The "won" is the official currency of South Korea. Its currency code is KRW, and the symbol for the won is ₩. The won is subdivided into 100 jeon, although the jeon is no longer used for everyday transactions and appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in Seoul. Paper money comes in denominations such as 1,000, 5,000, 10,000, and 50,000 won, and coins come in 1, 5, 10, 100, and 500 won, though the smaller coins are not widely circulated.
