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What is KRW?

KRW - South Korean won.

What is KRW? It's South Korean won, ₩.

South Korean money, a 50,000 won banknote.

Shin Saim-dang (1504-1551), a renowned writer, artist and calligrapher on the South Korea’s 50,000 won money.

KRW as South Korean won

The won with sign ₩ and code KRW is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. South Korean coins come in W10, W50, W100 and W500 coins, notes come in denominations of W1000, W5000, W10,000 and W50,000 note. Money is calculated by multiples of 10. For example, W20,000 is stated as 2 x 10000 won, while W200,000 is 20 x 10000 won, etc. Any major currency is accepted in S Korea, however US dollars are the easiest to exchange. Exchanging won outside Korea can be difficult or impossible.

Currency fact sheet

South Korean currency fact sheet.
Name South Korean won
ISO 4217 code KRW
Sign, symbol
Coin ₩1, ₩5, ₩10, ₩50, ₩100, ₩500
Banknote ₩1000, ₩5000, ₩10,000, ₩50,000
Central bank Bank of Korea

More about...

More about the South Korean money.

The Bank of Korea redesigned and issued new 10 won coin at the end of 2006. The redesign was needed because the manufacturing price of 10 won coin was 38 won, and some people had been melting the coins to make jewelry. The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin. 100 won coins each cost 58 won to produce.

The 1 and 5 won coins are difficult to find in circulation today as prices of consumer goods are rounded to the nearest 10 won.

The Bank of Korea is the only institution in South Korea that has the right to print banknotes and mint coins. The 5000 and 10,000 won banknotes carry the copyright information in Korean © 한국은행 and in English © The Bank of Korea.

South Korean 1,000 won.

Confucian scholar Toegye alias Yi Hwang alias Lee Hwang on a 1,000 won, South Korean money.

South Korean currency - 5,000 won banknote.

South Korean currency, on the other side of this 5,000 won note is the portrait of one of Korea's greatest scholars Yi I, aka Yulgok (1536-1584). He was probably much much smarter than we - by 3 he was reading, by 7 he was done with his Confucian classics lessons, by 13 he passed the Civil Service literary exam, and by 16 he decided to devote himself to the study of Buddhism by moving to the mountains.

Exchange rates

What is the South Korea exchange rate today?

Central Bank of Korea

The Bank of Korea takes price stability as the most important objective of its monetary policy. If prices become unstable, uncertainty concerning the future mounts discouraging economic activities as a whole, and the distribution of income and resources grows distorted. As a result, the stability in economic conditions as a whole is damaged. In order for the national economy to achieve stable growth, it should be supported by not only price stability but also financial stability. Regarding this, The Bank of Korea needs to pay attention to financial stability in the implementation of monetary policy. Thus, the Bank of Korea is also making policy efforts to maintain financial stability while pursuing price stability through implementing its monetary policy.

A monetary policy is generally the process through which a central bank with a sole right to issue its own currency (legal tender or monetary base) maintains the value of that currency, that is, price, and achieves sustainable economic growth by managing the amount of money (monetary base and money created in the banking system) in circulation, and price (interest rate) in the economy.

Money is a unit of account for the prices of goods, services, and financial and real assets. And it can be a medium of exchange and carry out a storage of value function.

Converters and rates

Easy to use currency converters and fresh exchange rates every weekday.

See further information about the currency with the code KRW by googling for korean currency.

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