The South Korean Won (₩) is the official currency of South Korea. It is abbreviated as KRW and is issued by the Bank of Korea. The won is subdivided into 100 jeon, although jeon coins are rarely used in everyday transactions. The currency symbol for the won is ₩, and it is commonly used in financial markets and trade. The exchange rate of the won can fluctuate based on various economic factors, including trade balances and interest rates. The won plays a crucial role in South Korea's economy, which is one of the largest in Asia.