100 Yen = 100 Won

The Bank of Chōsen's 100 Yen note of 1946 was issued into an extraordinarily unstable moment: Japan had surrendered the previous year, the Korean peninsula was being divided along the 38th parallel, and no unified monetary authority had yet replaced the colonial banking structure. The Bank of Chōsen continued operating under Allied supervision in the south, issuing currency into a vacuum.

The won equivalency printed on this note reflects the transitional renaming of the unit — same instrument, shifting identity. U.S. Military Government in Korea would not establish its own currency controls until later, leaving these notes to circulate across a politically fractured territory with no clear redemption guarantee.