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Korean currency is the won (₩, KRW). You’ll use 4 banknotes and 4 coins day to day. The notes run from 1,000 to 50,000 won and carry four figures from the Joseon dynasty: King Sejong, the scholars Yi Hwang and Yi I, and the artist Shin Saimdang, who was Yi I’s mother.
This guide covers what each note and coin looks like, why prices carry so many zeros, and when you’ll pay by card or cash. It also covers where to change money so you don’t lose out at the airport.
Key takeaways
- There are 4 banknotes in use: 1,000 won (blue, Yi Hwang), 5,000 won (red-orange, Yi I), 10,000 won (green, King Sejong) and 50,000 won (yellow, Shin Saimdang).
- The 4 coins you’ll handle are 10, 50, 100 and 500 won. The 100-won coin shows Admiral Yi Sun-sin.
- Prices have lots of zeros because the won was reset in 1962 and a big stretch of inflation followed. No redenomination has happened since.
- Cards work almost everywhere in cities, but bring some cash for street stalls and traditional markets, and to top up a T-money transit card.
What is Korean currency called? Won, ₩ and KRW
South Korea’s currency is the won, written 원 in Hangul (the Korean alphabet). The symbol is ₩ and the international code is KRW, which is what your banking app and currency converter will show. The Bank of Korea, the country’s central bank, issues every note and coin.
The won is the only legal tender in South Korea. Shops won’t take US dollars, euros or yen, apart from the odd duty-free counter. North Korea also calls its currency the won, but it’s a separate currency and you can’t use it in the South. If you see “KPW” anywhere, that’s the North Korean code. Ignore it.
How do you say “won” and read prices in Korean?
Won is said like the English word “won”. Price tags put the number before 원, so 5,000원 means 5,000 won. Koreans count big numbers in units of 10,000 (만, man), not thousands, so 10,000 won is man-won (만원) and 50,000 won is o-man-won (오만원). If a vendor says “man-won”, hold up the green note.
Korean banknotes: the 4 notes and who is on them
The current series was rolled out from 2006 to 2009. The 1,000, 5,000 and 10,000 won notes were redesigned in 2006 and 2007, and the 50,000 won note arrived in 2009 as the first new denomination in decades. Each note has its own color and size, and the higher the value, the bigger the note. That helps when you’re digging through a wallet in a dim restaurant.
| Note | Main color | Person on the front | Who they were | On the back |
|---|---|---|---|---|
| 1,000 won | Blue | Yi Hwang (Toegye) | Neo-Confucian scholar, 1501 to 1570 | A painting of mountain scenery by the artist Jeong Seon |
| 5,000 won | Red-orange | Yi I (Yulgok) | Scholar and statesman, 1536 to 1584 | A painting of plants and insects attributed to Shin Saimdang |
| 10,000 won | Green | King Sejong the Great | Fourth Joseon king, creator of Hangul | A Joseon star chart and astronomical instruments |
| 50,000 won | Yellow | Shin Saimdang | Artist and poet, 1504 to 1551, Yi I’s mother | Joseon-era paintings of plum blossom and bamboo |
1,000 won: Yi Hwang (이황)
Yi Hwang, better known by his pen name Toegye, was one of the leading thinkers of Neo-Confucianism, the moral and political philosophy that shaped the Joseon dynasty (1392 to 1910). He founded a private academy, now known as Dosan Seowon, near Andong. You’ll use this note for vending machines, convenience-store snacks and small change.
5,000 won: Yi I (이이)
Yi I, known as Yulgok, was a scholar and government official. He’s often paired with Toegye as one of the two great Confucian minds of Joseon. His birthplace, Ojukheon in Gangneung on the east coast, appears in the design. This is the note you’ll see least, because ATMs mostly dispense 10,000 and 50,000 won notes.
10,000 won: King Sejong (세종대왕)
King Sejong is the most famous face on Korean currency, and he’s on the note you’ll use most. He reigned in the 15th century and led the creation of Hangul, the alphabet still used today. Behind his portrait is a screen painting of the sun, moon and five peaks, a symbol of royal authority in Joseon. The back celebrates the science of his era, with a star map and astronomical instruments.
50,000 won: Shin Saimdang (신사임당)
Shin Saimdang was a painter, calligrapher and poet, and she was the first woman to appear on a modern Korean banknote. The 50,000 won note is the biggest one in circulation. People use it for gifts of cash, rent and larger purchases. Some small vendors will hesitate to break one for a 3,000 won snack.
Why a mother and son share Korea’s money
Shin Saimdang is on the 50,000 won note and her son Yi I is on the 5,000 won note. Very few countries have a mother and son on the same set of banknotes. In Korea, the pairing carries meaning: Shin Saimdang has long been held up as a model of artistic talent and of Confucian motherhood, and Yi I was the son she raised.
