The currency used in South Korea is the South Korean won, abbreviated as KRW. The won has been the official currency since its introduction in 1945, replacing the Korean yen following the division of Korea. The currency is issued in both coin and banknote forms, with varying denominations to facilitate everyday transactions. Over the years, the won has been subject to fluctuations in value against other major currencies, influenced by economic conditions and global financial markets. Its stable economy and technological advancements have helped enhance confidence in the South Korean won among traders and investors.