Question

What is the currency of South Korea? A) Yen B) Won C) Yuan D) Ringgit

Answer 1

Answer: B) Won

Explanation:

The currency of South Korea is the South Korean Won, which is represented by the symbol ₩ and the currency code KRW (Korean Republic Won). This makes option B the correct answer to this question.

The Won has been South Korea's official currency since 1945, though it underwent several changes during the country's economic development. The modern South Korean Won was reintroduced in 1962 and has remained stable since then. It's issued by the Bank of Korea, which serves as the country's central bank.

Let's look at why the other options are incorrect:

• Yen (Option A) is the official currency of Japan, represented by the symbol ¥ • Yuan (Option C) is the base unit of the Chinese currency, officially known as Renminbi • Ringgit (Option D) is the official currency of Malaysia

The South Korean Won comes in both coin and banknote denominations. Coins are available in values of 1, 5, 10, 50, 100, and 500 won, while banknotes come in denominations of 1,000, 5,000, 10,000, and 50,000 won. Interestingly, due to inflation over the years, the smaller denomination coins (1, 5, and 10 won) are rarely used in daily transactions.

Understanding different currencies is important for students studying geography, international relations, or planning to travel. South Korea, officially known as the Republic of Korea, is a major economic power in East Asia, and its currency plays a significant role in international trade and commerce in the region.