When new banknotes and coins whose denominations were identical but designs and sizes differed, were issued, their classification titles used to be '原‘, ’新‘, ’改‘, ’改甲‘ (in the order of issuance). However, since May 1, 1993, the classification titles of banknotes issued since the Third Currency Reform in 1962 have become 'Ga' (first), 'Na' (second), 'Da' (third), 'Ra' (fourth).
From 1970 until 1982
The current denomination system of Korean banknotes and coins was basically established in the 1970s. As time went by, banknotes and coins were issued in higher denominations as these became necessary in the course of economic development. The design of the banknotes and coins were modified later and developed further.The current denomination system of Korean banknotes and coins was basically established in the 1970s. The Bank of Korea replaced banknotes with coins by issuing 100-won coins on November 30, 1970 and 50-won coins on Dec 1, 1972.
As national income increased and the volume of transaction units expanded, the argument for the issue of high denomination notes became stronger. Thus the Bank issued 5,000-won notes on July 1, 1972 and 10,000-won notes on June 12, 1973. The Bank issued 1,000-won notes, medium denomination notes on August 14, 1975, for convenience in transactions. As a result, a long-lasting currency framework of '10,000-, 5,000-, 1,000-, 500-, 100-, 50-, 10-, 5-, and 1-won' was introduced with four types of banknotes (10,000-, 5,000-, 1,000- and 500-won notes) and five types of coins (100-, 50-, 10- and 5- and 1-won coins) in circulation. The designs of the banknotes and coins were modified later and Na (second) 5,000-won notes were newly introduced on June 1, 1977 and Na (second) 10,000-won notes on June 15, 1979.