South Korea Banknotes: History, Notable Notes & Collecting Guide
South Korea's paper money tells a story of war, reform, and reinvention: a won born with the Bank of Korea in 1950, replaced by the hwan in 1953, reborn in 1962, and crowned in 2009 by a 50,000 won note that put a woman on Korean currency for the first time. This reference traces that journey and how to collect it.
Last updated: July 2026
South Korea's currency is the won, issued by the Bank of Korea since 1950, interrupted by the hwan era of 1953 to 1962, and re-established by the currency reform of June 10, 1962 that still defines the money Koreans use today. For collectors, that double reform packs three distinct currencies into barely more than a decade, and the modern series adds a landmark: the 2009 50,000 won, the first South Korean note to carry a woman's portrait. This hub covers the won's history, the notes worth knowing, and how to start.
What is the history of the South Korean won?
The Bank of Korea was established on June 12, 1950 under the Bank of Korea Act, taking over the role of the Bank of Chosen, the Japanese colonial-era bank of issue. It had barely opened its doors when the Korean War broke out thirteen days later, and its first won notes entered circulation while older Bank of Chosen notes were still in use. According to the Bank of Korea's currency timeline, the war paralyzed production and forced huge military spending, driving severe inflation that made a currency reform unavoidable.
Severe as it was, Korea's wartime inflation never reached the monthly rates catalogued in the Hanke-Krus World Hyperinflation Table (Cato Institute). To see how the true collapses compare, read our ranking of every hyperinflation in history.
What was the hwan era, and why was the won reintroduced in 1962?
The hwan replaced the won on February 15, 1953 at 100 won to 1 hwan, and the won returned on June 10, 1962 at 10 hwan to 1 won.
The 1953 reform swapped the war-battered won for a new unit, the hwan, and the Bank of Korea records that the reform money consisted only of banknotes at first, with early hwan notes printed in advance by the United States Bureau of Engraving and Printing. Hwan coins did not arrive until October 1959, struck at the US Philadelphia Mint.
Nine years later, on June 10, 1962, a third currency reform brought the won back, partly to channel hoarded wealth into industrial development per the Bank of Korea. New notes worth ten times their hwan equivalents became sole legal tender, hwan transactions were prohibited, and six denominations from 1 to 500 won appeared. The first printings came from Thomas De La Rue in England, but Korean-made notes from the Korea Minting and Security Printing Corporation (KOMSCO) began replacing them within months. That 1962 won has never been replaced, making it one of Asia's longest-running modern currencies.
Why did the 50,000 won note take 36 years to arrive?
The denomination ladder grew quickly in the 1970s: the Bank of Korea issued the first 5,000 won note on July 1, 1972, the first 10,000 won note on June 12, 1973, and the 1,000 won note in 1975. Then the ladder froze. The 10,000 won remained the country's highest denomination for 36 years while the economy around it transformed.
On June 23, 2009 the Bank of Korea finally issued the 50,000 won note, and it made history twice over. It was the first new denomination since 1973, and its portrait of Shin Saimdang (1504 to 1551), a celebrated Joseon-period artist, calligrapher, and writer, made her the first woman ever to appear on a South Korean banknote. The note even created a family pair: Shin Saimdang was the mother of the scholar Yi I, whose portrait is on the 5,000 won note. Her artwork on the back is oriented vertically, an unusual touch among modern world notes.
Which South Korean banknotes are most collectible?
