North Korean won

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North Korean won
ISO 4217
CodeKPW
Number408
Exponent2
Denominations
Subunit
 1/100chon ( / )
Symbol
Banknotes
 Freq. used₩100, ₩200, ₩500, ₩1000, ₩2000, ₩5000[1]
 Rarely used₩5, ₩10, ₩50
Coins
 Rarely used1, 5, 10, 50 chon; ₩1[2]
Demographics
User(s) North Korea
Issuance
Central bankCentral Bank of the Democratic People's Republic of Korea
Democratic People's Republic of Korea won
Chosŏn'gŭl
조선민주주의인민공화국 원
Hancha
朝鮮民主主義人民共和國圓
Revised RomanizationJoseon minjujuui inmin gonghwaguk won
McCune–ReischauerChosŏn minjujuŭi inmin konghwakuk wŏn
Korean People's won
Chosŏn'gŭl
조선인 원
Hancha
朝鮮人圓
Revised RomanizationJoseon-in won
McCune–ReischauerChosŏn-in wŏn

The North Korean won, also known as the Korean People's won (Symbol: ; Code: KPW; Korean: 조선인 원) or Democratic People's Republic of Korea won (Korean: 조선민주주의인민공화국 원), is the official currency of North Korea. It is subdivided into 100 chon. The currency is issued by the Central Bank of the Democratic People's Republic of Korea, based in the North Korean capital, Pyongyang.

Etymology[edit]

Won is a cognate of the Chinese yuan and Japanese yen. All three names derive from the Hanja (), which means "round shape." The won is subdivided into 100 chon (; ; McCune-Reischauer: chŏn; Revised Romanization: jeon).

History[edit]

1947–2009[edit]

After the division of Korea, North Korea continued using the Korean yen for two years, until the Central Bank of the Democratic People's Republic of Korea was established on 6 December 1947 and the first North Korean won was issued.[3] In February 1959, the second North Korean won was introduced, equal to 100 old won.

From 1978 on, the North Korean government maintained an iconic rate of 2.16 won to the US dollar (which is said to have been based upon Kim Jong-il's birthday, 16 February).[4] Over the decades, however, rampant inflation eroded the currency's value, and from 2001 the government abandoned the rate in favor of those closer to the black market's. A report by defectors from North Korea claimed the black market rate was ₩570 to the Chinese yuan (about ₩4,000 per U.S. dollar) in June 2009.[5]

2009 revaluation[edit]

The third North Korean won was introduced in a revaluation in November 2009,[6][7] the first in 50 years.[8][9] North Koreans were given seven days to exchange a maximum of ₩100,000 (worth approximately US$40 on the black market) in ₩1,000 notes for ₩10 notes, but after protests by some of the populace, the limit was raised to ₩150,000 in cash and ₩300,000 in bank savings.[10] The official exchange rate at this time was around $740, but black market value of the ₩150,000 was estimated to be near $30.[11] The revaluation, seen as a move against private market activity, wiped out many North Koreans' savings.[10] The Times speculated that the move may have been an attempt by the North Korean government to control price inflation and destroy the fortunes of local black market money traders.[12] The announcement was made to foreign embassies but not in North Korean state media.[12]

As part of the process, the old notes ceased to be legal tender on 30 November 2009, but notes valued in the new won were not distributed until 7 December 2009.[12] North Koreans were thus unable to exchange any money for goods or services for a week, and most shops, restaurants and transport services were shut down.[12] The only services that remained open were those catering to the political elite and foreigners who both continued to trade exclusively in foreign currency.[12] The measure led to concerns amongst North Korean officials that the move would result in civil unrest. China's Xinhua news agency described North Korean citizens as being in a "collective panic";[13] army bases were put on alert and there were unconfirmed reports of public protests in the streets in a handful of North Korean cities and towns, forcing authorities to slightly increase the amount of currency people were allowed to exchange.[14] Piles of old bills were also set on fire in separate locations across the country, old paper notes were dumped in a stream (against laws of the desecration of images of Kim Il-sung), and two black market traders were shot dead in the streets of Pyongsong by local police, according to international reports.[15][16] Authorities threatened "merciless punishment" for any person violating the rules of the currency change.[17]

Pictures of the new notes were published on 4 December 2009 in the Chosun Shinbo, a North Korean newspaper based in Japan.[18][19] The paper claimed that the measure would weaken the free market and strengthen the country's socialist system.[20] However, the won plummeted 96 percent against the U.S. dollar in the ensuing days after revaluation.[21] Authorities eventually raised the limit to 500,000 won, Chosun said, and promised no probes into savings of up to one million won, and unlimited withdrawals if savings of more than one million were properly accounted for.

