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.
South Korean won
The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea.
After the new banknotes and coins are printed/minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested.
Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.