1962 ~ 1970

When new banknotes and coins whose denominations were identical but designs and sizes differed, were issued, their classification titles used to be '原‘, ’新‘, ’改‘, ’改甲‘ (in the order of issuance). However, since May 1, 1993, the classification titles of banknotes issued since the Third Currency Reform in 1962 have become 'Ga' (first), 'Na' (second), 'Da' (third), 'Ra' (fourth).

From the Currency Reform in 1962 to 1969

The new government carried out the Currency Reform in 1962 to replace 圓-denominated notes with won-denominated ones and to use the unit 'jeon' for small value transactions. This measure is significant in terms of the adoption of won-denominated notes rather than the achievement of economic goals.

From 1962, the government carried out a series of five-year economic development plans. Another Currency Reform was carried out on June 10, 1962 to support the initiatives and to channel hoarded wealth into industrial development. New won-denominated currency, which had a face value ten times higher than that of the hwan-denominated currency, was issued as legal tender, and the circulation of and transactions in hwan-denominated currency were prohibited (However, 50- and 10-hwan coins remained in circulation until March 21, 1975). Under the Currency Reform, the Bank of Korea issued new notes in six denominations: 500-, 100-, 50-, 10-, 5- and 1-won. Furthermore, the Bank introduced into circulation 50- and 10-jeon notes to provide change notes for low value transactions on December 1, 1962. Accordingly, after the Currency Reform in 1962, eight denominations were in circulation in Korea, including the 500-, 100-, 50-, 10-, 5- and 1-won notes and the 50- and 10-jeon notes. Subsequently, the Bank of Korea issued new notes several times in the same denominations but with different designs. The Bank replaced 50- and 10-hwan coins, that had remained in circulation as an exception under the ordinance on temporary measures for the circulation of coins, with newly issued 10-, 5- and 1-won coins on August 16, 1966. Although failing to accomplishing its intended economic goal, the Currency Reform in 1962 is important in the history of money that it introduced the won-denominated currency still in use. Furthermore, banknotes and coins issued prior to the Currency Reform in 1962 are no longer in circulation and accepted as legal tender, while all currency issued after the Reform is legal tender.

June 10, 1962
Third Currency Reform implemented

Ga (first) 500-won note

front of 500-won note issued on 10.June,1962, back of 500-won note issued on 10.June,1962 front of 500-won note issued on 10.June,1962, back of 500-won note issued on 10.June,1962

Ga (first) 500-won note
Date first issued June 10, 1962
Design South Gate of Seoul (Sungnyemun); flame
Size 156 × 66㎜
Printed by Thomas De La Rue Co.(UK)
Issue ceased 1967. 02. 03
Notes 7-digit serial numbers; The Bank of Korea written in Korean; metallic wire embedded

Ga (first) 100-won note

front of 100-won note issued on 10.June,1962, back of 100-won note issued on 10.June,1962 front of 100-won note issued on 10.June,1962, back of 100-won note issued on 10.June,1962

Ga (first) 100-won note
Date first issued June 10, 1962
Design South Gate of Seoul (Sungnyemun); flame
Size 156 × 66㎜
Printed by Thomas De La Rue Co.(UK)
Issue ceased February 14, 1969
Notes 7-digit serial numbers; without serial numbers; alphabetic characters marked before and after the numbers; security fiber embedded

Ga (first) 50-won note

front of 50-won note issued on 10.June,1962, back of 50-won note issued on 10.June,1962 front of 50-won note issued on 10.June,1962, back of 50-won note issued on 10.June,1962

Ga (first) 50-won note
Date first issued June 10, 1962
Design Rock Pillars (Chongseokjeong); flame
Size 156 × 66㎜
Printed by Thomas De La Rue Co.(UK)
Issue ceased May 20, 1970
Notes 7-digit serial numbers; without serial number; alphabetic characters marked before and after the numbers; security fiber embedded

Ga (first) 10-won note

front of 10-won note issued on 10.June,1962, back of 10-won note issued on 10.June,1962 front of 10-won note issued on 10.June,1962, back of 10-won note issued on 10.June,1962

Ga (first) 10-won note962
Date first issued June 10, 1962
Design Bank's symbol; denomination
Size 108 × 54㎜
Printed by Thomas De La Rue Co.(UK)
Issue ceased September. 01. 1962
Notes 7-digit serial numbers; without serial number; alphabetic characters marked before and after the numbers; security fiber embedded

5-won note

front of 5-won note issued on 10.June,1962, back of 5-won note issued on 10.June,1962 front of 5-won note issued on 10.June,1962, back of 5-won note issued on 10.June,1962

5-won note
Date first issued June 10, 1962
Design Bank's symbol; denomination
Size 94 × 50㎜
Printed by Thomas De La Rue Co.(UK)
Issue ceased May 1, 1969
Notes security fiber embedded

1-won note

front of 1-won note issued on 10.June,1962, back of 1-won note issued on 10.June,1962 front of 1-won note issued on 10.June,1962, back of 1-won note issued on 10.June,1962

1-won note
Date first issued June 10, 1962
Design Bank's symbol; denomination
Size 94 × 50㎜
Printed by Thomas De La Rue Co.(UK)
Issue ceased May 20, 1970
Notes

August 28, 1962
Ordinance on temporary measures for the circulation of coins proclaimed and implemented 50- and 10-hwan coins remained in circulation at one tenth of their face value in won.
September 21
Na (second) 10-won notes issued The UK-made notes were replaced by new Korean-made notes.

