Is 1000 Won a Lot of Money in Korea?

The South Korean Won (KRW) is the official currency of South Korea. Among these, the 1,000 Won banknote and coin represent a smaller unit of value within the country’s economic landscape. For those unfamiliar with the Korean currency, understanding the purchasing power of 1,000 Won provides valuable insight into the cost of living and daily transactions in South Korea.

What 1000 Won Can Buy

In contemporary South Korea, 1,000 Won is generally considered a relatively small sum of money. While its purchasing power is limited, it can still cover the cost of a few specific, inexpensive items. Street food stalls often offer snacks such as a single hotteok (sweet pancake), a fish cake skewer (eomuk), or a small cup of tteokbokki for around 1,000 Won. Smaller pastries like peanut bread (ttangkongppang) or Deli Manjoo might also be available, with approximately 3-4 pieces costing 1,000 Won.

Convenience stores also feature some items priced at or below this denomination. Shoppers might find budget-friendly options such as a small bag of chips, instant noodles, or microwave rice for under 1,000 Won. Some convenience store brands have even introduced ultra-cheap items like microwavable rice bowls or budget milk products for less than 1,000 Won.

Relative Value Against Major Currencies

The value of 1,000 South Korean Won fluctuates against major international currencies. 1,000 KRW converts to approximately 0.71 US Dollars (USD). This means that 1,000 Won holds less than one U.S. dollar in value.

When comparing to other significant currencies, 1,000 KRW is roughly equivalent to 0.61 Euros (EUR). In terms of Japanese Yen (JPY), 1,000 KRW translates to about 105 JPY. For British Pounds (GBP), the conversion is approximately 0.53 GBP for 1,000 KRW. These rates vary daily.

1000 Won in the Broader Korean Economy

Within the broader Korean economy, 1,000 Won is widely regarded by locals as a very small denomination, often used only for incidental loose change. It has limited practical utility for most daily transactions, reflecting the overall cost of living in South Korea. While it can still buy a basic street snack, its purchasing power diminishes rapidly for more substantial goods and services.

For example, a typical subway fare in Seoul for an adult generally costs between 1,400 and 1,550 Won, exceeding the 1,000 Won mark. A standard cup of coffee from a cafe typically ranges from 3,500 to 5,000 Won, although some budget-friendly options might be found for around 1,500 Won. A casual meal at a local restaurant usually falls within the range of 7,000 to 10,000 Won, highlighting the minimal contribution of 1,000 Won towards a full meal. This demonstrates that while 1,000 Won is a physical currency unit, its standalone utility for significant purchases in South Korea is quite limited.