The main monetary unit used in Korea is the South Korean won, abbreviated as KRW. The won has been the official currency since its introduction in 1945, replacing the Korean yen following the end of Japanese rule. The currency symbol for the won is “₩,” and it is divided into 100 jeon, though the latter is rarely used in everyday transactions. The Bank of Korea is responsible for issuing and regulating the currency. The won is critical for economic transactions within South Korea and is often subject to fluctuations in the global market, reflecting the country’s economic health.