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500 Hwan 15th Issue
| Issuer | Government of the Republic of Korea |
|---|---|
| Year | 1962 |
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| Currency | Hwan (1953-1962) |
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| Reverse description | Plain light ground printed entirely in olive-green, displaying two ruled tables in Chinese characters within a delicate ornamental border. The upper table, headed 元金償還表 (Principal Repayment Schedule), lists five annual repayment instalments from 1965 to 1969; the lower table, headed 附利一覽表 (Interest List), records the corresponding cumulative interest amounts in hwan for each payment date. |
| Reverse lettering | 元金償還表 償還順位 償還期日 發行金額에對한償還金額의比率 第1次 西紀1965年6月1日 發行金額의十分의二 第2次 西紀1966年6月1日 發行金額의十分의二 第3次 西紀1967年6月1日 發行金額의十分의二 第4次 西紀1968年6月1日 發行金額의十分의二 第5次 西紀1969年6月1日 發行金額의十分의二 附利一覽表 附利日 次順 元利金額 西紀1965年6月1日 第1次 金578圜 西紀1966年6月1日 第2次 金607圜 西紀1967年6月1日 第3次 金638圜 西紀1968年6月1日 第4次 金670圜 西紀1969年6月1日 第5次 金703圜 (Translation: Principal Repayment Schedule Repayment Order / Repayment Date / Ratio of Repayment Amount to Issued Amount 1st: June 1, 1965 — 2/10 of issued amount 2nd: June 1, 1966 — 2/10 of issued amount 3rd: June 1, 1967 — 2/10 of issued amount 4th: June 1, 1968 — 2/10 of issued amount 5th: June 1, 1969 — 2/10 of issued amount Interest List Interest Date / Order / Principal and Interest Amount June 1, 1965, 1st: 578 Hwan June 1, 1966, 2nd: 607 Hwan June 1, 1967, 3rd: 638 Hwan June 1, 1968, 4th: 670 Hwan June 1, 1969, 5th: 703 Hwan) |
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| Comments |
This note was printed in the immediate aftermath of the May 1961 military coup that brought General Park Chung-hee to power. The junta's economic team moved quickly to reform a currency system badly distorted by wartime inflation and years of US aid dependency — the Hwan had been introduced in 1953 at a 100:1 exchange against the old Won, but had itself inflated severely in the intervening decade.
The 15th Issue designation reflects how frequently authorization changes forced new print runs. Within months of this note's release, the Hwan was abolished entirely — replaced by the new Won at 10:1 in June 1962, making this among the last Hwan denominations to circulate before that conversion.