In February 2010, some of the curbs on the free market were eased and a senior party official sacked after incidents of unrest.[22] Pak Nam-gi, the director of the Planning and Finance Department of North Korea's ruling Workers' Party, was executed later in 2010.[23] North Korea denied any serious crisis relating to the revaluation.[24]

Coins[edit]

First Won[edit]

No coins were issued under the first won of 1947–1959.

Second Won[edit]

The first North Korean coins for circulation were minted in 1959 in denominations of 1, 5, and 10 chon. These coins were often restruck with the original dates in later years; however, 1970 and 1974 dates also appear on the 1 and 5 chon. In 1978, 50 chon coins featuring the Chollima Statue and a rising sun were introduced into circulation during the 1979 currency reform to allow greater flexibility for vendors by eliminating the 50 chon banknote and large amounts of "small change" coinage carried. In 1987, 1 won coins featuring the Grand People's Study House were introduced, but did not fully replace the 1 won note which remained legal tender.

When the historic 2.16 peg to the dollar was abandoned in 2001 to allow for greater convertibility the coins began to lose value. After 2003, these coins were rarely seen in circulation but were still redeemable. Later, a new set of coins was introduced in 2005 in denominations of 5, 10, 50, and 100 won. These coins were less impressive compared to the older series, being very plain and generic in design. All circulation coins of the Second Won were struck in aluminum.

Circulated coins
Image Value Technical parameters Description Date of minted year
Diameter Composition Obverse Reverse General issue
(no star)
Socialist visitor
(1 star)
Capitalist visitor
(2 stars)
Year last
circulated
1959-1jeon.jpg 1 chon 16 mm Aluminium[25] State title, Coat of arms, year of minting Value, (optionally, star(s)) 1959, 1970 1959 1959 ?
1959-5jeon.jpg 5 chon 18 mm 1959, 1974 1974 1974 ?
1959-10jeon.jpg 10 chon 20 mm 1959 1959 1959 ?
1978-50jeon.jpg 50 chon 25 mm Bank title, Coat of arms, value Chollima Statue, year of minting,
(optionally, star(s))
1978 1978 1978 ?
1987-1won.jpg ₩1 27 mm Bank title, Coat of arms, value, year of minting Grand People's Study House 1987 N/A N/A ?
2005-5won.jpg ₩5 21 mm Value 2005 N/A N/A 2009
2005-10won.jpg ₩10 23 mm 2005 N/A N/A 2009
2005-50won.jpg ₩50 25 mm 2005 N/A N/A 2009
2005-100won.jpg ₩100 27 mm 2005 N/A N/A 2009
For table standards, see the coin specification table.

Following other socialist economies like Cuba and China, North Korea developed a special system of marking coins for two groups of foreign visitors. Issued in 1983, these coins were part of the "Pakkundon" convertible series. Coins with no "stars" were for general circulation in North Korea, coins marked with one star were for "socialist visitors", and coins marked with two stars were designated for "capitalist visitors". A fourth set, intended for collectors rather than circulation, was struck with the word "specimen" or "example" in Korean characters in the areas where the stars would be. The specimen/example set is the least common of the four. Besides the general circulating coins, there is an abundance of different commemorative coins minted in the name of the DPRK. Most, if not all of them, are sold to foreign numismatists. Some of these are official, state approved coins, others are not.

