1953 Bank of Korea 1 Hwan Note - Rarer South Korea Note - Light Brown Paper, Watermark - 1953 South Korean One Hwan Note - P#11a

This listing is for the photographed 1953 South Korean 1 Hwan Banknote. Issued by the Bank of Korea in South Korea at the end of the Korean War. Printed on light brown paper with a watermark, rarer variety of this issue of notes. The obverse of this note shows a wreath of guilloches at the left center. Very ornamented design on both sides of this note. Almost Uncirculated (AU) grade/condition, little to no signs of circulation, crisp note! P#11a (Pick Number 11a). Great rarer Korean War era banknote! Perfect addition to any collection!

At the end of the Korean war in 1953 South Korea changed their official currency to the Hwan, replacing the Won. The South Korean won had been severely devalued by the end of the war which drove the decision to establish a new currency system. The replacement rate was at 1 hwan = 100 won in hopes of regulating and restabilizing the economy. The first Hwan banknotes were issued in 1953 in the denominations 1,5, 10, 100, and 1000 hwan. Most notes were printed in South Korea using glass positives of the notes designed and made in the United States. Some notes were printed in the US but were printed with the wrong denomination of "won" rather than "hwan" in English and Hangul, but due to the urgent need for banknotes during the transition to the Hwan currency system these error notes were still issued and distributed in great quantity. Due to the high levels of inflation in the South Korean economy by 1962 the country decided to transition back to the won as their currency system at the rate of 1 won = 10 hwan, which slowed the rate of inflation and slowly regulated the economy once again.

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1953 Bank of Korea 1 Hwan Note - Rarer South Korea Note - Light Brown Paper, Watermark - 1953 South Korean One Hwan Note - P#11a