Korean currency
In 1902, won was introduced as the official currency unit replacing yang at 1 won = 5 yang. The bank of Korea was established 1909 but soon after in 1910, Imperial Japan annexed Korean Empire. Under Colonial rule, the country was made to use the currency unit "yen" in the name of Korean yen, which took over the Korean won at par. After the division of Korea, the state of South Korea was established and recognized in 1948, and won was again made the official currency of the new state. "jeon" was made the subunit of the currency that divided it into 100 equal parts. Bank of Joseon issued the currency for independent South Korea for the first time that too in banknotes only.
Mount Kumgang
The Mount Kumgang Tourist Region is thought to be one way for the North Korean government to receive hard currency from abroad. Therefore, the official currency of the tour is neither the South Korean won nor the North Korean won, but the US dollar. Since 2003, food and services to South Korean tourists are provided by some North Koreans. But most of the staff in the hotels are Chinese citizens of Korean heritage with Korean language skills. The area is developed by Hyundai Asan, which plans to expand the site with a proper ski resort to complement the current sleigh course, and complete golf courses. Many plans for expansion, however, are in their earliest stages.