Third Won[edit]

Coins were issued in 10, 50 chon and 1 won denominations in 2002, and 1 and 5 chon denominations in 2008. All denominations are struck in aluminum. These coins feature the national coat of arms on the obverse and flowers, particularly the Kimjongilia and the Kimilsungia, on the reverse of the 10 and 50 chon coins. A magnolia adorns the 1 won coin.[18]

Initially struck in 2002, the coins were intended for use shortly after the dollar peg was removed from the currency. The 50 chon and 1 won coins were smaller than the previous designs, while the new 10 chon coin was the same size as the old. Hyperinflation became a very sudden reality, however, and the new coins were never released as planned. In 2008, 1 and 5 chon coins were also struck when a plan for monetary revaluation began. The coins were finally released into circulation in December 2009, but due to the flawed nature of the revaluation, these coins again have very little value, the 1 and 5 chon coins in particular being virtually irrelevant.

Circulated coins
Image Value Technical parameters Description Date of minted year
Diameter Mass Composition Obverse Reverse
2008-1jeon.jpg 1 chon 18.0 mm 0.8 g Aluminium[26] Coat of arms, Value Royal azalea, Year of minting 2008
2008-5jeon.jpg 5 chon 19.0 mm 0.9 g Tree peony, Year of minting 2008
2002-10jeon.jpg 10 chon 20.0 mm 1.0 g Azalea, Year of minting 2002
2002-50jeon.jpg 50 chon 22.1 mm 1.55 g Kimjongilia, Year of minting 2002
2002-1won.jpg ₩1 24.1 mm 1.9 g Kimilsungia, Year of minting 2002
For table standards, see the coin specification table.

Banknotes[edit]

The first banknotes of "North Korea" were issued in 1945 by the Soviet-backed provisional government above the 38th parallel. These were in denominations of 1, 5, 10, and 100 won. These were discontinued shortly after Soviet forces withdrew and recognized the newly independent state.

First Won[edit]

This currency was issued in all-banknote form, with the first banknotes of this issue in denominations of 15, 20, and 50 chon along with 1, 5, 10 and 100 won in 1947. The chon notes had stylized art designs, while the won denominations were fairly uniform in design, featuring a farmer and a worker standing together and holding the symbolic tools. This currency was later revalued in 1959 at a rate of one new won to 100 old won to curb the inflation that had occurred as a result of the Korean War.[27]

Second Won[edit]

In 1959, the old won was replaced with the Second Won, with price and exchange rates fixed to the U.S. dollar. This banknote series was issued in denominations of 50 chon, and 1, 5, 10, 50, and 100 won. These notes were much larger than the previous issue and depicted images representing various industries in the North Korean economy.

In 1979, the currency was again reformed, and a new banknote series was issued in denominations of 1, 5, 10, 50, and 100 won. There is ongoing speculation as to why this move was made. All 1959 banknotes were removed from circulation. Circulating coins, however, were not affected by this change. The designs for this issue were much more symbolic and charismatic than previous ones, with Kim Il-sung featuring for the first time on the 100 won note.

In 1992, another redesign was carried out for banknotes, again in denominations of 1-, 5-, 10-, 50-, and 100-won. Older notes were once again withdrawn. These notes were smaller and crisper than the previous issue and depicted more modern themes. The 5 and 10 won banknotes were again issued in 1998, along with a 500 won banknote that same year but were stamped rather than engraved reflecting poorer production quality. In 2002, 1,000 and 5,000 won notes were introduced, followed by a 200 won note in 2005. The former two were identical in design to the 100 won though differing in colors and added security features, but the colored fields behind the text no longer extended all the way to the margins. In 2007, the 500 won had also been revised in this same manner along with being engraved for the first time to protect against counterfeiting. From 1998 onwards, all notes were dated using the Juche year (Juche year) along with the standard dating.

In 2005, the Central Bank of the Democratic People's Republic of Korea issued commemorative 200, 500, 1000 and 5000 won notes to celebrate the 60th anniversary of the foundation of North Korea. It consists of an overprint on its regular issue notes.

In 2007, a commemorative version of this banknote series was released, stamped "Great Leader Comrade Kim Il Sung's 95th Birthday" on all denominations.

