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 (1945–53)
At the time of its introduction in 1945 the won was pegged to the Japanese yen at a rate of "1 won = 1 yen". In October of the same year the anchor currency was changed to the US dollar at a rate of "15 won = 1 dollar". Toward the end of the Korean War the won was devalued at "6000 won = 1 dollar". Following that the hwan was introduced as the new currency at a rate of "1 hwan = 100 won".