The South Korean won is the official currency of South Korea, represented by the symbol ₩ and the code KRW. It is subdivided into 100 jeon, although jeon coins are rarely used in everyday transactions. The won has been in use since 1945, replacing the Korean yen after the end of Japanese rule. The value of the won is influenced by various factors, including South Korea's economic performance, trade balance, and global market conditions. The currency is managed by the Bank of Korea, which implements monetary policy to maintain stability and control inflation within the country.