Banknotes of the North Korean won (1978 issue)
Obverse Reverse Main color Value Obverse Reverse
1978-1won-1-a.jpg 1978-1won-2-a.jpg Olive-green ₩1 A student, woman and children Male and female soldiers; Yang Helyong (scenes from the opera Sea of Blood)
1978-5won-1-a.jpg 1978-5won-2-a.jpg Blue-gray ₩5 Worker with a cogwheel and holding a political book; peasant woman holding a sheaf of wheat; factories in the background Mount Kumgang
1978-10won-1-a.jpg 1978-10won-2-a.jpg Brown ₩10 Chollima Chollima Steel Complex
1978-50won-1-a.jpg 1978-50won-2-a.jpg Olive-green ₩50 Soldier; peasant woman; officials of the Workers' Party of Korea Lake
1978-100won-1.jpg 1978-100won-2.jpg Brown and lilac ₩100 Kim Il-sung Mangyongdae (the birthplace of Kim Il-sung)

Banknotes in circulation for the second won, up to December 2009, were as follows:

1992 series
Obverse Reverse Value Dimensions Main Color Description Date of issue
Obverse Reverse Watermark
1992-1won-1.jpg 1992-1won-2.jpg ₩1 116 × 55 mm Green Actress Hong Yong-hee in her film role as The Flower Girl Mount Kumgang Chollima Statue 1992
1992-5won-1.jpg 1992-5won-2.jpg ₩5 126 × 60 mm Blue Students, Kim Il-sung University, Mangyongdae School Children's Palace Grand People's Study House 1992
HD-north-korea-1998-5-won-obverse.jpg HD-north-korea-1998-5-won-reverse.jpg 1998
1992-10won-1.jpg 1992-10won-2.jpg ₩10 136 × 65 mm Brown-orange Factory worker, Chollima (1,000 ri horse) Pi Do Island, Western sea barrage and locks at Taedong River(Taedong-gang) 1992
1998-10won-1.jpg 1998-10won-2.jpg 1998
1992-50won-1.jpg 1992-50won-2.jpg ₩50 146 × 70 mm Orange Young professionals, Juche Tower Mount Paektu Juche Tower 1992
1992-100won-1.jpg 1992-100won-2.jpg ₩100 156 × 75 mm Red and brown Kim Il-sung The birthplace of Kim Il-sung, Mangyongdae-guyok Arch of Triumph 1992
2005-200won-1.jpg 2005-200won-2.jpg ₩200 140 × 72 mm Blue and green Mongnan (National Flower of North Korea) Value Chollima Statue 2005
1998-500won-1.jpg 1998-500won-2.jpg ₩500 156 × 75 mm Dark green Kumsusan Memorial Palace Chongryu Bridge[28] Arch of Triumph 1998
2007-500won-1.jpg 2007-500won-2.jpg 2007
2002-1000won-1.jpg 2002-1000won-2.jpg ₩1000 Green-cyan Kim Il-sung The birthplace of Kim Il-sung, Mangyongdae-guyok 2002
HD-north-korea-1000-won-2006-obverse.jpg HD-north-korea-1000-won-2006-reverse.jpg 2006
2002-5000won-1.jpg 2002-5000won-2.jpg ₩5000 Violet 2002
2006-5000won-1.jpg 2006-5000won-2.jpg 2006

Third won[edit]

In 2009, another currency reform was initiated to tackle hyperinflation and black market activities. Unlike previous reforms, the 2009 move sparked a nationwide panic when it was announced there would be a two-week waiting period between the withdrawal of the old currency and the introduction of the new currency, coupled with an exchange limit of only 500,000 old won for each person, effectively wiping out savings. The state eventually pulled back on most exchange limits; however, the revaluation proved to be a failure.

Like the coins for this series, some of the denominations were initially printed in 2002 but were never released into circulation, pointing to a planned monetary revaluation much earlier than 2009 that was never carried out.

