The hwan (Korean: 환) was the currency of South Korea between February 15, 1953, and June 9, 1962.

The hwan also suffered from inflation and a series of devaluations occurred.

Some of these notes were printed in the U.S. and gave the denomination in English and Hangul as won.

Those problems were attributed to an urgent need for new banknotes and the change in currency name, as well as the decision to commission the new notes to be manufactured in the United States.

[1] Unaware banknote catalog editors may erroneously categorize these notes as part of the old won system, such as the Standard Catalog of World Paper Money by Albert Pick.