SOUTH KOREA 5 won (1953)

$25.00

KOREA, SOUTH, 5 won, no date (1953), Face: red & blue-green, Back: red, English legend, block 14, P12, VF

1 in stock

SKU: 2103151131 Categories: ,

Description

After World War II the Korean peninsula was occupied in the north by Soviet troops and the south by the Americans. In the south the Americans appointed Synghman Rhee, while the Soviets appointed Kim Il-Sung as “premier.” The Korean War ensued until the armistice. There still is not a peace treaty. The South Korean government was unstable and there was a military coup. The military government continued until the late 1980s, when popular discontent led to a decision to hold free elections, which the military lost.

Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.

Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.