The Republic of Korea, situated in northeastern Asia on the southern half of the Korean peninsula between North Korea and the Korean Strait, has an area of 38,025 sq. mi. (98,480 sq. km.) and a population of 42.5 million. Capital: Seoul. The economy is based on agriculture and light and medium industry. Some of the world's largest oil tankers are built here. Automobiles, plywood, electronics, and textile products are exported.
   Japan replaced China as the predominant foreign influence in Korea in 1895 and annexed the peninsular country in 1910. Defeat in World War II brought an end to Japanese rule. U.S. troops entered Korea from the south and Soviet forces entered from the north. The Cairo conference (1943) had established that Korea should be free and independent. The Potsdam conference (1945) set the 38th parallel as the line dividing the occupation forces of the United States and Russia. When Russia refused to permit a U.N. commission designated to supervise reunification elections to enter North Korea, an election was held in South Korea on May 10, 1948. By its determination, the Republic of Korea was inaugurated on Aug. 15,1948.
   NOTE: For earlier coinage see Korea.
  
MONETARY SYSTEM
100 Chon = 1 Hwan

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