South Korea. All currency printed or minted since June 10, 1962 is still OFFICIALLY considered legal tender, but if you were to go to your local bank in Seoul with an old stack of banknotes dating from the mid-sixties, I'm sure the bank manager would tell you to go take a hike!
My website "Circulation Coins of the Republic of Korea" focuses on the "Won"-denominated coins that were first minted in 1966. I do not include much information on the "Hwan"-denominated coins of 1959, 1961. The "Hwan" was the currency of South Korea from 1953 to 1962. It was replaced in a currency reform in 1962 with the "Won" which is now the currency of South Korea. All currency printed or minted since June 10, 1962 is still OFFICIALLY considered legal tender, but if you were to go to your local bank in Seoul with an old stack of banknotes dating from the mid-sixties, I'm sure the bank manager would tell you to go take a hike!



















