Which currency was introduced in South Korea in 1945 to replace the Korean yen?

South Korea introduced the South Korean won in 1945 to replace the Korean yen.

The won emerged after the end of Japanese colonial rule, when Korea needed a monetary system separate from the currency used under Japan. The first South Korean won was issued in 1945, although the monetary system later underwent major changes.

South Korea replaced the won with the hwan in 1953 because of severe wartime inflation. The won returned in 1962 at a conversion rate of 10 hwan to 1 won and has remained the country’s currency since then.

The South Korean won is often confused with the North Korean won because both use the name won. They are separate currencies issued by different states and are not interchangeable.