Troodon

Don't even remember where or when I got this note:


http://www.banknotebank.com/coin_vie...aspx?id=917791

But had a question I thought someone here probably knew. The current spelling of Korea's currency unit (both north and south) is "won" in English (standard Romanization of the Korean spelling). But this note spells it "jeon" in English; the Korean spelling would be about the equivalent pronunciation of "chahn" (standard Romanization used now would render it "chon"; older system on this note rendered it "jeon.")

Question is this: did they just change the spelling, or is this note in a different unit than what is used now? Was chon a subunit of won that is no longer used? (Much like sen and rin formerly used by Japan, no longer used because the value of yen dropped to point subunits became obsolete.)

Be glad to hear from anyone who knows.

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Troodon

Actually found answer myself... jeon is equal to 1/100 of a won. The value of the won eventually dropped to point there was no need for the jeon anymore. (Much like Japan abandoned the sen and rin when the value of the yen dropped to the point subunits were no longer a practical necessity.)

This note thus has a nominal value of 10/100 (1/10) of 1 won. By today's exchange rates, that would make it worth about 1/100 of a US cent in exchange value.

Interestingly enough, North Korea divided its won into 100 chon (the same subunit South Korea used, but Romanized under a newer system; its Korean spelling was the same as South Korea's.) The division is just theoretical now though, as South Korea's... no banknote or coin is denominated in the subunit anymore.

The newer Romanization is pretty standard and renders Korean words into what would allow an English speaker to closely aproximate the correct pronunciation.

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"It's a Sacagawea dollar! You can take it to the bank, and trade it in for a real dollar!" -Marge Simpson

My paper money collection- updated constantly!

jskim

At first time, chon is a subunit of won and chon is 1/100won. After the Korean War, the unit changed from won to whan to distinguish the note issued by North Korea.
By the redenomination in 1962, the unit changed from 'whan' to 'won'.
I'm not sure but during this period the subunit chon is discarded.

Daggarjon

Troodon, even though you answered the original Q for yourself it was some interesting info for the rest of us

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