The currency of South Korea is the South Korean won, written with the symbol ₩ and the ISO code KRW. It is the only legal tender in the Republic of Korea, issued and managed by the Bank of Korea. As of 2026, one US dollar is worth roughly 1,330 won, so prices in shops and on menus are quoted in large round numbers — a simple coffee might cost around ₩4,500 and a subway ride about ₩1,400.
The won at a glance
The won is one of the most recognisable currencies in East Asia, and its name shares a common root with the Japanese yen and the Chinese yuan. All three come from the Chinese character meaning "round," a reference to the shape of historical coins. Here are the essentials:
- Official name: South Korean won
- ISO code: KRW
- Symbol: ₩
- Issuing authority: Bank of Korea (founded 1950)
- Subunit: the jeon (1/100 of a won), now obsolete and never used in everyday transactions
Because the smallest practical unit is a single won, there are no decimals in Korean pricing. The jeon survives only in foreign-exchange and interest-rate calculations, not in cash.
Banknotes and coins in circulation
South Korea issues four banknote denominations and four common coins. The notes are colourful, well designed, and each honours a figure from Korean history and culture:
- ₩50,000: Shin Saimdang, a celebrated 16th-century artist, calligrapher and poet
- ₩10,000: King Sejong the Great, who commissioned the Korean alphabet, Hangul
- ₩5,000: Yi I (Yulgok), an influential Confucian scholar — and, fittingly, Shin Saimdang's son
- ₩1,000: Yi Hwang (Toegye), another revered Confucian philosopher
Coins come in ₩10, ₩50, ₩100 and ₩500 denominations. The widely used ₩500 and ₩100 coins are handy for vending machines and small purchases, while the tiny ₩10 coin is increasingly rare in daily life. The ₩50,000 note, introduced in 2009, is notable for featuring a woman — still uncommon on East Asian currency — and remains the highest-value banknote in regular use.
A currency shaped by history
The modern won was reintroduced in 1962, replacing the short-lived hwan at a rate of 10 hwan to 1 won and ending years of post-war currency instability. The decades that followed mirrored one of the most dramatic economic stories of the 20th century: South Korea transformed from one of the world's poorest nations in the 1950s into a high-tech manufacturing powerhouse, home to global brands in electronics, cars and shipbuilding.
The won's value has not always been smooth, however. During the 1997 Asian financial crisis the currency lost roughly half its value almost overnight, forcing an IMF bailout. The economy rebounded strongly, and today the won is a freely traded currency backed by one of the world's largest holdings of foreign reserves. The Bank of Korea sets monetary policy and adjusts interest rates to keep inflation and the exchange rate in check.
Paying like a local: cash, cards and phones
South Korea is one of the most cashless societies on Earth. Credit and debit cards are accepted almost everywhere — including taxis, convenience stores and even many street-food stalls — and the country has among the highest card-usage rates in the world. Mobile payments and QR-code apps are ubiquitous in cities, so you can often go days without touching a banknote.
The rechargeable T-money card is essential for visitors: it works on subways, buses, many taxis, lockers and vending machines, and offers small transfer discounts. That said, some traditional markets, rural eateries and small family shops still prefer cash, so carrying a few notes is wise. Currency exchange is straightforward at banks, airports and licensed money changers, and ATMs marked "Global" accept foreign cards. For more context on the country itself, see our south korea country guide.
Frequently Asked Questions
What is the symbol for the South Korean won?
The won uses the symbol ₩, a capital W with a double horizontal stroke. Its three-letter ISO code is KRW, which you will see on exchange boards and banking apps.
How much is the South Korean won worth in US dollars?
As of 2026, one US dollar buys roughly 1,330 won, meaning a single won is worth a tiny fraction of a cent. Exchange rates fluctuate daily, so check a current converter before travelling.
Can I use US dollars or euros in South Korea?
No. The won is the only accepted currency for everyday purchases. Foreign cash must be exchanged for won, though international cards and mobile payments work almost everywhere.
Is South Korea a cash or card society?
It is overwhelmingly card- and phone-based, with one of the world's highest digital-payment rates. Still, keep a little cash for traditional markets and small rural businesses.