Introduction
When traveling to a new country, one of the most important things to understand is the local currency. It’s no different in South Korea where the primary currency is the Won. For visitors to the country, understanding Korean money and how to use it properly can make a huge difference in enjoying all that South Korea has to offer. In this article, we’ll explore everything you need to know about Korean currency, including how to obtain it, tips for handling it, and its cultural significance.
Exploring the Won: Understanding the Currency of Korea
The Won is the official currency of South Korea. The word “Won” is pronounced like “one,” and symbolized as ₩. It’s used in everyday transactions, from buying groceries to paying for a hotel stay. South Korea is a technologically advanced country and uses cashless payment methods for almost everything. Still, cash is commonplace for smaller transactions, especially in less touristy areas.
South Korea has several types of coins and bills that are in circulation. The basic coins include 10, 50, 100, and 500 won. Meanwhile, bills come in denominations of 1,000, 5,000, 10,000, and 50,000 won. The banknotes have images of important South Korean political figures and landmarks, such as the former president Park Chung-hee and the Gyeongbokgung Palace, respectively.
What is Korean Currency: A Guide to the Won
The value of the Won can fluctuate in value relative to other currencies, such as the US Dollar. As of 2021, approximately 1,100 Won is equal to one Dollar. You can obtain Korean money by using ATMs, exchanging foreign currency, and withdrawing money from banks.
Many vendors also accept credit cards, but it’s always a good idea to have some cash on hand just in case. It’s also worth noting that many ATMs in South Korea only accept domestic bank cards. If you’re using an overseas card, look for ATMs that support international bank cards like Citibank or machines outside convenience stores that may be more likely to take foreign cards.
When shopping or dining, vendors may ask if you want cash back, which means you can opt to receive Won instead of swiping a card. When paying, make sure to count the bills before handing them to the vendor. This is a common practice when giving cash in Asian countries and it’s expected in South Korea.
All About Korean Money: Unpacking the Won
South Korean banknotes are sleek and modern in design, featuring images of important figures in the country’s history, as mentioned earlier. In the case of the back of the note, there are landmarks like the Cheomseongdae or scenes of Korean culture like the front of the 5,000 Won bill, featuring Dano Day, a festival dedicated to the Goddess of Nature.
The coins are equally modern in design with more angular edges than many other coins in circulation around the world. The 10 won coin features the image of one of South Korea’s most popular mountains, and the 100 won coin exemplifies traditional Korean art.
In South Korea, local markets, street vendors, and small shops still prefer cash as their primary mode of payment. When you’re traveling around the country, it’s essential to have some cash on hand when going to less touristy locations.
From Hwan to Won: A Brief History of Korean Currency
The Korean Peninsula has a long history of currency to its name, with the earliest Korean coins dating back to around 300 BCE. Throughout the centuries, various currencies were prominent in Korea, including the Chinese-style cash coin system, before transitioning to a more modern currency in the 1900s. For example, Korean currency shifted from the Korean yen to the Korean Old yuan before settling on the Korean Hwan in 1953.
The Hwan remained in use until 1962 when it was replaced by the Won due to inflation and other factors. Today, the Won is a stable currency in the global economy with a value comparable to other currencies of the world.
Discovering the Won: An Overview of Korean Money
While it may be practical to understand the Won from a functional standpoint, understanding its cultural significance can enhance your experience when visiting South Korea. One interesting factoid about Won is that South Korean banknotes are printed during their “lucky time” of the year. This practice has been in place for decades to ensure good luck and prosperity for the country.
Another fun fact is that 1,000 won bills feature a hologram that changes color depending on your viewing angle. It’s an interesting security feature that also makes the notes feel a bit more modern, unlike the classic paper form of many other countries’ banknotes.
Despite South Korea’s status as a developed country with advanced technology, it’s rooted in a rich cultural past. The Won encompasses that culture in both its design and symbolism. As such, one of the best ways to experience the country is by understanding its currency and the meaning it holds.
Korean Currency 101: Everything You Need to Know About the Won
In conclusion, understanding Korean money and the Won is essential for anyone planning a visit to the country. By familiarizing yourself with the currency, you can make your travels more comfortable and enjoy the country to the fullest.
Some final tips to make the most use of Korean currency include carrying cash with you, checking local ATMs to find those that accept international cards, and practicing counting out your money when making purchases as it’s good local practice.
You can also investigate other resources, such as informational websites or guidebooks, to learn more about Korean currency.
