Korean currency
The yen was the currency of Korea during the Colonial rule, from 1910 to 1945, and was issued by the Bank of Joseon It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. It was replaced by the South Korean won at par in 1945, and by the North Korean won in 1947.
South Korean won
A new central bank, the Bank of Korea, was established on 12 June 1950, and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 500-won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.