If you are a fan of TV series, you are probably aware of the globally acclaimed Netflix show Squid Game. In the show, players contest in a deadly competition to win prize money of 45.6 billion Won, where they are made to play silly kid's games.
While the story and concept were fictional, its general idea, societal context and currency were all real. So, if you are wondering what currency is used in Squid Game for the prize money? The answer is Korean Won (₩), the legal tender of South Korea.
Read on to learn more about Korean Won, the currency behind all the deaths and drama in the series.
The Korean Won or South Korean Won was initially derived from the Spanish-American silver dollar like the Chinese and Japanese Yen. Prior to that, since Korea was under Japanese rule, Korean Yen was the prevalent currency of the country.
After WW2 and the division of Korea, the Bank of Joseon introduced the Won to replace the Japanese denominated Korean Yen. The Bank of Korea replaced the Bank of Joseon in 1950. Facing massive devaluation, the Bank of Korea introduced new banknotes of higher value. This currency was the hwan and was in circulation till 1962.
The Korean Won was reintroduced in 1962 and was pegged to USD at various rates. It was allowed to float in 1997. South Korea agreed with the International Monetary Fund (IMF), and the Won was allowed to float in 1997. Korea's economy has faced multiple crises over time, and the value of the Won has fluctuated accordingly.
Here's a fun fact about the Korean Won: It features a large number of security features to prevent counterfeiting. These include holograms, watermarks, security threads, colour shifting inks, and a unique substance inserted directly into the notes. This technology was purportedly used for the first time in a currency wordlwide.
The Bank of Korea is the sole issuing authority for the Korean Won. The denominations of banknotes printed in the currently ongoing series include ₩1,000, ₩5,000, ₩10,000, ₩50,000 notes and a rarely used ₩2,000 note. In addition, coins of ₩1, ₩5, ₩10, ₩50, ₩100 and ₩500 are also in circulation.
Both the North and South Korean currency are named Won. However, the North Korean Won is not traded in the international currency exchange market. Therefore, Korean Won refers to the South Korean Won, and it is legal tender in South Korea only.
Most individuals buy Korean Won from banks or bureau de changes. However, buying travel money from these establishments can be associated with certain disadvantages. These include
Lengthy currency exchange procedure
Fixed daily exchange rates
Several hidden charges
You can avoid these issues by availing of the services of an online currency exchange service provider. Moreover, these online exchanges also provide far better exchange rates and much faster services than the traditional establishments.
Using the services of an online foreign exchange service provider will help you avoid these problems. In addition, these online currency providers usually give you faster currency exchange services at far lower rates.
However, it is essential to ensure that the currency exchange provider is entirely transparent with you when buying Korean Won.
South Korea was already a popular tourist destination due to its cultural heritage, cuisine, and natural beauty. The popularity of Squid Game has brought even greater attention to this small Asian country. Therefore, South Korea has set up many amenities for visiting tourists. If you travel to the country, your typical expenses should be as follows:
Taxi: Taxi rates vary according to vehicle type and region. Typically, cab fares start from 3,000 KRW and go up to 6,500 KRW.
Meal for two: Korean cuisine is a popular attraction for tourists. The top street food options cost around 6,000 KRW for two. A full dinner for two at a typical restaurant should cost between 12,000 and 24,000 KRW.
Hotel room: Korea has several hotels offering various amenities. Charges for a room at a standard mid-range hotel are between 60,000 and 100,000 KRW.
South Korean economy is predominantly cash-based but is fast transitioning to digital. In any case, foreigners will require cash for transactions. While there are many ATMs all over the country, most of them may not accept foreign cards. Moreover, purchasing Won after you reach Korea may be more expensive. Therefore, you should buy some Korean Won as travel money before visiting.
Summary
Now you have a clear idea about what currency is used in Squid Game and how it is traded in real life. So, all that is left is selecting the best currency exchange company to buy Korean Won against British Pound.
The Currency Club provides you with a quick, safe, and hassle-free currency delivery service that too via post.
We display the live interbank rates and put absolutely no hidden fee on your transactions, ensuring complete transparency.
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