Na (second) 10-won note

front of 10-won note issued on 21.September,1962 back of 10-won note issued on 21.September,1962

Na (second) 10-won note
Date first issued September 21, 1962
Design Astronomical observatory in Gyeongju (Cheomseongdae); Turtle ship (Geobukseon)
Size 140 × 63㎜
Printed by KOMSCO
Issue ceased October 30, 1973
Notes Notes without serial numbers; the Bank of Korea's seal changed from Chinese characters to Korean syllables
November 1, 1962
Na (second) 100-won notes issued The UK-made notes were replaced by new Korean-made notes.

Na (second) 100-won note

front of 100-won note issued on 1. November,1962 back of 100-won note issued on 1. November,1962

Na (second) 100-won note
Date first issued November 1, 1962
Design Independence Gate (Dongnimmun); pavilion in Gyeongbokgung Palace (Gyeonghoeru)
Size 156 × 66㎜
Printed by KOMSCO
Issue ceased October 30, 1973
Notes

December 1, 1962
50- and 10-jeon notes issued To provide convenience in small value transactions

50-jeon note

front of 50-jeon note issued on 1.December,1962 back of 50-jeon note issued on 1.December,1962

50-jeon note
Date first issued December 1, 1962
Design Trellis patterns
Size 90 × 50㎜
Printed by KOMSCO
Issue ceased December 1, 1980
Notes

10-jeon note

front of 10-jeon note issued on 1.December,1962 back of 10-jeon note issued on 1.December,1962

10-jeon note
Date first issued December 1, 1962
Design Trellis patterns
Size 90 × 50㎜
Printed by KOMSCO
Issue ceased December 1, 1980
Notes

August 14, 1965
Da (third) 100-won notes issued The first intaglio printed notes manufactured in Korea

100-won note

front of 100-won note issued on 14.August,1965 back of 100-won note issued on 14.August,1965

100-won note
Date first issued August 14, 1965
Design King Sejong the Great; Bank of Korea's main building
Size 156 × 66㎜
Printed by KOMSCO
Issue ceased December 1, 1980
Notes

August 16, 1966
Na (second) 500-won notes, Ga (first) 10-, 5- and 1-won coins issued

Na (second) 500-won note

front of 500-won note issued on 16.August,1966 back of 500-won note issued on 16.August,1966

Na (second) 500-won note
Date first issued Augst 16, 1966
Design South Gate of Seoul (Sungnyemun); Turtle ship (Geobukseon)
Size 165 × 73㎜
Printed by KOMSCO
Issue ceased May 10, 1975
Notes

Ga (first) 10-won coin

front of 10-won coin issued on 16.August,1966, back of 10-won coin issued on 16.August,1966

Ga (first) 10-won coin
Material Cu(88%), Zn(12%)
Design Stone pagoda in Bulguksa Temple (Dabotap); denomination
Diameter 22.86㎜
Weight 4.22g
Printed by KOMSCO
Issue ceased

Ga (first) 5-won coin

front of 5-won coin issued on 16.August,1966, back of 5-won coin issued on 16.August,1966

Ga (first) 5-won coin
Material Cu(88%), Zn(12%)
Design Turtle ship (Geobukseon); denomination
Diameter 20.40㎜
Weight 3.09g
Printed by KOMSCO
Issue ceased

Ga (first) 1-won coin

front of 1-won coin issued on 16.August,1966, back of 1-won coin issued on 16.August,1966

Ga (first) 1-won coin
Material Cu(60%), Zn(40%)
Design Rose of Sharon; denomination
Diameter 17.20㎜
Weight 1.70g
Printed by KOMSCO
Issue ceased December 1, 1980
August 26, 1968
Na (second) 1-won coins issued

Na (second) 1-won coin

front of 1-won coin issued on 26.August,1968, back of 1-won coin issued on 26.August,1968

Na (second) 1-won coin
Material Al(100%)
Design Rose of Sharon; denomination
Diameter 17.20㎜
Weight 0.729g
Printed by KOMSCO
Issue ceased
March 21, 1969
Na (second) 50-won notes issued

Na (second) 50-won note

front of 50-won coin issued on 21.March,1969 back of 50-won coin issued on 21.March,1969

Na (second) 50-won note
Date first issued March 21, 1969
Design Tapkol Park; Rose of Sharon
Size 149 × 64㎜
Printed by KOMSCO
Issue ceased October 30, 1973
Notes Notes without serial numbers

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