Her selection was debated when the note came out. Supporters wanted a woman on the currency and pointed to her paintings and poetry. Critics argued that choosing her mostly for her role as the “wise mother” of a famous scholar reinforced a traditional image of women. Both views are still around, which makes this a good conversation starter if a Korean friend asks what you think of the money.
The rest of the lineup has a theme too. Three of the four figures come from Confucian scholarship, and King Sejong stands for learning and science. Together they show what the Bank of Korea chose to put front and center: education, the alphabet and culture, not generals or modern presidents. The country’s best-known war hero shows up on a coin instead.
Korean coins: 10, 50, 100 and 500 won
Coins matter less than they used to, because cards and transit cards handle most small payments. You’ll still get them as change at convenience stores, markets and laundromats. They’re also what old-style claw machines and coin lockers want.
| Coin | Design | Where you’ll actually use it |
|---|---|---|
| 10 won | Dabotap, a stone pagoda at Bulguksa Temple in Gyeongju | Rarely; it piles up as change |
| 50 won | An ear of rice | Rarely; change at supermarkets |
| 100 won | Admiral Yi Sun-sin | Vending machines, arcade games, shopping-cart deposits |
| 500 won | A red-crowned crane | Vending machines, coin lockers, karaoke booths, claw machines |
Admiral Yi Sun-sin, on the 100 won coin, is the naval commander who fought off Japanese invasions in the 1590s. His statue stands on Gwanghwamun Square in central Seoul. Korea also has 1 and 5 won coins, which are still legal tender but not used in everyday life, so you won’t see them.
A practical tip: hand over your coins at the convenience-store counter whenever you can. Some airport and travel-money services don’t take coins back when you sell your won before you fly home, so they often end up in a drawer.
Why Korean prices have so many zeros
A coffee costing several thousand won and a hotel night costing hundreds of thousands looks alarming at first. There’s nothing wrong with the economy, though. The zeros come from history.
Korea has reset its currency more than once. The won was first introduced after liberation in 1945. In 1953, after the Korean War, it was replaced by the hwan at 100 won to 1 hwan. In 1962 the government brought the won back at 10 hwan to 1 won, and it has used the won ever since. Years of fast growth and inflation followed, so everyday prices climbed into the thousands and tens of thousands.
Politicians and economists have repeatedly debated redenomination, which means cutting zeros off the currency (for example, making 1,000 won the new 1 won). It has never happened. The obstacles are the cost of changing every system, the risk of shops rounding prices up, and public unease. So the zeros stay.
How to do Korean price math quickly
Before you fly, look up the current won rate in your bank or card app and work out what 10,000 won is worth in your own currency. Then think in blocks of 10,000. A 9,000 won lunch is just under one block. A 45,000 won dinner is four and a half. This is quicker than converting every price and less likely to go wrong than knocking off three zeros in your head and hoping.
Cash or card in Korea: what you’ll actually use
South Korea is one of the most card-friendly countries anywhere. Convenience stores, cafes, department stores, taxis, chain restaurants and most shops in cities take credit and debit cards, including foreign Visa and Mastercard cards. Many Koreans hardly carry cash at all and pay by card or phone.
Transport runs on stored-value cards. A T-money card, a rechargeable transit card sold at convenience stores and subway stations, pays for subways, buses and many taxis. Recharging it at subway machines has traditionally needed cash, so keep some notes for that. A growing number of Seoul city buses no longer accept cash, which is one more reason to get a transit card on day one. Our guide on how to pay in Korea as a foreigner covers cards, mobile pay and T-money in detail.
Where cash still matters
- Street food and pojangmacha (tented street stalls): many take cards now, but cash is faster and some stalls only take cash or a bank transfer.
- Traditional markets such as Gwangjang or Namdaemun: smaller vendors often prefer cash.
- T-money top-ups at subway machines.
- Small guesthouses, rural restaurants and some temples, especially outside Seoul and Busan.
- Gifts of money: at weddings, funerals and New Year, Koreans give crisp notes in envelopes, never a card payment.
A sensible amount is enough cash for two or three days of small purchases, with everything else on card. A card with no foreign transaction fee saves you more over a trip than chasing a slightly better exchange rate.
