The official money used in South Korea is called the Korean Republic Won (KRW) or the South Korean Won. It’s divided into 100 jeon, although jeon isn’t used much anymore. You can recognize it by the symbol “₩”. The Bank of Korea is in charge of making and controlling this money.
The history of the Korean Won goes way back to the time of the Goryeo dynasty when the first coins were made. During the Joseon period, they used copper coins called “mun” and started using paper money called “jeohwa.” Nowadays, they use bills and coins with pictures of important South Korean figures on them.
The value of Korean Won compared to the U.S. dollar can change depending on things like trade, investments, and world events. As of January 25, 2023, 1 U.S. dollar is about equal to 1,218.28 Korean Won.