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South Korean hwan

February 13, 2024

The hwan (Korean: 환) 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.

South Korean hwan
The reverse side of a one hwan note
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Denominations
Subunit
 1⁄100jeon (전/錢)
(Theoretical only, never used)
Banknotes1, 5, 10, 50, 100, 500, 1000 hwan
Coins10, 50, 100 hwan
Demographics
User(s)South Korea
Issuance
Central bankBank of Korea
 Websitewww.bok.or.kr
PrinterKorea Minting and Security Printing Corporation
 Websiteenglish.komsco.com
MintPhiladelphia Mint
This infobox shows the latest status before this currency was rendered obsolete.

History edit

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 hwan
Date introduced Value of U.S. dollar in hwan
February 15, 1953 60
15 December 1953 180
August 15, 1955 500
February 23, 1960 650
January 1, 1961 1000
February 2, 1961 1250

In 1962, the second South Korean won was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.

Coins edit

In 1959, coins were introduced in denominations of 10, 50 and 100 hwan. They were minted by the Philadelphia Mint.

Hwan Coins (in Korean)
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Mass Composition Obverse Reverse first minting issue withdrawal
    10 hwan 19.1 mm 2.46 g Copper 95%
Zinc 5% 		Rose of Sharon, value, bank title (Hangul) Value (digit), "Republic of Korea", year of minting 1959 (Korean calendar 4292) October 20, 1959 March 22, 1975
    50 hwan 22.86 mm 3.69 g Copper 70%
Zinc 18%
Nickel 12% 		Geobukseon, value, bank title (Hangul) Value (digit), "Republic of Korea", year of minting 1959 (Korean calendar 4292) October 20, 1959 March 22, 1975
    100 hwan 26.0 mm 6.74 g Cupronickel
Copper 75%
Nickel 25% 		Syngman Rhee, value, bank title (Hangul) October 30, 1959 June 10, 1962
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

The 10 and 50 hwan coins continued to circulate until March 22, 1975, but the 100 hwan coins were withdrawn on June 10, 1962.

Banknotes edit

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 edit

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.[1] 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 (in Korean)
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
    1 hwan 111 × 54 mm Pink Bank name (Hanja), value (Hangul and Hanja) Bank of Korea's symbol February 17, 1953 June 10, 1962
    5 hwan Red
    10 hwan 156 × 66 mm Purple Bank name (Hanja), value (Hangul and Hanja), Geobukseon Bank of Korea's symbol
    100 hwan Green
    1000 hwan Brown
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Korean printed notes edit

Korean printed hwan notes (in Korean)
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
    10 hwan 156 × 66 mm Namdaemun Haegeumgang near Geoje March 17, 1953 June 10, 1962
    December 15, 1953
    50 hwan 149 × 66 mm Independence Gate Yi Sun-sin's bronze statue, Geobukseon August 15, 1958
    100 hwan 156 × 66 mm Lee Sung-man Independence Gate December 18, 1953
    February 1, 1954
    Value March 26, 1957
    Mother and her child holding a savings account booklet Independence Gate May 16, 1962
    500 hwan 156 × 73 mm Lee Sung-man Value March 26, 1956
    August 15, 1958
    Sejong the Great Main building of the Bank of Korea April 19, 1961
    1000 hwan 166 × 73 mm Lee Sung-man Bank of Korea's symbol March 26, 1957
    165 × 73 mm Sejong the Great Torch August 15, 1960
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

See also edit

References edit

  1. ^ Bank of Korea. (in Korean). Archived from the original on March 10, 2007. Retrieved December 4, 2006. 긴급통화조치로 화폐단위가 圓에서 圜으로 바뀌었음에도 이 당시 은행권은 圜을 '원'으로 표기하고 있는데 이는 동 은행권이 긴급통화조치의 결정 이전에 다른 용도로 미국연방인쇄국에서 제조된 것이기 때문." → Translation: "With the Emergency Currency Measures, and also the exchange of currency from the won to the hwan, at the time "won" was inscribed for "hwan" on the new banknotes; and that's because, as a result of a previous Emergency Currency Measure's decision, these new notes to be issued were to be manufactured by the US Government Printing Office.

External links edit

 
Wikimedia Commons has media related to Money of South Korea.
  • (in Korean)
Preceded by:
South Korean won (1945)
Reason: inflation
Ratio: 1 hwan = 100 won 		Currency of South Korea
1953 – 1962 		Succeeded by:
South Korean won
Reason: inflation
Ratio: 1 won = 10 hwan

