Tuesday, September 30, 2008
Day 7 - Currency
This weekend I had my first experience with an ATM in South Korea. So I thought it would be interesting to show the currency. For just a review the United States main currency denominations are $100, $50, $20, $10, $5, $1, 25 (quarter), 10 (dime), 5 (nickel), 1 (penny). So in comparison the South Korean currency is significantly smaller in denominations.The Korean currency consists of 10,000 won, 5,000 won, 1,000 won, 500, 100, 50, 10 won coins. Wait hold a second...Why is the paper money in the thousands??? The highest denomination being a 10,000 won is equivalent in nature to the US $10 dollar bill. I is not equivalent to $10,000...But I did get magically richer, how did that work?? The exchange rate right now is 1 US Dollar = 1206.27262 won. So for a little math lesson $150 dollars = 180,940.893 won. So you can see from that the US dollar is doing pretty good in relation to the South Korean Won. So if you want to make your money worth something more???? Come visit me in South Korea!!