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.
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".