How can South Korean currency can be so low. £1 = 1,971 Won?

Question

South Korean is one of most advanced in economy and developed countries in the world.

And the currency is so low.

The Sam-sung Mobile Company is from South Korea and many more and South Korea is ranked 34 richest country in the world, but still currency of other countries is better compared to them

£1 = 81 Indian Rupee

£1 = 142 Pakistani Rupee

£1 = 12 Myanmar

£1 = 130 Bangladesh currency

even £1 = 84 Phillipenes currency

I want to know how come is the currency of South Korea so low when in economy compared to other other countries is so high.

Answer 1

Because they thinks that if the digits are more, it means more. They feel very proud when they tell foreigners that they bought a samsung phone for 422400!! and people will go "Wow!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

Answer 2

Simple: their currency isn't backed up by a strong economy. They probably don't have a good house market, too, which pretty much backs up the US dollar. One USD is worth something around 15,000 of some African currency, I believe.

South Korea may also have to many Won notes/ bills floating around, thus making them worth nothing. The more printed money there is of a currency (that includes coins, too), the less valuable it is and the less demand there is for it.

Answer 3

just is dude

Answer 4

you got a point there.

Its because South Korean currency has too many Won notes and that decreases the currency value. The currency isn't supported by a strong economy, which other countries do.

It has too many notes or arguably has the most in the world.

http://en.wikipedia.org/wiki/South_Korea...

Answer 5

I went to South Korea earlier this year. It really sucks carrying around all that cash and coins.

Consider that at one point, the dollar was equal to 100 yen.

Does that mean the yen is low, or does it just mean that a yen was worth a penny?

The dollar has lower denominations - the lowest being the penny, but we just don't use the lowest one. Other countries do in a relative way.