United Kingdom of Korea Won
| United Kingdom of Korea Won | |
|---|---|
| File:United Kingdom of Korea currency.jpg | |
| ISO 4217 | |
| Code | UKC |
| Denominations | |
| Subunit | |
| 1/100 | Jeon (전) |
| Symbol | ₩ |
| Demographics | |
| User(s) | United Kingdom of Korea |
| Issuance | |
| Central bank | Bank of the United Kingdom of Korea |
| Valuation | |
| Inflation | N/A |
| Pegged by | N/A |
The currency of the United Kingdom of Korea is the United Kingdom of Korea Won (UKC). It is the official currency used within the micronation and is distinct from the South Korean Won (KRW). The United Kingdom of Korea Won is issued by the Bank of the United Kingdom of Korea and serves as a symbol of economic independence and sovereignty for the unified Korean state.
History
Following the establishment of the United Kingdom of Korea, the decision was made to introduce a separate currency that would reflect the unified status of the nation. The United Kingdom of Korea Won was officially launched on 18 May 2023 and has since become the primary means of exchange within the micronation.
Design
The banknotes and coins of the United Kingdom of Korea Won feature distinctive designs that showcase the cultural heritage and natural beauty of the Korean Peninsula. The banknotes are available in denominations of ₩1,000, ₩5,000, ₩10,000, and ₩50,000. The obverse side of the banknotes typically features notable figures, landmarks, or significant symbols of Korea, while the reverse side showcases different aspects of Korean culture, art, or historical events.
The coins of the United Kingdom of Korea Won are available in denominations of ₩1, ₩5, ₩10, ₩50, ₩100, and ₩500. The coins also bear various designs that represent different aspects of Korean culture, such as traditional architecture, iconic natural landscapes, or historical artifacts.
Subunits
The United Kingdom of Korea Won is divided into subunits known as Jeon (전). One Won is equal to 100 Jeon. However, due to the relatively low value of the Jeon, it is rarely used in daily transactions, and prices are typically rounded to the nearest whole Won.
Symbol and Abbreviation
The symbol for the United Kingdom of Korea Won is ₩. This symbol is derived from the symbol used for the South Korean Won, which is also ₩. However, it is important to note that the United Kingdom of Korea's currency is separate from the South Korean Won, and the use of the symbol ₩ is unofficial.
The abbreviation used for the United Kingdom of Korea Won is UKC, which stands for United Kingdom of Korea Currency. This abbreviation is commonly used in financial transactions and official documents.
Issuance and Regulation
The Bank of the United Kingdom of Korea is the sole authority responsible for the issuance and regulation of the United Kingdom of Korea Won. The central bank plays a crucial role in maintaining the stability and integrity of the currency, ensuring its value and availability within the economy of the United Kingdom of Korea.
Exchange Rate
As an independent currency, the United Kingdom of Korea Won does not have a fixed exchange rate with other international currencies. Its value is determined by the economic factors and market forces within the micronation. Foreign exchange services may be available for individuals and businesses wishing to convert their currency to or from the United Kingdom of Korea Won.
See Also
References