The only won you’ll need

The won was introduced as Korea’s official currency in 1902, replacing the yang. However, this only lasted until 1910, when the yen took over. The won was reintroduced from 1945-1953 and, after a nine-year spell with the hwan, it was officially brought back in 1962; it has remained the legal tender ever since.

Day-to-day living can be relatively inexpensive for frugal types in South Korea, where a meal in a modest restaurant can be enjoyed for just 10,000 KRW (which works out roughly around 6 GBP!).

Tipping is not common practice in South Korea, however 5-10% will be appreciated in a Western-style restaurant.

Frequently used banknotes and coins

Won notes come in denominations of 500 (green and pink), 1,000 (purple), 5,000 (orange), 10,000 (green) and 50,000 (yellow). Coins are also frequently used – the most useful denominations are to the value of 50, 100 and 500 denominations, since these are handy for making up the change if your bill doesn’t come to a whole 1,000 won.

Won notes come with a number of security features aimed at combatting fraud, including 3D holograms and colour shifting ink and feature images of famous local figures and South Korean wildlife.