South Korea’s coinage offers a fascinating glimpse into the nation’s cultural evolution, economic shifts, and artistic heritage. From ancient dynastic currencies to modern commemorative issues, Korean coins are more than just legal tender—they are miniature works of history. This comprehensive guide explores the history, types, and collector value of South Korean coins, helping enthusiasts and investors understand what makes each piece unique.
Whether you're a seasoned numismatist or new to coin collecting, understanding the nuances of South Korea’s currency can deepen your appreciation and guide informed collecting decisions.
The Historical Evolution of South Korean Coins
The story of Korean coinage begins long before the modern Republic of Korea. During the Goguryeo Dynasty, one of the Three Kingdoms of Korea, early forms of currency like the Hwan-ung coins emerged. Crafted from bronze and adorned with symbolic engravings, these coins reflected royal authority and spiritual beliefs.
A major shift came during the Joseon Dynasty (1392–1897) with the introduction of the Jeon coin. These brass coins featured a distinctive square center hole—a hallmark of East Asian coin design—allowing them to be strung together for easy transport. The Jeon played a vital role in trade and daily commerce for centuries.
In 1902, Korea adopted the won, replacing the yang and later the hwan after periods of Japanese occupation and post-war reconstruction. The modern South Korean won (KRW) was reintroduced in 1962 and remains the country's official currency today.
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Modern Circulating Coins: Denominations and Specifications
Today, South Korea mints six denominations for general circulation: 1, 5, 10, 50, 100, and 500 won. While inflation has diminished the purchasing power of lower denominations, they remain legally valid and are prized by collectors for their craftsmanship and condition.
1 Won Coin
- Period: 1983–2019
- Metal: Aluminium
- Weight: 0.729 g
- Diameter: 17.2 mm
- Features: Lightweight, rarely seen in daily use
- Collector Value: $0.45–$0.50 (Uncirculated)
Earlier versions from 1966–1967 were made of brass and are slightly heavier, valued at around $1.10 due to their scarcity.
5 Won Coin
- Period: 1966–present (multiple variants)
- Metal: Brass or bronze depending on issue
- Weight: 2.95 g
- Diameter: 20.4 mm
- Collector Value: $0.60–$1.10 based on year and mint condition
Coins from 1966–1970 in bronze are especially sought after.
10 Won Coin
- Period: 1970–present
- Metal: Brass (pre-2006), copper-clad aluminium (post-2006)
- Weight: 4.06 g (older), 1.22 g (newer)
- Diameter: 22.86 mm (older), 18.0 mm (newer)
- Collector Value: $0.65–$0.80
The larger pre-2006 version is more collectible due to its size and material.
50 Won Coin
- Period: 1983–present
- Metal: Nickel brass
- Weight: 4.16 g
- Diameter: 21.60 mm
- Features: Gold-colored, durable design
- Collector Value: $0.35–$0.80 depending on mintage year
Mintage peaked in 2003 (169 million), but early issues like 1985 (4 million) are rarer and more valuable.
100 Won Coin
- Period: 1970–present
- Metal: Copper-nickel
- Weight: 5.42 g
- Diameter: 24 mm
- Features: Silver-colored, widely circulated
- Collector Value: $0.65–$2.75
Special editions such as the 1981 Fifth Republic issue ($2.75) and the **1975 Liberation Anniversary** coin ($2.11) command premium prices.
500 Won Coin
- Period: 1982–present
- Metal: Copper-nickel
- Weight: 7.7 g
- Diameter: 26.5 mm
- Features: Largest standard circulation coin
- Collector Value: Around $1.10
This denomination remains in active use and is popular among foreign collectors for its size and design.
The Hwan Era: Pre-Won Currency
Before the current won system, South Korea used the hwan from 1953 to 1962. Though short-lived, hwan coins hold significant historical value:
- 10 Hwan (1959–1961) – Bronze, valued at ~$3.50
- 50 Hwan (1959–1961) – Nickel brass, ~$3.00
- 100 Hwan (1959) – Copper-nickel, rare issue worth up to $7.50
These coins represent a transitional phase in Korea’s post-war economy and are highly collectible today.
Commemorative Coins: Artistry and Investment Value
South Korea has issued numerous commemorative coins, especially during the late 1980s in honor of the Seoul Olympics (1988). These coins blend numismatic excellence with cultural pride.
Sports-Themed Coins (1987–1988)
Marking Olympic events hosted in Seoul, these include:
- 1,000 Won Tennis / Table Tennis / Handball – Copper-nickel, ~$3.00–$3.75
- 2,000 Won Weightlifting / Wrestling – Nickel, valued between $4.75 and $5.50
Precious Metal Issues
Limited-edition silver and gold coins were also released:
- 10,000 Won Archery / Gymnast – .925 silver, ~$15–$20
- 25,000 Won Fan Dancing / Folk Dancing – .925 gold, high-value collector items
These coins are not only beautiful but also serve as tangible investments due to their precious metal content.
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Factors That Influence Coin Value
Not all old coins are valuable—several key factors determine a coin’s worth:
- Rarity: Low mintage numbers increase value (e.g., 1985 50 Won: only 4 million minted).
- Condition: Uncirculated or mint-state coins fetch higher prices.
- Historical Significance: Coins tied to major events (e.g., liberation, Olympics) are prized.
- Errors and Variants: Minting mistakes can dramatically boost value.
Collectors often use grading scales like Fine (F), Very Fine (VF), Extremely Fine (EF), and Uncirculated (UNC) to assess condition.
Frequently Asked Questions
What is the most valuable South Korean coin?
The 25,000 Won gold commemorative coins from the 1986–1988 series are among the most valuable due to their gold content and limited mintage.
Are older won coins still legal tender?
Yes, all South Korean won coins remain legal tender regardless of issue date, though low-denomination coins like the 1 won are rarely used.
How do I start collecting South Korean coins?
Begin with a basic set of circulating coins, then explore commemorative issues or focus on a specific era like the hwan period or Olympic editions.
Where can I sell my Korean coins?
Reputable auction houses, online marketplaces, and specialized numismatic dealers buy Korean coins. Ensure proper authentication before selling high-value pieces.
Do Korean coins have investment potential?
Yes—especially limited-edition silver and gold commemoratives. Their dual value as precious metals and collectibles makes them strong long-term holds.
How can I verify a coin’s authenticity?
Use magnification tools to inspect details, compare with official specifications from the Bank of Korea, or consult certified appraisers.
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Collecting South Korean coins is more than a hobby—it's a journey through time, culture, and national identity. With increasing global interest in Asian numismatics, now is an excellent time to explore this rich field. Whether you're drawn to historical depth or investment potential, South Korea’s coinage offers something for every collector.
By understanding the nuances of mintage years, materials, and design changes, you can build a meaningful collection that preserves Korea’s legacy—one coin at a time.