The official currency of South Korea is the South Korean won, identified by the code KRW and the symbol ₩.

The word for won shares its linguistic origin with the Chinese yuan and the Japanese yen, all derived from the same Chinese character, reflecting a common thread in the monetary vocabulary of East Asia. The ₩ symbol is a W with two horizontal lines through it, similar in design to the ¥ symbol used for both the yuan and yen.

As of September 2026, one US dollar exchanges for approximately 1,339 South Korean won. Exchange rates shift daily in response to oil prices, international developments, and trading flows.

The Bank of Korea, the country’s central bank, holds exclusive authority to issue banknotes and coins. The physical work of printing notes and minting coins is carried out by the Korea Minting and Security Printing Corporation, known as KOMSCO, which operates its facilities in Daejeon.

South Korean banknotes feature prominent historical and cultural figures. The 1,000 won note depicts the Confucian scholar Yi Hwang, with a traditional study hall on the reverse. The 5,000 won note shows the scholar Yi I alongside artwork by Shin Saimdang. The 10,000 won note carries a portrait of King Sejong the Great, with scientific instruments and astronomical diagrams on the back. The 50,000 won note honors Shin Saimdang, a celebrated artist who became the first woman to appear on a South Korean banknote, accompanied by examples of her work.

South Korean coins carry national symbols and historical figures. The 10 won coin shows the Dabotap Pagoda in Gyeongju. The 50 won coin depicts a stalk of rice, evoking the country’s agricultural heritage. The 100 won coin features Admiral Yi Sun-shin, and the 500 won coin displays a flying crane, a traditional symbol associated with scholars and longevity.

The current won was introduced in 1962, replacing the hwan at a rate of one won to ten hwan. Before the hwan, Korea used an earlier version of the won from 1945 to 1953, which had itself replaced the Korean yen issued during the Japanese colonial period. Going further back, the Joseon Dynasty circulated the Sangpyeongtongbo coin for more than two centuries.

Korea has experienced periods in which multiple currencies circulated simultaneously. After liberation in 1945, the Bank of Joseon continued issuing notes while the new Bank of Korea was being established in 1950, creating an interval where both institutions’ currency was in use. South Korea has also seen partial dollarization at various points, with the US dollar sometimes serving as a parallel store of value for savings and borrowing.

The modern South Korean won is a fiat currency, not backed by gold or any physical commodity. Its value is shaped by supply and demand in foreign exchange markets and by the overall performance of the South Korean economy.

Earlier in the twentieth century, Korea operated under a gold standard established in 1905. That system encountered persistent problems, including a chronic shortage of smaller denomination coins, and the legal standing of Korean currency was abolished in 1920, ending the gold standard arrangement.

The 1 won coin was originally made of brass, but rising brass prices in 1968 meant the metal in each coin was worth more than its face value. The government switched the material to aluminum, which is still used. Japan’s 1 yen coin is also made of aluminum.