The South Korean Won, symbolized as ₩, was first introduced in 1945 following the end of Japanese rule. In an interesting twist of monetary history, the Won replaced the Korean Yen, which was previously linked to Japan’s currency system. One notable event in the Won’s history is the currency redenomination in 1962, which aimed to stabilize and strengthen South Korea’s economy by realigning its value. The word “Won” is derived from the Chinese character 圓 (yuan), meaning “round,” similar to the Japanese yen and the Chinese yuan.

South Korea is known for its rapid industrialization, dubbed the “Miracle on the Han River,” which catapulted it into one of the world’s leading economies. The Won’s journey reflects this incredible economic transformation, evolving from a primarily agriculture-based economy to a global technological powerhouse. South Korea’s celebrated culture of innovation and sharp economic policies has helped the Won remain resilient and adapt to various global economic changes over the decades.