Where to exchange money: airport, city or ATM
You have three realistic ways to get won: change cash before you leave home, change it in Korea, or withdraw it from an ATM with your bank card. The right choice depends on your bank’s fees, but the general pattern holds for most travelers.
| Option | Rate | Convenience | Best for |
|---|---|---|---|
| Your bank at home | Varies; often weaker for won | High (cash in hand on arrival) | A small amount for the first taxi or bus |
| Airport exchange counters (Incheon, Gimpo) | Usually weaker than in the city | High, open for most arrivals | Changing just enough for day one |
| City banks | Generally fair | Weekday banking hours only; passport needed | Larger amounts if you have time |
| Licensed money changers (e.g. in Myeongdong) | Often among the best for cash | Easy in tourist districts | Changing dollars, euros or yen in cash |
| ATMs marked “Global” or for foreign cards | Your bank’s rate plus fees | Very high, including at many convenience stores | Travelers whose bank charges low ATM fees |
| Prepaid travel cards for foreigners (e.g. WOWPASS) | Set by the provider | Card and T-money in one; top up with cash at kiosks | Visitors without a fee-free card |
The usual move is to change a small amount at the airport, enough for transport into the city and a meal, then change the rest in town or use ATMs. Rates and fees change all the time, so check your own bank’s current won rate and ATM charges before you fly. If you’re stopping over, our Incheon Airport layover guide covers what you can do in a short window.
How to spot a real note and handle cash politely
Counterfeiting isn’t something most visitors need to worry about, but knowing a real note helps. Korean notes have a watermark of the portrait that shows when you hold the note up to light. Higher notes add a hologram strip or patch and color-shifting ink on the number, which changes color when you tilt it. They also have raised printing you can feel with a fingertip. The Bank of Korea’s official website explains each security feature note by note.
Handing over money politely is simple:
- Give and take cash or cards with two hands, or with your right hand while your left hand lightly touches your right wrist or forearm. It’s the same gesture Koreans use when pouring drinks for elders.
- Place the money in a small tray if the counter has one, rather than holding it out.
- Don’t tip. Tipping isn’t part of Korean culture in restaurants, cafes or taxis. Leaving change on the table can confuse staff, who may chase you down to return it.
- For cash gifts, use new, clean notes in an envelope. Crumpled notes look careless.
Common money mistakes foreigners make in Korea
Changing everything at the airport
Airport counters are convenient, but you usually pay for that convenience in the rate. Change enough for your first day, then do the rest in the city.
Assuming every ATM takes foreign cards
Many bank ATMs only serve domestic accounts. Look for a “Global ATM” sign or a machine inside a convenience store that shows Visa, Mastercard or your network’s logo. If one rejects your card, try another bank before you call home.
Mixing up the 5,000 and 50,000 won notes
Both are warm colors (red-orange and yellow) and both have a 5 followed by zeros. In a dark bar or taxi, check the number of zeros before you hand one over. That’s a tenfold mistake.
Forgetting about tax refunds
Tourists can often get back part of the tax on qualifying purchases, sometimes instantly at the till. Keep your passport and receipts handy. Our guide to the Korea tax refund for tourists walks through the instant, kiosk and airport options.
Leaving with a pocket of coins
Spend coins at convenience stores in your last days. Notes are easier to sell back or keep for your next trip.
FAQ
What is the Korean currency called?
South Korea’s currency is the won, written 원, with the symbol ₩ and the code KRW. The Bank of Korea issues it. North Korea’s currency is also called the won but is a separate currency (KPW) that you can’t use in the South.
Who is on the 10,000 won note?
King Sejong the Great, the 15th-century Joseon king who led the creation of Hangul, the Korean alphabet. The back of the note shows Joseon-era astronomy, including a star chart. It’s the green note and the one you’ll use most often.
Who is the woman on the 50,000 won note?
Shin Saimdang, a Joseon-era painter, calligrapher and poet who lived from 1504 to 1551. She was the first woman on a modern Korean banknote. Her son, the scholar Yi I, is on the 5,000 won note.
Can I use US dollars in South Korea?
Generally no. Shops, restaurants and transport only accept won, apart from some duty-free stores. Change dollars at a bank or licensed money changer, or pay by card in won.
Is it better to exchange money in the US or in Korea?
For most travelers, exchanging in Korea, at city banks or licensed money changers, gives a better rate than changing won at home or at the airport. Many people bring a small amount for arrival and use a low-fee card or ATM after that. Compare your own bank’s current rate and fees before deciding.
How much cash should I carry in Korea?
Enough for a few days of small purchases: street food, market stalls and T-money top-ups. Cards cover almost everything else in cities. Carry more cash if you’re heading to rural areas or traditional markets.
Before you fly: what to check and plan
Check three things in the week before you travel. First, look up the current KRW rate in your banking app and memorize what 10,000 won is worth in your currency. Second, find out your card’s foreign transaction fee and ATM charges, and if they’re high, consider a fee-free card or a prepaid travel card for foreigners. Third, plan to pick up a T-money card and a small amount of cash on day one.
If you want to see the notes up close, the Bank of Korea runs a Money Museum in central Seoul; check the official site for current opening days before you go. A crisp set of Korean notes also makes a cheap, light keepsake, and our list of what to buy in Korea has more ideas for the last day of your trip.
Related reading
Sources k-korea.blog
Prices, opening hours and availability change. Check the official page before you buy or travel.