This study aims to compare two currency reforms which Korean government carried out in 1953 and 1962. I analyze the goals, instruments, and the effects of these reforms both in short-term and long-term perspectives. While the currency reform of 1953 was designed as anti-inflationary policy,  the currency reform of 1962 was designed as economic development policy to mobilize more resources from non-bank private sectors. But two reforms used the same instruments: conversion of currency, re-denomination, and deposit freeze.  Although the reform of 1953 had effects on monetary contraction, the effects were temporary and the money growth rate rebounded soon. Because of severe credit crunch and economic decline after deposit freeze, the deposit freeze of 1962 had to be cancelled after a month later.  But two-staged currency re-denomination has contributed to constructing Korean monetary unit, Won which had longer history than Hwan in Korean language, separated from Japanese Yen, and to reducing the transaction cost due to higher prices. The Fiscal and Monetary Stabilization Planning which Korean government implemented as anti-inflationary measure after two currency reforms lowered the inflation rate of Korean economy in the long run. Although two sharp depreciation policies of Korean currency after currency reforms were originally considered for anti-inflationary policy at that time, they helped Korean price systems to be better aligned to international price system than before.