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The first coins circulated in Korea during the third century BC. These were Chinese knife coins of the state of Yan. In 108 BC the Chinese Han Dynasty conquered northern Korea and introduced their five grain coins. Korea continued to use Chinese coins until the Kingdom of Koryo issued its own imitations of Chinese coins around 996. In 1097 Korea issued coins specifically stating they were Korean in origin.

The Great Choson Realm was established on March 27, 1393. In 1401 Taejong tried to issue a Korean version of China's paper money, but this failed. Korea imported Chinese coins from 1105 until 1423 when King Sejong of the Yi Dynasty issued coins. This experiment also failed, but the coins issued in 1625 and 1633 were a success. This led to the establishment of 24 mints throughout Korea.

The Choson dynasty (also called the Lee or Yi dynasty) ruled from 1392 until the Japanese annexation of Korea in 1910. On the heels of a rebellion in Korea in 1894, Japan and China went to war over which country would have Korea in its sphere of influence. Japan defeated China, and under the Treaty of Shimonoseki in April 1895, China recognized Japanese hegemony in Korea. By the Treaty of Portsmouth (September 1905), Russia recognized Japanese hegemony in Korea. The Japanese made Korea a protectorate in 1907 and annexed Korea on August 29, 1910. In November 1905, Japan forced the Korean emperor to sign a treaty making Korea a Japanese protectorate. On 29 August 1910 Japan annexed Korea. Beginning in September 1945, Soviet forces occupied northern Korea, and US forces occupied southern Korea. The Republic of Korea (South Korea) was established on August 15, 1948, and the Democratic People's Republic of Korea (North Korea) was established on September 3, 1948.

The Won has been the medium of exchange in Korea (KROW) since medieval times, though most locally minted coins were similar to Chinese copper cash coins and were called Mu. Paper money was periodically issued in Korea, generally during fiscal crises (1390-1392, 1401-1403, 1410-1537, etc). In the 1700s, copper cash became the main medium of exchange, and silver was held mainly as a reserve currency. The Korean coinage was reformed in 1882 under King Kojong, issuing silver coins. In 1884 machine minted coins were introduced. Unusually, the Koreans revised their monetary system with each new issue between 1888 and 1910.

Under Japan's control, the Won was at par with the Japanese Yen. When the Japanese annexed Korea, they introduced the Yen (KROY) as the medium of exchange, at par with the Japanese Yen. The Won was issued by the Treasury between 1893 and 1902, by the First National Bank of Japan between 1902 and 1909, and by the Bank of Korea (Chosen) between 1909 and 1945.

After Japan's defeat, the US and the Soviet Union issued Military Won (KROM) notes for occupied Korea. In 1948, Korea was separated into North and South Korea. North Korea introduced the People's Won (KPP) at par with the Military Won. The North Korea Central Bank introduced a currency reform and replaced the Military Won on December 16, 1947. A currency exchange and confiscation from 6-12 December 1947 exchanged old Japanese-era currency for North Korean won at rates varying from 1-to-1 to 10-to-1. It has been the sole note issuing authority for North Korea. The Won is divisible into 100 Chon.

The People's Won was replaced by the North Korean Won (KPW) at the rate of 1 Won equal to 100 People's Won in February 1959, though the North Korean Won has inconvertible. Additional currency reforms occurred in April 1979, July 1992 and July 2002. The 1992 reform limited the amount of Won that could be converted to W399. Excess currency was deposited, and thus forfeited. Foreign Exchange Certificates were issued separately for visitors from Socialist and non-Socialist countries between 1978 and 1999. In 1997, the Korean Won was allowed to trade at the rate of 200 Won = 1 US Dollar in Free Trade Zones, even though the official rate was 2.15 Won = 1 US Dollar. In July 2002, the Won was officially devalued to 151 Won = 1 US Dollar.

South Korea introduced the Old Won (KRO) at par with the Military Won in 1948. The Korean War brought inflation to Korea, and the Old Won was replaced by the Hwan (KRH) on February 15, 1953 at the rate of 1 Hwan equal to 100 Old Won or 1/60 Dollar. A second currency reform on June 10, 1962 replaced the Hwan with a New Won (KRW) at the rate of 1 Won = 10 Hwan. The Bank of Korea (Chosen) has been the sole note-issuing authority for Korea. The Won is divisible into 100 Chon.

South Korea

Here is a 1 Thousand Won note that is undated. The obverse features Yi Hwang to the right with the denomination to the left. There is also a security strip down the center of the note. The reverse depicts a village in the mountains. The pick catalog does not show a description of this note, but i believe it to be P-54.

• Krause# Pick-P-54

Note donated by J. Wren

North Korea

Here is a 1 Won Specimen note dated 1992. The note is grayish olive-green and olive-brown on multicolored underprint. The obverse features a young woman with a basket filled with flowers in the center with the national coat of arms to the left. The reverse depicts Mount Kumgang, one of the best-known mountains in North Korea, has a height of 1638 metres and is located on the east coast of the country, in the center. The note has a watermark depicting the winged equestrian statue of "Chollima".

• Krause# Pick-P-39s
• SPECIMEN

Note donated by R.R.

This 1998 dated 5 Won specimen note is blue-black and deep purple on multicolored underprint. The obverse features students in the center, national coat of arms to the left, and a factory building to the right. The reverse depicts a Palace. The note has a watermark depicting the winged equestrian statue of "Chollima" (the Korean name for a mythical horse common to Siberian cultures and originating from Central Asia).

• Krause# Pick-P-40s (not yet listed in Krause)
• SPECIMEN

Note donated by R.R.

This 10 Won specimen note is dated 1998. The note is deep brown and red-brown on multicolored underprint. The obverse features a factory worker and Chollima in the center, factories tot he right and the national coat of arms to the left. The reverse depicts flood gates across a river. The watermark for this note is that of Chollima.

• Krause# Pick-P-41s
• SPECIMEN

Note donated by R.R.

This speciment note is valued at 50 Won and dated 1992. The note is deep brown and deep olive-brown on multicolored udnerprint. The obverse features a group of young professionals and a monument to the 5-year plan in the center, and the national coat of amrs to the left. The reverse depicts a landscape showing a forest and mountains. The monument to the 5-year plan is shown as the watermark.

• Krause# Pick-P-42s (not yet listed in Krause)
• SPECIMEN

Note donated by R.R.

Here is a 1992 dated specimen note valued at 100 Won.The note is deep brown and brown-violet on multicolored underprint. The obverse featrures Kim II Sung in the center and the national coat of arms to the left. The reverse depicts a rural home. The watermark on this notes depicts an Arched Gateway.

• Krause# Pick-P-43s (not yet listed in Krause)
• SPECIMEN

Note donated by R.R.