The current series of banknotes of the third won are issued in denominations of 5-, 10-, 50-, 100-, 200-, 500-, 1,000-, 2,000-, and 5,000-won. Kim Il-sung is depicted only on the obverse of the highest denomination, with the 100 won note featuring the Magnolia (National Flower) and other notes depicting North Koreans of different professions and various monuments in North Korea.[18] The exchange rate was 100 second won to 1 third won.[29]

Unlike all previous series, these notes were all uniform in dimensions rather than staggered in size from smallest to largest. There are rumors that the original designs for the 1,000 and 2,000 won notes depicted Kim Il-sung and had similar design features to the 5,000 won that were scrapped and destroyed due to counterfeiters or thieves breaking into a bank warehouse and stealing early notes or printing materials, resulting in a total redesign of the two denominations in question.

In 2012, another commemorative series of banknotes was released, this time in the 2002–2009 series but similarly stamped "Great Leader Comrade Kim Il Sung's 100th Birthday." Once again this stamp appeared on all denominations.[30][31]

In 2018, 1,000 and 2,000 won notes were released with an overprint referencing the 70th Anniversary of its independence.

On 25 July 2014, a new 5,000 won note dated 2013 was released into circulation. Instead of depicting the portrait of North Korea's founder Kim Il-sung, the note depicts an image of his birthplace in Mangyondae and on the back the International Friendship Exhibition in Myohyangsan that displays gifts he and his son Kim Jong-il received from foreign leaders.[32][33][34][35] There has been ongoing speculation that this could indicate plans for higher denominations to be released later which would depict Kim Il-sung, Kim Jong-il, or possibly both. However the official reason behind the change was to combat counterfeiters.

2009 series[18]
Image Value Dimensions Main Color Description Date on notes Remark
Obverse Reverse Obverse Reverse Watermark
HD-north-korea-5-won-2002-front.jpg HD-north-korea-5-won-2002-back.jpg ₩5 145 × 65 mm Navy blue Party members Hwanggang hydroelectric dam and power station Mongnan (Seibold’s magnolia) flowers Juche 91 (2002)
HD-north-korea-2002-10-won-front.jpg HD-north-korea-2002-10-won-back.jpg ₩10 Olive Green Soldiers (Air Force, Navy, Army) Victory Monument of the "Fatherland Liberation War" (Korean War)
50 вон КНДР.jpg Nkorea92-50b.jpg ₩50 Purple Engineer, farmer and working intellectual Monument to the Founding of the Workers' Party of Korea
Nkorea08-100a (1).jpg 100 вон КНДР.jpg ₩100 Green Mongnan (National Flower of North Korea) Value Juche 97 (2008)
200 вон КНДР.jpg Nkorea08-200b.jpg ₩200 Burgundy Chollima
500 вон КНДР.jpg 500 вон КНДР-р.jpg ₩500 Grey Arch of Triumph
Nkorea08-1000a.jpg Nkorea08-1000b.jpg ₩1000 Red Birthplace of Kim Jong-suk in Hoeryong Samji lake The obverse depicts Kim Jong-suk’s birthplace
Nkorea08-2000a.jpg 2000 вон КНДР.jpg ₩2000 Blue Paekdusan Secret Camp, Jong-il Peak Mount Paektu The obverse depicts Kim Jong-il’s alleged[36] birthplace
Nkorea08-5000a.jpg Nkorea08-5000b.jpg ₩5000 Brown Kim Il-sung Mangyongdae
North korea dprk 5000 won 2013.00.00 b58a pnl 0031333 f.jpg 2013 - 5000won-2.jpg ₩5000 Brown and pink Birthplace of Kim Il-sung in Mangyongdae International Friendship Exhibition in Mt. Myohang Juche 102 (2013)
For table standards, see the banknote specification table.

Donpyo emergency currency[edit]

Lockdowns due to the COVID-19 pandemic have caused shortages in ink and paper used to print regular KPW banknotes, resulting in the issuance in the second half of 2021 of an emergency currency printed with the word "donpyo" (돈표 or "money coupon"). It is denominated 5,000 won and printed in red ink on white paper of poor quality.[37]

Shortages in regular KPW banknotes after 2020 have also resulted in a premium in their exchange values in the black markets. The donpyo is discounted versus regular banknotes at only 3,800-4,000 KPW, and KPW banknotes have even appreciated versus the US dollar from 8,000 KPW to 5,200 KPW/USD.[38]

Exchange rates[edit]

The North Korean won is not traded in the international markets. It is traded in the unofficial black markets at around US$1 = 8,000 KPW as of 2019 and around $1 = 5,000 KPW as of 2021.

