History of the euro midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002 (having been distributed in small amounts in the previous December). Beginning on 1 January 1999, all bonds and other forms of
Korean currency also got devaluated. This was the reason for the reintroduction of won in 1962 as the official currency unit. South Korean currency was still pegged to the US dollar until in 1997 when it was floated into the world market. The Joseon Dynasty issued its first copper coins. In 1888, shortly before the yang was introduced, a small number of coins denominated in hwan (圜) and mun (文) were minted. Even though the yang had been used in past it was reintroduced as the main currency in 1892. One yang was subdivided in 100 fun, making it the first Korean