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500 Hwan 15th Issue
| Issuer | Government of the Republic of Korea |
|---|---|
| Year | 1962 |
| Type | Log in to see details |
| Value | 500 Hwan |
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|---|---|
| Obverse lettering | 大韓民國政府 五百圜 五分利建國國債證書 財務部長官 西紀一九六二年度發行 한국조폐공사제조 (Translation: Government of the Republic of Korea 500 Hwan 5% National Reconstruction Bond Certificate Minister of Finance Issued in the year 1962 Minted by the Korea Minting and Security Printing Corporation) |
| Reverse description | Plain light ground printed entirely in olive-green, displaying two ruled tables in Chinese characters within a delicate ornamental border. The upper table, headed 元金償還表 (Principal Repayment Schedule), lists five annual repayment instalments from 1965 to 1969; the lower table, headed 附利一覽表 (Interest List), records the corresponding cumulative interest amounts in hwan for each payment date. |
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| Comments |
This note was printed in the immediate aftermath of the May 1961 military coup that brought General Park Chung-hee to power. The junta's economic team moved quickly to reform a currency system badly distorted by wartime inflation and years of US aid dependency — the Hwan had been introduced in 1953 at a 100:1 exchange against the old Won, but had itself inflated severely in the intervening decade.
The 15th Issue designation reflects how frequently authorization changes forced new print runs. Within months of this note's release, the Hwan was abolished entirely — replaced by the new Won at 10:1 in June 1962, making this among the last Hwan denominations to circulate before that conversion.