# South Korean hwan

The hwan (Korean: 환) was the currency of South Korea between February 15, 1953, and June 9, 1962. It succeeded the first South Korean won and preceded the second South Korean won.

## History

Due to the devaluation of the first South Korean won (from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan. The hwan also suffered from inflation and a series of devaluations occurred.
Pegs for the South Korean hwan :
| Date introduced | Value of U.S. dollar in hwan |
| February 15, 1953 | 60 |
| 15 December 1953 | 180 |
| August 15, 1955 | 500 |
| February 23, 1960 | 650 |
| January 1, 1961 | 1000 |
| February 2, 1961 | 1250 |
In 1962, the second South Korean won was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.

## Coins

In 1959, coins were introduced in denominations of 10, 50 and 100 hwan. They were minted by the Philadelphia Mint.
Hwan Coins (in Korean) :
| Image | Image | Value | Technical parameters | Technical parameters | Technical parameters | Description | Description | Date of | Date of | Date of |
| Obverse | Reverse | Value | Diameter | Mass | Composition | Obverse | Reverse | first minting | issue | withdrawal |
| | | 10 hwan | 19.1 mm | 2.46 g | Copper 95% Zinc 5% | Rose of Sharon, value, bank title (Hangul) | Value (digit), "Republic of Korea", year of minting | 1959 (Korean calendar 4292) | October 20, 1959 | March 22, 1975 |
| | | 50 hwan | 22.86 mm | 3.69 g | Copper 70% Zinc 18% Nickel 12% | Geobukseon, value, bank title (Hangul) | Value (digit), "Republic of Korea", year of minting | 1959 (Korean calendar 4292) | October 20, 1959 | March 22, 1975 |
| | | 100 hwan | 26.0 mm | 6.74 g | Cupronickel Copper 75% Nickel 25% | Syngman Rhee, value, bank title (Hangul) | Value (digit), "Republic of Korea", year of minting | 1959 (Korean calendar 4292) | October 30, 1959 | June 10, 1962 |
| These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. |||||||||||
The 10 and 50 hwan coins continued to circulate until March 22, 1975, accepted as if it were 1 and 5 won coins, respectively. The 100 hwan coins were withdrawn on June 10, 1962.

## Banknotes

In 1953, banknotes were introduced in denominations of 1, 5, 10, 100 and 1000 hwan. Some of these notes were printed in the U.S. and gave the denomination in English and Hangul as won. 500 hwan notes were introduced in 1956, followed by 1000 hwan in 1957 and 50 hwan in 1958.

### American printed notes

The first hwan notes were printed by the United States Government Printing Office. All Hanja and Hangul inscription on both the obverse and reverse sides of these notes are written right to left (traditional direction), instead of the modern (Westernized) left to right.
They have a few obvious defects. The term "hwan" is written in Hanja (圜) while "won" is written in Hangul (원) and English. Those problems were attributed to an urgent need for new banknotes and the change in currency name, as well as the decision to commission the new notes to be manufactured in the United States. Unaware banknote catalog editors may erroneously categorize these notes as part of the old won system, such as the Standard Catalog of World Paper Money by Albert Pick.
American printed hwan notes (in Korean) :
| Image | Image | Value | Dimensions | Main colour | Description | Description | Date of | Date of |
| Obverse | Reverse | Value | Dimensions | Main colour | Obverse | Reverse | issue | withdrawal |
| | | 1 hwan | 111 × 54 mm | Pink | Bank name (Hanja), value (Hangul and Hanja) | Bank of Korea's symbol | February 17, 1953 | June 10, 1962 |
| | | 5 hwan | 111 × 54 mm | Red | Bank name (Hanja), value (Hangul and Hanja) | Bank of Korea's symbol | February 17, 1953 | June 10, 1962 |
| | | 10 hwan | 156 × 66 mm | Purple | Bank name (Hanja), value (Hangul and Hanja), Geobukseon | Bank of Korea's symbol | February 17, 1953 | June 10, 1962 |
| | | 100 hwan | 156 × 66 mm | Green | Bank name (Hanja), value (Hangul and Hanja), Geobukseon | Bank of Korea's symbol | February 17, 1953 | June 10, 1962 |
| | | 1000 hwan | 156 × 66 mm | Brown | Bank name (Hanja), value (Hangul and Hanja), Geobukseon | Bank of Korea's symbol | February 17, 1953 | June 10, 1962 |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |||||||||

### Korean printed notes

Korean printed hwan notes (in Korean) :
| Image | Image | Value | Dimensions | Description | Description | Date of | Date of |
| Obverse | Reverse | Value | Dimensions | Obverse | Reverse | issue | withdrawal |
| | | 10 hwan | 156 × 66 mm | Namdaemun | Haegeumgang near Geoje | March 17, 1953 | June 10, 1962 |
| | | 10 hwan | 156 × 66 mm | Namdaemun | Haegeumgang near Geoje | December 15, 1953 | June 10, 1962 |
| | | 50 hwan | 149 × 66 mm | Independence Gate | Yi Sun-sin's bronze statue, Geobukseon | August 15, 1958 | June 10, 1962 |
| | | 100 hwan | 156 × 66 mm | Lee Sung-man | Independence Gate | December 18, 1953 | June 10, 1962 |
| | | 100 hwan | 156 × 66 mm | Lee Sung-man | Independence Gate | February 1, 1954 | June 10, 1962 |
| | | 100 hwan | 156 × 66 mm | Lee Sung-man | Value | March 26, 1957 | June 10, 1962 |
| | | 100 hwan | 156 × 66 mm | Mother and her child holding a savings account booklet | Independence Gate | May 16, 1962 | June 10, 1962 |
| | | 500 hwan | 156 × 73 mm | Lee Sung-man | Value | March 26, 1956 | June 10, 1962 |
| | | 500 hwan | 156 × 73 mm | Lee Sung-man | Value | August 15, 1958 | June 10, 1962 |
| | | 500 hwan | 156 × 73 mm | Sejong the Great | Main building of the Bank of Korea | April 19, 1961 | June 10, 1962 |
| | | 1000 hwan | 166 × 73 mm | Lee Sung-man | Bank of Korea's symbol | March 26, 1957 | June 10, 1962 |
| | | 1000 hwan | 165 × 73 mm | Sejong the Great | Torch | August 15, 1960 | June 10, 1962 |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||