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.
Korean currency
The history of Korean currency dates back around 3rd century BC, when first coins in the form of knife coins, also known as "Myeongdojun" belonging to the state of Yan and Gojoseon said to have been circulated. Grain coins were put to use within the kingdoms for a long period of time. The kingdom of Goryeo issued its own version of grain coins and till 1097. The first iron and bronze coins minted in Korea occurred during the 15th year (996 AD) of the reign of King Seonjeong. During the reign of King Sukjong, a monetary system of casting a variety of coins was established in the years 1097-1107. These coins included the 東國 (Dongguk "Eastern Country"), 海東 (Haedong "Eastern Sea") and 三韓 (Samhan "Three States") series of coins. Coins made from metals other than iron like copper and also silver vase-shaped coins (unbyŏng 銀瓶) were issued in the 10th and 11th century but their circulation was limited).