The old "won" was a cognate of the Chinese yuan and Japanese yen. It is derived from the Hanja 圓(원), itself a cognate of the Chinese character 圓 (yuan) which means "round shape." The won was subdivided into 100 jeon (Hangul: 전; hanja: 錢; RR: jeon; MR: chŏn), itself a cognate of the Chinese character 錢 (qian) which means "money" and also used as a unit of money in the ancient times. The current won (1962 to present) is written in hangul only.[1]