500 Hwan

The 500 Hwan was a short-lived denomination in every sense. The Hwan itself replaced the Won in 1953 at a rate of 100 to 1, a direct consequence of postwar inflation that had rendered the original currency functionally worthless. By 1962, the Won was reintroduced — again at 10 Hwan to 1 Won — making the entire Hwan series a brief interlude defined by monetary instability on both ends.

Printing domestically at the Korea Minting and Security Printing Corporation rather than contracting foreign security printers, as Korea had done earlier in the series, reflected a deliberate push toward self-sufficient currency production in the late 1950s. Pick 24 sits near the end of Hwan-era issues.