120 Won: A Brief Overview of South Korea's Currency
History of the Won
The won is the official currency of South Korea and has a rich history dating back to 1945. After the country gained independence from Japan, the won was introduced as a replacement for the Korean yen. Over the years, the currency has undergone several changes, with the most significant being the introduction of a new won in 1962, which replaced the old won at a rate of 1:10.
The 120 Won Note
The 120 won note is not a real denomination of the South Korean currency. The Bank of Korea, the country's central bank, has never issued a 120 won note. The won is typically denominated in units of 1, 5, 10, 50, 100, 500, 1,000, 5,000, 10,000, and 50,000.
Currency in Circulation
As of 2022, the Bank of Korea has issued the following denominations of banknotes:
- 1,000 won
- 5,000 won
- 10,000 won
- 50,000 won
Coins are also in circulation, with denominations of 10, 50, 100, and 500 won.
Exchange Rate
The exchange rate of the won varies depending on the currency and the current market conditions. As of 2022, the exchange rate is approximately:
- 1 USD = 1,200 KRW
- 1 EUR = 1,350 KRW
- 1 JPY = 11 KRW
Conclusion
While the 120 won note does not exist, the won is a vital part of South Korea's economy and culture. The country's central bank continues to issue new denominations and designs to reflect the country's growth and development. If you're planning a trip to South Korea, make sure to exchange your currency for the correct denominations to enjoy your stay!
