The currency of Korea is history and modernity

The first currency of Korea appeared almost a thousand years ago. The further history of money, as well as the history of the country itself, developed very uneasy. The names of banknotes here constantly changed, because Korea was conquered by stronger neighbors - China and Japan, and money could not enter into a steady turnover until the 19th century. For a long time, Koreans recognized only a natural exchange, measuring the value of goods with cloth or rice. If a particularly large deal was planned , then the calculation was made with ingots of silver.

The currency of Korea dates back to 998 - the inhabitants of the country took over the experience of neighboring China and began to cast coins from a special copper alloy. Each coin weighed only about three grams and was worth the material expended, that is, very little. In the middle of each money they made a square hole and threaded their capital on threads. Sometimes, such ligaments weighed several kilograms. On the coins depicted only hieroglyphs, which could be understood where and under what ruler this currency of Korea was put into circulation.

But this first attempt to establish a commodity-money turnover in the country ended in failure, and soon the population returned to the usual and reliable natural exchange.

The next currency of Korea appeared only in 1633. And this time everything went well. Gradually, citizens of the country are accustomed to using banknotes, at the end of the 19th century, the coins stopped casting from copper and threaded on strings, and they were minted in the usual way. At the same time, the first silver Korean coin with ornament went into circulation.

And yet the monetary system still could not settle. With each new ruler, new money was issued with new names and images. They were similar at different times to Chinese, Japanese and even Mexican coins. And in the beginning of the 20th century, money was issued with the image of an eagle very much like Russia.

In 1910, the country was occupied by the Japanese, so the yen entered into circulation - the Japanese monetary unit. After the Second World War, in 1948, Korea regained its independence, but it was divided into two states - the Southern and Northern.

The currency in South Korea first saw the light in 1950, and it was called "hwan". On the bills was depicted President Lee Seung Man, and in 1953 on banknotes appeared inscriptions in English and Korean.

Soon the country suffered a high inflation, the hvana practically depreciated, and it was decided to abandon them. In 1962, a monetary reform was carried out , and new banknotes entered into circulation-wons, inscriptions on which were applied only in native Korean.

"Vona" is the traditional name of the Korean monetary unit, which originated from the Chinese character "money" - as well as the name of the Japanese yen. In fact, "yen" and "won" are one and the same word, which differs only in pronunciation.

The exchange of grants for Wons was based on a calculation of 10 hwan = 1 won. The new currency of Korea was tied to the rate of the US dollar: 1 dollar = 125 won.

But by the beginning of the 1980s, there was a devaluation of money, and 1 US dollar began to cost 580 won. In 1997, the country's leadership decided to switch to a floating rate without a tight peg to the dollar.

The modern currency of South Korea is issued in face value of 1,000 won, 5000, 10,000 and, finally, 50,000 won. On the bills are depicted famous philosophers, national heroes, monuments of national architecture - in short, everything that makes up the cultural heritage of the Korean people.

For 1 US dollar now already give 1090 won. But, despite such a significant devaluation of the currency, the authorities are in no hurry to carry out the denomination, so even for everyday purchases, Koreans have to count millions of dollars. But they found a way out of this situation, and increasingly make payments through bank cards or checks.