The "Won"-denominated coins emerged at a time when the Republic of Korea’s currency reform of 1962 resulted in a desperate need for new coinage. South Korea embarked on this reform action, the third in twelve years, with support (and some pressure) from the United States, in an effort to lower the price of Korean exports and boost Korea's economy. The reform involved converting from the “Hwan” (환)-denominated currency (1953-1962) to a new “Won” (원) denomination, and revaluing the Korean currency downward. Domestically, this created a situation in the early 1960s in which the Bank of Korea’s currency system relied on both Won-denominated banknotes, and the circulation of the old 50 Hwan and 10 Hwan coins, which were revalued to 5 Won and 1 Won respectively.