DEFINITION of 'KRW (Korean Won)'

The currency abbreviation or currency symbol for the Korean won (KRW), the former currency for Korea. The won was made up of 100 chon and is often presented with a symbol that looks like the capital letter W with two horizontal dashes through the center. No banknotes denominated in won were ever issued.

BREAKING DOWN 'KRW (Korean Won)'

The won was first seen in 1902, replacing the yang. It appeared in the form of coins of various denominations which were equal to the Japanese yen. The Japanese yen along with the Korean yen replaced the won in 1910.

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