The smallest historical subdivision of the South Korean won is the jeon.
The won is South Korea’s official currency and is divided into 100 jeon in the formal monetary system. In practice, jeon coins are no longer used because their purchasing value became negligible as prices rose. Modern South Korean transactions are therefore normally expressed only in won.
The word jeon also appears in the names of historical Korean monetary units. South Korea’s current won was introduced in 1962, replacing the hwan. The Bank of Korea issues the currency, while the Korea Minting and Security Printing Corporation produces coins and banknotes.
The jeon should not be confused with Japan’s sen or with the North Korean won’s subdivision, even though these currencies share some historical linguistic connections. South Korean banknotes today include 1,000, 5,000, 10,000 and 50,000 won denominations.