Inflation is the main reason for the devaluation of a country's currency. However, South Korea experienced severe inflation in its history, which led to soaring prices and increasing face value of currency. After the crisis, the cost of issuing new currency was too high, so we continued to use large denomination currency.

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economic crisis

In the 1960s, a serious economic crisis occurred in South Korea. At that time, in order to revitalize the economy as soon as possible and recover from the post-war predicament, South Korea devalued its currency sharply, even reaching 100%. In the following decades, its currency depreciated to varying degrees. Finally, this situation appeared, but it did not have much impact on the circulation of money.