Etymology of the Korean currencies
The won is the currency of both North and South Korea. "Won" is a cognate of the Chinese currency unit, the yuan (//), and the Japanese currency unit, the yen (; ¥), meaning "round object". The won is subdivided into 100 jeon ().
South Korean won
On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund. Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.