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.
Cash-for-summit scandal
Cash-for-summit is the name of a political scandal that broke in South Korea in February 2003 and revolved around the secret payment by the Kim Dae-jung administration to North Korea of 500,000,000 dollars to secure the landmark June 2000 NorthSouth summit between the two Koreas.