February 13, 2024
south, korean, hwan, hwan, korean, currency, south, korea, between, february, 1953, june, 1962, succeeded, first, south, korean, preceded, second, south, korean, reverse, side, hwan, notepluralthe, language, this, currency, have, morphological, plural, distinc. The hwan Korean 환 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 South Korean hwanThe reverse side of a one hwan notePluralThe language s of this currency do es not have a morphological plural distinction DenominationsSubunit 1 100jeon 전 錢 Theoretical only never used Banknotes1 5 10 50 100 500 1000 hwanCoins10 50 100 hwanDemographicsUser s South KoreaIssuanceCentral bankBank of Korea Websitewww wbr bok wbr or wbr krPrinterKorea Minting and Security Printing Corporation Websiteenglish wbr komsco wbr comMintPhiladelphia MintThis infobox shows the latest status before this currency was rendered obsolete South Korean hwanHangul환Hanja圜Revised RomanizationhwanMcCune Reischauerhwan Contents 1 History 2 Coins 3 Banknotes 3 1 American printed notes 3 2 Korean printed notes 4 See also 5 References 6 External linksHistory editDue 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 introduced Value of U S dollar in hwanFebruary 15 1953 6015 December 1953 180August 15 1955 500February 23 1960 650January 1 1961 1000February 2 1961 1250In 1962 the second South Korean won was reintroduced at a rate of 1 won 10 hwan after which inflation finally slowed down Coins editIn 1959 coins were introduced in denominations of 10 50 and 100 hwan They were minted by the Philadelphia Mint Hwan Coins 1 in Korean Image Value Technical parameters Description Date ofObverse Reverse Diameter Mass Composition Obverse Reverse first minting issue withdrawal nbsp nbsp 10 hwan 19 1 mm 2 46 g Copper 95 Zinc 5 Rose of Sharon value bank title Hangul Value digit Republic of Korea year of minting 1959 Korean calendar 4292 October 20 1959 March 22 1975 nbsp nbsp 50 hwan 22 86 mm 3 69 g Copper 70 Zinc 18 Nickel 12 Geobukseon value bank title Hangul Value digit Republic of Korea year of minting 1959 Korean calendar 4292 October 20 1959 March 22 1975 nbsp nbsp 100 hwan 26 0 mm 6 74 g CupronickelCopper 75 Nickel 25 Syngman Rhee value bank title Hangul October 30 1959 June 10 1962These images are to scale at 2 5 pixels per millimetre For table standards see the coin specification table The 10 and 50 hwan coins continued to circulate until March 22 1975 but the 100 hwan coins were withdrawn on June 10 1962 Banknotes editIn 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 edit 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 1 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 2 in Korean Image Value Dimensions Main colour Description Date ofObverse Reverse Obverse Reverse issue withdrawal nbsp nbsp 1 hwan 111 54 mm Pink Bank name Hanja value Hangul and Hanja Bank of Korea s symbol February 17 1953 June 10 1962 nbsp nbsp 5 hwan Red nbsp nbsp 10 hwan 156 66 mm Purple Bank name Hanja value Hangul and Hanja Geobukseon Bank of Korea s symbol nbsp nbsp 100 hwan Green nbsp nbsp 1000 hwan BrownThese images are to scale at 0 7 pixel per millimetre For table standards see the banknote specification table Korean printed notes edit Korean printed hwan notes 3 in Korean Image Value Dimensions Description Date ofObverse Reverse Obverse Reverse issue withdrawal nbsp nbsp 10 hwan 156 66 mm Namdaemun Haegeumgang near Geoje March 17 1953 June 10 1962 nbsp nbsp December 15 1953 nbsp nbsp 50 hwan 149 66 mm Independence Gate Yi Sun sin s bronze statue Geobukseon August 15 1958 nbsp nbsp 100 hwan 156 66 mm Lee Sung man Independence Gate December 18 1953 nbsp nbsp February 1 1954 nbsp nbsp Value March 26 1957 nbsp nbsp Mother and her child holding a savings account booklet Independence Gate May 16 1962 nbsp nbsp 500 hwan 156 73 mm Lee Sung man Value March 26 1956 nbsp nbsp August 15 1958 nbsp nbsp Sejong the Great Main building of the Bank of Korea April 19 1961 nbsp nbsp 1000 hwan 166 73 mm Lee Sung man Bank of Korea s symbol March 26 1957 nbsp nbsp 165 73 mm Sejong the Great Torch August 15 1960These images are to scale at 0 7 pixel per millimetre For table standards see the banknote specification table See also edit nbsp Money portal nbsp Numismatics portal nbsp South Korea portalEconomy of South Korea History of South KoreaReferences edit Bank of Korea 우리나라의 화폐 1953년 1962년 in Korean Archived from the original on March 10 2007 Retrieved December 4 2006 긴급통화조치로 화폐단위가 圓에서 圜으로 바뀌었음에도 이 당시 은행권은 圜을 원 으로 표기하고 있는데 이는 동 은행권이 긴급통화조치의 결정 이전에 다른 용도로 미국연방인쇄국에서 제조된 것이기 때문 Translation With the Emergency Currency Measures and also the exchange of currency from the won to the hwan at the time won was inscribed for hwan on the new banknotes and that s because as a result of a previous Emergency Currency Measure s decision these new notes to be issued were to be manufactured by the US Government Printing Office Krause Chester L Clifford Mishler 1991 Standard Catalog of World Coins 1801 1991 18th ed Krause Publications ISBN 0873411501 Pick Albert 1994 Standard Catalog of World Paper Money General Issues Colin R Bruce II and Neil Shafer editors 7th ed Krause Publications ISBN 0 87341 207 9 External links edit nbsp Wikimedia Commons has media related to Money of South Korea in Korean Bank of Korea 1953 1962 banknotes Bank of Korea A Brief History of Korean Currency Bank of Korea Currency Issue SystemPreceded by South Korean won 1945 Reason inflationRatio 1 hwan 100 won Currency of South Korea 1953 1962 Succeeded by South Korean wonReason inflationRatio 1 won 10 hwan Retrieved from https en wikipedia org w index php title South Korean hwan amp oldid 1204369168, wikipedia, wiki, book, books, library,

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