Result: ₩100 in 1960 → ₩8,992.89 in 2024
The South Korean Won has lost 99% its value since 1960
Updated: May 15, 2024₩100 in 1960 is equivalent in purchasing power to about ₩8,992.89 today, an increase of ₩8,892.89 over 64 years. The won had an average inflation rate of 7.28% per year between 1960 and today, producing a cumulative price increase of 8,892.89%.
This means that today's prices are 89.93 times as high as average prices since 1960, according to the OECD and the World Bank consumer price index for South Korea. A won today only buys 1.112% of what it could buy back then.
The inflation rate in 1960 was 7.97%. The current inflation rate compared to the end of last year is now 3.24%. If this number holds, ₩100 today will be equivalent in buying power to ₩103.24 next year.
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| Cumulative price change | 8,892.89% |
| Average inflation rate | 7.28% |
| Converted amount ₩100 base | ₩8,992.89 |
| Price difference ₩100 base | ₩8,892.89 |
| CPI in 1960 | 1.345 |
| CPI in 2024 | 120.936 |
| Inflation in 1960 | 7.97% |
| Inflation in 2024 | 3.24% |
| ₩100 in 1960 | ₩8,992.89 in 2024 |
Buying power of ₩100 in 1960
This chart shows a calculation of buying power equivalence for ₩100 in 1960 (price index tracking began in 1951).
For example, if you started with ₩100, you would need to end with ₩8,992.89 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When ₩100 is equivalent to ₩8,992.89 over time, that means that the "real value" of a single South Korean won decreases over time. In other words, a won will pay for fewer items at the store.
This effect explains how inflation erodes the value of a won over time. By calculating the value in 1960 dollars, the chart below shows how ₩100 is worth less over 64 years.
According to the OECD and the World Bank, each of these KRW amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1960 amounts in today's won, based on the 8,892.89% change in prices:
| Initial value | Equivalent value |
|---|---|
| ₩1 won in 1960 | ₩89.93 won today |
| ₩5 won in 1960 | ₩449.64 won today |
| ₩10 won in 1960 | ₩899.29 won today |
| ₩50 won in 1960 | ₩4,496.44 won today |
| ₩100 won in 1960 | ₩8,992.89 won today |
| ₩500 won in 1960 | ₩44,964.43 won today |
| ₩1,000 won in 1960 | ₩89,928.86 won today |
| ₩5,000 won in 1960 | ₩449,644.32 won today |
| ₩10,000 won in 1960 | ₩899,288.65 won today |
| ₩50,000 won in 1960 | ₩4,496,443.23 won today |
| ₩100,000 won in 1960 | ₩8,992,886.47 won today |
| ₩500,000 won in 1960 | ₩44,964,432.35 won today |
| ₩1,000,000 won in 1960 | ₩89,928,864.70 won today |
How to calculate inflation rate for ₩100 since 1960
Our calculations use the following inflation rate formula to calculate the change in value between 1960 and today:
CPI today CPI in 1960
×
1960 KRW value
=
Today's value
Then plug in historical CPI values. The South Korean CPI was 1.344795 in the year 1960 and 120.93588760358055 in 2024:
120.935887603580551.344795
×
₩100
=
₩8,992.89
₩100 in 1960 has the same "purchasing power" or "buying power" as ₩8,992.89 in 2024.
To get the total inflation rate for the 64 years between 1960 and 2024, we use the following formula:
CPI in 2024 - CPI in 1960CPI in 1960
×
100
=
Cumulative inflation rate (64 years)
Plugging in the values to this equation, we get:
120.93588760358055 - 1.3447951.344795
×
100
=
8,893%
Data source & citation
You may use the following MLA citation for this page: “Value of 1960 South Korean Won today | South Korea Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 May. 2024, https://www.officialdata.org/south-korea/inflation/1960.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Cumulative price change | 8,892.89% |
| Average inflation rate | 7.28% |
| Converted amount ₩100 base | ₩8,992.89 |
| Price difference ₩100 base | ₩8,892.89 |
| CPI in 1960 | 1.345 |
| CPI in 2024 | 120.936 |
| Inflation in 1960 | 7.97% |
| Inflation in 2024 | 3.24% |
| ₩100 in 1960 | ₩8,992.89 in 2024 |