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monetary units of South Korea and North Korea. The Bank of Korea has the exclusive authority to issue banknotes and coins for South Korea. Banknotes are issued in denominations ranging from 1,000 to 10,000 won. The notes are adorned on the obverse with early Yi (Choson) dynasty figures, including writers Yi Hwang (1,000-won note) and Yi I (5,000-won note) and King Sejong (10,000-won note), who reigned from 1419 to 1450. Coins range in value from 1 to 500 won. The new won was adopted in 1962, when the old won was replaced at a rate of 100 to 1.