100 Million Won to USD in 1988: A Blast from the Past
In 1988, the exchange rate between the South Korean won (KRW) and the United States dollar (USD) was quite different from what it is today. If you were to exchange 100 million won in 1988, how much would it be worth in USD? Let's take a trip down memory lane and find out.
The Exchange Rate in 1988
In 1988, the average exchange rate was around 800 KRW to 1 USD. This means that 100 million won would be equivalent to approximately:
100,000,000 KRW / 800 KRW/USD = 125,000 USD
A Purchasing Power Perspective
To put this into perspective, 125,000 USD in 1988 had a significant purchasing power. Here are some examples of what you could buy with that amount of money back then:
- A brand new car: A 1988 Ford Mustang GT would cost around 12,000 USD, which means you could buy around 10 of them with 125,000 USD.
- A house: The average price of a house in the United States in 1988 was around 120,000 USD. You could buy a decent house with 125,000 USD.
- Gold: One ounce of gold in 1988 was around 400 USD. With 125,000 USD, you could buy around 312 ounces of gold.
Conclusion
100 million won in 1988 was a substantial amount of money, equivalent to around 125,000 USD. This amount of money had a significant purchasing power, allowing you to buy a number of luxury items or even a house. Today, the exchange rate is around 1,200 KRW to 1 USD, which means the same amount of won would be worth around 83,000 USD.
