The "한국 원" (Korean Won) is the official currency of South Korea. It is abbreviated as KRW and is symbolized by "₩". The won is subdivided into 100 jeon, although jeon coins are no longer in circulation. The currency is issued by the Bank of Korea, which is responsible for maintaining its stability and managing monetary policy. The won has undergone several changes since its introduction in 1945, including redenominations. The current version of the won was introduced in 1962, replacing the old won at a rate of 1 new won to 1,000 old won. The currency is widely used in South Korea for all types of transactions, both in cash and electronically.