The language s of this currency does not have a morphological plural distinction. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates.
30000 HKD Hong Kong Dollar to KRW South Korean Won exchange rate chart analysis
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HKD is the currency of Hong Kong. It is the thirteenth most traded currency in the world. The Hong Kong dollar is subdivided into cents. It is also used in nearby Macau, where the official currency, the Macau pataca, is of similar value. It became the sole legal tender on March 22, , with the withdrawal of the last circulating hwan coins. The following pegs operated between and On February 27, , efforts were initiated to lead to a floating exchange rate.
The won was finally allowed to float on December 24, , when an agreement was signed with the International Monetary Fund. Until , and hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, , in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the common era , earlier coins having used the Korean calendar.
The and hwan coins were demonetized on March 22, In , as the intrinsic value of the brass 1-won coin far surpassed its face value, new aluminium 1-won coins were issued to replace them.
As an attempt to further reduce currency production costs, new 5- and won coins were issued in , struck in brass. Cupronickel won coins were also introduced that year, followed by cupronickel 50 won in In , with inflation and the increasing popularity of vending machines , won coins were introduced on June 12, In January , with the purpose of standardizing the coinage, a new series of 1-, 5-, , , and won coins was issued, using the same layout as the won coins, but conserving the coins' old themes.
The Bank of Korea announced in early its intention to redesign the won coin by the end of that year. With the increasing cost of production, then at 38 won per won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce.
Its visual design is the same as the old coin. The 1- and 5-won coins are difficult to find in circulation today, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets. The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination.
The series numbers are expressed with Korean letters used in alphabetical order, e. In , and jeon, 1-, 5-, , , and won notes were introduced by the Bank of Korea. The jeon notes together with a second issue of and won notes were printed domestically by the Korea Minting and Security Printing Corporation. In , won notes series III were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British won notes followed in , also using intaglio printing, and for the won notes in using lithoprinting.
With the economic development from the s, the value of the won notes fell, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones. Higher-denomination notes of 5, and 10, won were introduced in and , respectively.
The notes incorporated new security features, including watermark , security thread , and ultraviolet response fibres, and were intaglio printed. The release of 10,won notes was planned to be at the same time as the 5,won notes, but problems with the main theme delayed it by a year.
In , the won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins. Some of the notes' most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better-quality cotton pulp to reduce the production costs by extending their circulation life.
The latest version of the 5, and 10,won notes are easily identifiable by the copyright information inscribed under the watermark: The plates for the 5,won notes were produced in Japan, while the ones for the 1, and 10,won notes were produced by the Korea Minting and Security Printing Corporation.
They were all printed in intaglio. With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation. Later in , the 1, and 10,won notes were introduced. On June 23, , the Bank of Korea released the 50,won note. The obverse bears a portrait of Shin Saimdang , a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok , also known as Yi I, who is on the 5,won note.
This note is the first Korean banknote to feature the portrait of a woman. New ,won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands. The banknotes include over 10 security features in each denomination. The 50,won note has 22 security features, the 10,won note 21, the 5,won note 17, the 2,won note 10 and the 1,won note Many modern security features that can be also found in euros , pounds , Canadian dollars , and Japanese yen are included in the banknotes.
Some security features inserted in won notes are:. This technique is being exported to Europe, North America, etc. As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins of the South Korean won. The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins.
When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok , two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request. From Wikipedia, the free encyclopedia. Official currency of the Republic of Korea.
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