1 Korean (South) Won to United Kingdom Pounds

Find the daily exchange rates for KRW/GBP and for all the top World currencies.

Countries That Use Korean (South) Won (KRW) as their official currency

The Korean (South) Won (KRW) is used as the main currency in the following countries: Korea, South

Countries That Use United Kingdom Pound (GBP) as their official currency

The United Kingdom Pound (United Kingdom Pound) is used as the main currency in the following countries: South Georgia and the South Sandwich Islands, Guernsey, Isle of Man, Jersey, United Kingdom

About The Korean (South) Won (GBP)

The GBP - British Pound Sterling - is the official currency of the United Kingdom, which includes England, Scotland, Wales, and Northern Ireland. It is one of the oldest currencies still in use today, dating back over 1,200 years. The British Pound is symbolized by '£' and abbreviated as 'GBP,' which stands for 'Great British Pound.' The Pound is subdivided into 100 smaller units called 'pence.' Often referred to simply as 'Sterling,' the GBP is one of the world’s most widely traded currencies, reflecting the United Kingdom’s significant role in global finance and trade.

The origins of the British Pound date back to Anglo-Saxon England, where the term 'pound' referred to the weight of silver used in minting coins. The name 'Sterling' is thought to have originated from the Old Norman French word 'esterlin,' meaning 'little star,' which was stamped on early coins. Over the centuries, the British Pound has evolved, adapting through various forms and monetary systems, including the adoption of the gold standard in the 19th century, and eventually becoming a free-floating currency in the 1970s.

The Pound Sterling is managed by the Bank of England, the central bank of the United Kingdom, which was established in 1694. The Bank of England is responsible for issuing banknotes and regulating the currency’s supply to ensure economic stability. The bank also sets interest rates and controls monetary policy to manage inflation and support economic growth. The UK’s financial stability, combined with London’s status as a leading global financial center, makes the Pound an attractive currency for international investors and a major reserve currency alongside the US Dollar and the Euro.

The British Pound is issued in both coin and banknote forms. Coins are available in denominations of 1, 2, 5, 10, 20, and 50 pence, as well as 1 and 2 Pounds. Banknotes are issued in denominations of 5, 10, 20, and 50 Pounds. Each banknote features portraits of notable British figures, including Sir Winston Churchill, Jane Austen, and JMW Turner, as well as historical landmarks such as Westminster Abbey and the Tower of London. In recent years, the Bank of England has transitioned to polymer banknotes, which are more durable, environmentally friendly, and resistant to counterfeiting compared to traditional paper notes.

The British Pound is a free-floating currency, with its value determined by the foreign exchange market. The Pound’s value can be influenced by a variety of factors, including monetary policy decisions by the Bank of England, political developments, and economic indicators such as GDP growth, unemployment rates, and inflation. In recent years, significant political events like the Brexit referendum in 2016 have had a notable impact on the Pound’s value, reflecting market reactions to changes in the UK’s economic outlook and trade relationships.

The Pound Sterling is used throughout the United Kingdom and its territories, providing a stable medium of exchange for residents and businesses. It is also accepted in some British Overseas Territories and Crown Dependencies, such as Gibraltar, the Falkland Islands, and the Isle of Man, each of which issues its own version of the Pound. Tourists visiting the UK will find the Pound essential for all transactions, from exploring historic sites like Buckingham Palace and Edinburgh Castle to shopping in London’s bustling markets and enjoying the countryside of Wales and Northern Ireland.

As one of the world’s most established currencies, the British Pound remains a symbol of the UK’s economic heritage, stability, and influence. The UK’s robust financial sector, rich history, and status as a leading global economy contribute to the Pound’s enduring strength and significance. The GBP continues to serve as a vital part of the international financial system, and its role as both a reserve currency and a global trading currency underscores the UK’s ongoing importance in world finance and trade.

About The Korean (South) Won (KRW)

The KRW - South Korean Won - is the official currency of South Korea, a country known for its rapid economic growth, technological advancements, and vibrant cultural exports such as K-pop and Korean cinema. The South Korean Won is symbolized by '₩' and abbreviated as 'KRW.' It is subdivided into 100 smaller units called 'jeon,' though jeon are no longer used in daily transactions. The Won plays a vital role in South Korea’s economy, which is one of the largest in Asia and the world, known for its robust manufacturing, electronics, and automotive sectors.

The South Korean Won was first introduced in 1902, during the Korean Empire, but was replaced by the Japanese Yen following Japan's annexation of Korea in 1910. After gaining independence from Japan in 1945, Korea reintroduced the Won, but economic challenges led to its replacement with the Hwan in 1953. The current version of the Won was reintroduced in 1962, reflecting South Korea’s commitment to establishing a stable currency as it embarked on a path of rapid industrialization and economic development. The name 'Won' is derived from the Chinese word 'yuan,' meaning 'round object,' similar to the Japanese 'Yen' and the Chinese 'Yuan.'

The Bank of Korea (BoK), the central bank of South Korea, is responsible for issuing and regulating the South Korean Won. Established in 1950, the BoK plays a critical role in maintaining monetary stability, managing inflation, and promoting economic growth. The Bank of Korea formulates monetary policy, sets interest rates, and oversees the financial system to ensure the stability of the Won. The central bank occasionally intervenes in the foreign exchange market to manage the value of the KRW, particularly during times of economic uncertainty or volatility in the global financial markets.

The South Korean Won is issued in both coin and banknote forms. Coins are available in denominations of 10, 50, 100, and 500 Won, while banknotes are issued in denominations of 1,000, 5,000, 10,000, and 50,000 Won. The banknotes feature portraits of notable historical figures, such as King Sejong the Great, who is celebrated for his contributions to Korean culture, including the creation of the Korean alphabet (Hangul), and Yi I, a prominent Confucian scholar. The reverse sides of the banknotes depict cultural symbols, historical artifacts, and scenic landscapes, reflecting South Korea's rich heritage and national pride. The banknotes also incorporate advanced security features to prevent counterfeiting, including holograms, watermarks, and special printing techniques.

South Korea’s economy is one of the most dynamic and innovative in the world, with key industries including electronics, shipbuilding, automotive manufacturing, and information technology. The South Korean Won plays an essential role in supporting these industries by facilitating domestic and international trade, investment, and financial transactions. South Korea is home to some of the world’s largest and most successful multinational corporations, such as Samsung, Hyundai, and LG, and the stability of the Won is crucial to maintaining investor confidence and supporting export-driven growth.

The South Korean Won is used throughout the country for all types of transactions, from daily expenses in bustling city markets to large-scale investments in Seoul’s financial districts. Tourists visiting South Korea will use the Won for their travel expenses, including exploring iconic attractions such as Gyeongbokgung Palace, N Seoul Tower, and the bustling shopping districts of Myeongdong and Dongdaemun. The Won serves as both a practical currency for everyday life and a symbol of South Korea's economic resilience, cultural identity, and rapid transformation from a war-torn nation to a global economic powerhouse.

Despite facing challenges over the years, including the Asian financial crisis in the late 1990s, the South Korean Won has demonstrated resilience and adaptability. South Korea's economic reforms, prudent fiscal policies, and emphasis on technological innovation have helped the Won remain stable and trusted in the global financial market. As South Korea continues to grow and establish itself as a leading player in technology, culture, and global trade, the South Korean Won represents the country’s progress, determination, and ambitions for a prosperous future.

Korean (South) Won (KRW) Frequently Used Conversions