Collector interest follows the reform story. The table below groups the major eras; it stays general because values depend on the individual note and change over time.
| Era or series | Notable notes and figures | Why collectors seek them |
|---|---|---|
| First Bank of Korea won (1950 to 1953) | Wartime won notes issued from 1950, circulating alongside older Bank of Chosen notes | The central bank's first issues, born days before the Korean War. |
| Hwan era (1953 to 1962) | Reform notes of February 1953, early examples printed by the US Bureau of Engraving and Printing | A short-lived transitional currency with strong historical appeal. |
| 1962 reform series | Six denominations from 1 to 500 won, first printings by Thomas De La Rue | The birth of the won still in use today. |
| 1970s expansion | First 5,000 won (1972), 10,000 won (1973), and 1,000 won (1975) notes | Foundational modern denominations, affordable in circulated grades. |
| 2006 to 2007 redesign | Yi Hwang on the 1,000 won, Yi I on the 5,000 won, King Sejong on the 10,000 won | High-security modern series with holograms and color-shifting ink. |
| 50,000 won (2009) | Shin Saimdang, the first woman on a South Korean banknote | A landmark note that ended a 36-year wait for a new denomination. |
How have South Korean banknote designs and security evolved?
Rising counterfeiting concerns pushed the Bank of Korea into a full redesign, starting with a new 5,000 won note in 2006 and new 1,000 and 10,000 won notes in 2007. The current family, printed by KOMSCO, layers modern defenses: holographic strips, color-shifting ink, intaglio latent images, and watermark portraits. The 50,000 won added a windowed motion security thread whose pattern appears to move as the note tilts, per the Bank of Korea's published security features. Learning to check these features is a core collector skill; our guide on how to spot counterfeit banknotes walks through the method.
How do you start collecting South Korean banknotes?
Pick one era of the reform story, start with affordable modern notes, and buy the best condition your budget allows.
South Korea rewards a focused approach. Many collectors assemble the current four-note family for its portraits and security features, then work backward into the 1970s denominations, the 1962 reform series, and the scarcer hwan and first-won issues. Condition matters as much as rarity: the letter-grade ladder runs from UNC down to G, and independent grading by PMG or PCGS on a 1 to 70 scale settles a note's grade and authenticity. Our banknote grading guide explains the scales, our banknote glossary decodes the jargon, and our guide on how to collect world banknotes covers storage and set building.
Where can you buy South Korean banknotes?
Buy from a source-first dealer that documents where its notes come from. Planet Banknote sources direct from mints, central banks, and authorized distributors, and every note passes our Planet Banknote Verified inspection before shipping with a free Certificate of Authenticity. Inventory changes constantly, so browse the live country directory to see what is currently available.
Frequently asked questions
When was the current South Korean won introduced?
The won in use today dates from the currency reform of June 10, 1962, when the Bank of Korea replaced the hwan at a rate of ten hwan to one won and issued six new denominations from 1 to 500 won. According to the Bank of Korea's currency timeline, the first notes were printed by Thomas De La Rue in England before production moved to Korea later that year.
What was the South Korean hwan?
The hwan was South Korea's currency from February 15, 1953 to June 10, 1962. It was introduced after Korean War inflation at a rate of 100 won to 1 hwan, and the Bank of Korea notes that the reform money consisted only of banknotes at first, with hwan coins arriving in 1959. The hwan was replaced by today's won in 1962.
Who is the woman on the 50,000 won note?
She is Shin Saimdang, a Joseon-period artist, calligrapher, and writer who lived from 1504 to 1551. When the Bank of Korea issued the 50,000 won note on June 23, 2009, she became the first woman to appear on a South Korean banknote. She is also the mother of the scholar Yi I, who appears on the 5,000 won note.
Who issues South Korean banknotes?
The Bank of Korea, the country's central bank, has issued South Korea's banknotes since its founding on June 12, 1950. The notes themselves are printed by the Korea Minting and Security Printing Corporation, known as KOMSCO, which took over production from foreign printers in the early years of each currency reform.
Are South Korean banknotes valuable to collectors?
It depends on the note, its era, and its condition. Modern circulated won notes are inexpensive, while early Bank of Korea issues, hwan-era notes, and high-grade examples from the 1962 reform are much harder to find. Rather than quote prices that change with the market, we point collectors to live listings and to notes graded by PMG or PCGS.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.