Value of 1971 South Korean Won today

₩100 in 1971

₩1,994.23 in 2019

The inflation rate in South Korea between 1971 and today has been 1,894.23%, which translates into a total increase of ₩1,894.23. This means that 100 won in 1971 are equivalent to 1,994.23 won in 2019. In other words, the purchasing power of ₩100 in 1971 equals ₩1,994.23 today. The average annual inflation rate has been 6.3%.

Inflation timeline in South Korea (1971-2019)

The following chart ilustrates the equivalence of ₩100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (KRW) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1971-2019) 1,892.99%
Total Inflation* 1,894.23%
Annual inflation avg. (1971-2019) 6.43%
Annual inflation avg.* 6.3%
CPI 1971 5.24
CPI 2019 104.35
CPI today* 104.42
₩1 in 1971 ₩19.93 in 2019

* Values extrapolated from the last official data to obtain today's values.

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: FV = PV (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are ₩100 worth today. There are 48 years between 1971 and 2019 and the average inflation rate has been 6.2982%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = ₩100 * (1 + 0.06)48 = ₩1,992.99

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1971 was 5.24 and the CPI today is 104.42. Therefore,

Final value = Initial value *
CPI final/CPI initial
= ₩100 *
104.35/5.24
= ₩1,992.99

South Korea inflation - Conversion table

Initial Value Equivalent value
₩1 won in 1971 ₩19.94 won today
₩5 won in 1971 ₩99.71 won today
₩10 won in 1971 ₩199.42 won today
₩50 won in 1971 ₩997.12 won today
₩100 won in 1971 ₩1,994.23 won today
₩500 won in 1971 ₩9,971.15 won today
₩1,000 won in 1971 ₩19,942.31 won today
₩5,000 won in 1971 ₩99,711.54 won today
₩10,000 won in 1971 ₩199,423.07 won today
₩50,000 won in 1971 ₩997,115.37 won today
₩100,000 won in 1971 ₩1,994,230.75 won today
₩500,000 won in 1971 ₩9,971,153.75 won today
₩1,000,000 won in 1971 ₩19,942,307.49 won today

Value of Won in time (by year)

Period Value
1971 100
1972 109.08
1973 119.1
1974 129.21
1975 163.38
1976 206.6
1977 226.43
1978 251.24
1979 292.43
1980 354.44
1981 468.58
1982 532.74
1983 558.5
1984 569.47
1985 583.41
1986 600.99
1987 609.33
1988 646.22
1989 692.64
1990 727.74
1991 795.71
1992 869.31
1993 908.07
1994 960.74
1995 1,014.24
1996 1,062.44
1997 1,114.77
1998 1,188.06
1999 1,235.18
2000 1,251.91
2001 1,286.7
2002 1,327.4
2003 1,376.97
2004 1,424.05
2005 1,467.27
2006 1,505.69
2007 1,537.15
2008 1,592.6
2009 1,658.51
2010 1,704.95
2011 1,756.68
2012 1,829.73
2013 1,855.82
2014 1,877.04
2015 1,892.68
2016 1,914.11
2017 1,939.7
2018 1,967.01
2019 1,992.99
Today 1,994.23