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Coin denominations are 1, 5, 10, 50, 100, and 500 won, but 1 and 5 won coins are rarely used. Notes are 1,000, 5,000, 10,000 and 50,000 won.
Also bank cheques of 100,000 won are used as notes, but when you use a bank cheque, you must show your I.D. card or passport .
Foreign bank notes and traveler's cheques can be converted into Korean won at foreign exchange banks and other authorized money changers. The exchange rate is subject to market fluctuations. One U.S. dollar was equivalent to about 1,200 won as of January 2003. You may check the daily exchange rate on the lower-left side of the main homepage of “Seoul Focus” at http://english.metro.seoul.kr.
 
Exchange Rate ARS Service: +82-2-3709-8000 (code No. 351)
Thomas Cook: +82-2-733-6601
American Express Travelers Cheques: +82-2-399-2915
Credit cards, including VISA, American Express, Diners Club, Master Card and JCB, are accepted at major hotels, department stores, and larger restaurants.
 
VISA: +82-2-524-9827
Master Card: +82-2-398-2200
Diners Club: +82-2-222-6100
American Express: +82-2-552-7600
JCB: +82-2-755-4977