The Korean Won (₩) is the official currency of South Korea. It is abbreviated as KRW and is subdivided into 100 jeon, although jeon coins are rarely used today. The won has been in use since 1945, replacing the Korean yen after the end of Japanese rule. The value of the won fluctuates based on market conditions and is influenced by various factors, including South Korea's economic performance and global trade. The currency is issued by the Bank of Korea, which manages monetary policy and ensures the stability of the won in the financial system.