Author Topic: Coinage of South Korea  (Read 520 times)

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Offline <k>

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Coinage of South Korea
« on: September 30, 2020, 06:52:25 PM »


Map of South Korea.





South Korea is located in north-east Asia.



From Wikipedia:

The Korean Empire was an independent unified Korean state proclaimed in October 1897 by Emperor Gojong of the Joseon dynasty. The empire stood until Japan's annexation of Korea in August 1910. Japan ruled Korea until its defeat by the Allies at the end of World War 2. The Japanese surrendered to Soviet and U.S. forces, who occupied the northern and southern halves of Korea respectively. Despite the initial plan of a unified Korea in the 1943 Cairo Declaration, escalating Cold War antagonism between the Soviet Union and the United States eventually led to the establishment of separate governments, each with its own ideology, leading to Korea's division into two political entities in 1948: North Korea and South Korea.
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Offline <k>

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Re: Coinage of South Korea
« Reply #1 on: September 30, 2020, 06:56:49 PM »



From Wikipedia:

In 1948, after the UN failed to produce an outcome acceptable to the Soviet Union, UN-supervised elections were held in the US-occupied south only. The American-backed Syngman Rhee won the election, while Kim Il-sung consolidated his position as the leader of Soviet-occupied northern Korea. This led to the establishment of the Republic of Korea in South Korea on August 15, 1948, promptly followed by the establishment of the Democratic People's Republic of Korea in North Korea on September 9, 1948. The United States supported the South, the Soviet Union supported the North, and each government claimed sovereignty over the whole Korean peninsula.

In 1950, after years of mutual hostilities, North Korea invaded South Korea in an attempt to re-unify the peninsula under its communist rule. The subsequent Korean War, which lasted from 1950 to 1953, ended with a stalemate and has left the two Koreas separated by the Korean Demilitarized Zone (DMZ) up to the present day.


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Offline <k>

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Re: Coinage of South Korea
« Reply #2 on: September 30, 2020, 07:01:24 PM »
Amazingly, North Korea was richer than South Korea for many years. It was able to industrialise rapidly under a neo-Stalinist command economy. This works well initially for heavy industry, but eventually inefficiencies and stagnation set in because of bureaucratic inertia and the lack of competition in a closed economy.

From Wikipedia:

Extensive Soviet and Chinese support allowed North Korea to rapidly recover from the Korean War and register very high growth rates. Systematic inefficiency began to arise around 1960, when the economy shifted from the extensive to the intensive development stage. The shortage of skilled labor, energy, arable land and transportation significantly impeded long-term growth and resulted in consistent failure to meet planning objectives. The major slowdown of the economy contrasted with South Korea, which surpassed the North in terms of absolute GDP and per capita income by the 1980s. North Korea declared the last seven-year plan unsuccessful in December 1993 and thereafter stopped announcing plans.
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Re: Coinage of South Korea
« Reply #3 on: September 30, 2020, 07:04:38 PM »



South Korea's first coinage was issued between 1959 and 1961. The currency was the hwan, which was divided into 100 chon.

Above you see the 10 hwan coin of 1959. It featured a rose of Sharon (Hibiscus Syriacus).
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Re: Coinage of South Korea
« Reply #4 on: September 30, 2020, 07:05:26 PM »


Rose of Sharon.
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Re: Coinage of South Korea
« Reply #5 on: September 30, 2020, 07:06:31 PM »


The obverse of the 50 hwan coin of 1959.
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Re: Coinage of South Korea
« Reply #6 on: September 30, 2020, 07:08:05 PM »



The reverse of the 50 hwan coin depicted a turtle ship.

See: Turtle ships on coins.
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Re: Coinage of South Korea
« Reply #7 on: September 30, 2020, 07:10:13 PM »



From Wikipedia:

The Turtle ship was a type of large Korean warship that was used intermittently by the Royal Korean Navy, during the Joseon Dynasty from the early 15th century up until the 19th century. It was used alongside the Panokseon warships in the fight against the invading Japanese navy. The ship's name derives from its protective shell-like covering.
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Re: Coinage of South Korea
« Reply #8 on: September 30, 2020, 07:14:03 PM »


The obverse of the 100 hwan coin of 1959 featured two bong whang (mystical birds).
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Re: Coinage of South Korea
« Reply #9 on: September 30, 2020, 07:15:09 PM »


The reverse of the 100 hwan portrayed South Korea's first president, Syngman Rhee (1875-1965).
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Re: Coinage of South Korea
« Reply #10 on: September 30, 2020, 07:16:13 PM »


Syngman Rhee, first President of South Korea.
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Re: Coinage of South Korea
« Reply #11 on: September 30, 2020, 07:19:14 PM »



In 1966 the currency was reformed, and 100 hwan were now equal to 1 won.

Above you see the brass 1 won coin of 1966.
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Re: Coinage of South Korea
« Reply #12 on: September 30, 2020, 07:20:48 PM »



From 1968 onward the 1 won coin was issued only in aluminium. It depicts a rose of Sharon.
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Re: Coinage of South Korea
« Reply #13 on: September 30, 2020, 07:23:26 PM »



A brass 5 won coin was introduced in 1970.

Above you see the obverse of the coin.
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Re: Coinage of South Korea
« Reply #14 on: September 30, 2020, 07:24:56 PM »



The reverse of the 5 won coin featured a turtle ship.
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.