1/100 jeon (전/錢)
Never used User(s) Republic of Korea | Coins 10, 50, 100 hwan Central bank Bank of Korea | |
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Plural The language(s) of this currency does not have a morphological plural distinction. Banknotes 1, 5, 10, 50, 100, 500, 1000 hwan | ||
The hwan was the currency of the Republic of Korea (South Korea) between February 15, 1953 and June 9, 1962.
Contents
History
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.
In 1962, the second South Korean won was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.
Coins
In 1959, coins were introduced in denominations of 10, 50 and 100 hwan. They were minted by the Philadelphia Mint.
The 10 and 50 hwan coins continued to circulate until March 22, 1975 but the 100 hwan coins were withdrawn on June 10, 1962.