South Korean Hwan (1953–1962)

The KRH is the national currency of the Republic of Korea. It is also known as the "won" and is subdivided into 100 jeon. The KRH is issued by the Bank of Korea, the central bank of South Korea. The won was first introduced in 1902, replacing the earlier Korean currency, the hwan. The won was pegged to the US dollar at a rate of 15 won = 1 dollar until 1962, when South Korea began to allow the won to float. The won was devalued in the late 1990s and early 2000s, but has since regained its value. As of June 2016, the KRH has an exchange rate of 1,131.37 won = 1 US dollar.