Decision of the US-American military administration to rate the Korean (Chōsen) Yen identical to the Japanese Yen; effective immediately
01.10.1948
Decoupling of the Korean and Japanese currencies and devaluation by 40% against the US Dollar: 1 US Dollar = 450 Korean (Chōsen) Yen
14.06.1949
Establishment of an effective rate at 50% of the official exchange rate, which became restricted to government transactions: 1 US Dollar = 900 Korean (Chōsen) Yen
Time Period: 1950-1953
Currency: 1st South Korean Won
Transition
1 : 1 Korean (Chōsen) Yen
Sub-units
Won / 100 Jeon
ISO4217
none (informal: KRV)
Timeline
05.05.1950
Law [Bank of Korea Act, No. 138] on the establishment of the central bank; effective upon constitution of the bank on 12.06.1950
22.07.1950
Start of currency exchange: - 22.07.1950: Start of issuance of the new banknotes - 28.08.1950: Presidential decree on the immediate withdrawal of the banknotes of the former Bank of Chōsen (since North Korea was re-issuing outmoded banknotes during the Korea War) - 16.01.1953: Final demonetization of the former banknotes (the exchange period was extended several times).
Valuation Regimes
1950-1953
Fixed rate against US Dollar, the split between effective and official rates was abolished
Rate Arrangements
12.06.1950
Fixed
US Dollar at 1 : 1'800.00
-50.0%
01.11.1950
Fixed
US Dollar at 1 : 2'500.00
-28.0%
01.04.1951
Fixed
US Dollar at 1 : 6'000.00
-58.3%
Time Period: 1953-1962
Currency: South Korean Hwan
Transition
1 : 100
Sub-units
none
ISO4217
none (informal: KRH)
Timeline
15.02.1953
Government (or Central Bank) resolution on the currency reform and anti-inflationary measures; effective immediately
17.02.1953
Start of currency exchange: - 17.02.1953: Start of issuance of the new banknotes - The former banknotes were demonetized immediately (exchange period not known) - 20.10.1959: Start of issuance of subsidiary coins.
Valuation Regimes
1953-1962
Fixed rate against US Dollar, the split between effective and official rates was abolished
Rate Arrangements
17.02.1953
Fixed
US Dollar at 1 : 60.00
±0.0%
15.12.1953
Fixed
US Dollar at 1 : 180.00
-66.7%
15.08.1955
Fixed
US Dollar at 1 : 500.00
-64.0%
23.02.1960
Fixed
US Dollar at 1 : 650.00
-23.1%
01.01.1961
Fixed
US Dollar at 1 : 1'000.00
-35.0%
02.02.1961
Fixed
US Dollar at 1 : 1'300.00
-23.1%
Time Period: 1962-
Currency: 2nd South Korean Won
Transition
1 : 10
Sub-units
Won / 100 Jeon
ISO4217
KRW
Timeline
09.06.1962
Government (or Central Bank) resolution on the currency reform and anti-inflationary measures; effective immediately
10.06.1962
Start of currency exchange: - 10.06.1962: Start of issuance of the new banknotes - The former banknotes were immediately (exchange period not known), the subsidiary coins were tolerated until 21.03.1975 - 01.12.1962: Start of issuance of subsidiary coins.
Valuation Regimes
1962-1964
Fixed rate against US Dollar
1964-
Variable rate against US Dollar (remained anchor currency until 27.02.1980 when the Won got pegged to an undisclosed currency basket)