The was the unit of currency in
South Korea from
February 15 1953 to
June 9 1962 .
Due to devaluation of the
Won (from 15 won to the
US Dollar in 1945 to 6,000 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 ''chon'' but the lowest denomination issued was 10 hwan.
Banknotes were issued in denominations of 10, 50, 100, 500 and 1000 hwan, with coins issued between 1959 and 1961 in denominations of 10, 50 and 100 hwan. These were the first coins in the history of South Korean currency.
The hwan suffered from inflation as well. At its introduction, 1 US$ = 60 hwan but at the end of its life, 1 US$ = 1250 hwan. In 1962, the
Won was reintroduced at the rate of 1 won = 10 hwan. The 10 and 50 hwan coins continued to circulate until March 22, 1975.
Inflation slowed down considerably afterwards, compared to the 8333 fold depreciation against United States dollar in the 17 years from 1945 to 1962.