Current KPW exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

Note: Rates obtained from these websites could be substantially different from black market rate

Concurrent use with foreign currencies[edit]

Before 2009[edit]

North Korean won are intended exclusively for North Korean citizens, and the Bank of Trade (무역은행) issued a separate currency (or foreign exchange certificates) for visitors, like many other socialist states. However, North Korea made two varieties of foreign exchange certificates, one for visitors from "socialist countries" which were colored red and hence nicknamed "red won",[39] and the other for visitors from "capitalist countries" which were colored blue/green and hence known as "blue won".[39]

For the 1978 banknote series, foreign certificates, called "Pakkundon", meaning "exchangeable money" were implemented by an overstamp and serial number color. This was intended to protect the value of the national currency in North Korea's command economy. These were first released in 1983 in two forms, one for "socialist visitors" which had a red stamp, and one for "capitalist visitors" which had a green stamp. Another series was released in 1986 with either a blue or red Guilloché style stamp. These were issued in all denominations, except for the ₩100 note, presumably because it was assumed by the government that foreign visitors to North Korea would not show proper respect for its depiction of Kim Il-sung. These notes were discontinued in 1988 and replaced with a new series of Pakkundon in all banknote form that was more distinguishable and unmistakable from generic circulation currency.

Variation of the 1978 series
Overstamp Serial number color Target users
None 1 red, 1 black General circulation
Green with Korean text 2 black Socialist visitors 1983
Red with Korean text 2 red Capitalist visitors 1983
Red guilloché with numeral 2 red Capitalist visitors 1986
Blue guilloché with numeral 2 black Socialist visitors 1986

In 1988, the Bank of Trade (무역은행) (as opposed to the Central Bank) issued two unique series of foreign certificates. They both included 1 chon, 5 chon, 10 chon, 50 chon, ₩1, ₩5, ₩10, and ₩50. The series for "capitalist visitors" was blue-green, while the series for "socialist visitors" was pink.[40] The chon notes had a simple design of patterns and corresponding values, while the socialist won notes depict the International Friendship Exhibition, and the capitalist won notes depict the Chollima Statue.[41]

FECs were used until 1999, then officially abolished in 2002, in favor of visitors paying directly with hard currencies.[42]

Since 2009[edit]

After the 2009 revaluation the BBC reported that in some department stores in Pyongyang, the North Korean won is not accepted; the stores only take Japanese yen and U.S. dollars.[43]

Foreign visitors (and privileged locals) can buy goods priced in 'tied' won using a local debit card, which they have to credit with exchanging foreign currency (Euro, United States dollar or Renminbi/Yuan) at the official bank rate. One euro would provide a credit of 130 won. This card can be used for instance at the famous Pyongyang Department Store No. 1 or at the different stores at the international hotels, where the goods are priced at the tied won rate. This tied won does not exist in the form of bank notes.

In normal stores and markets goods are priced in what has been called the 'untied' won or free market rate and regular banknotes can be used here. At for instance the Tongil Market and the Kwangbok Department Store (a.k.a. the Chinese Market) there are semi-official exchange agents who will give in regular banknotes around 10,000 won for one euro (2012) to locals and foreign visitors alike, so almost 77 times as much as the tied rate. However, the prices in the normal shops outside the tied won and restricted state shops are also based on this untied won rate.[44]

As of 2018, most stores in North Korea take U.S. dollars, euros and Chinese yuan/renminbi. Since more renminbi and U.S. dollars are brought into the country than euros, change from transactions is primarily returned in renminbi or U.S. dollars.[45]

See also[edit]

References[edit]

  1. ^ North Korea revalues and replaces currency. BanknoteNews.com. 4 December 2009.
  2. ^ 북한의 새로 발행된 화폐들 (in Korean). ccdailynews.com. 4 December 2009.
  3. ^ Cho, Lee-Jay; Kim, Yoon Hyung (1995). Economic systems in South and North Korea: the agenda for economic integration. Korea Development Institute. p. 161. ISBN 978-89-8063-001-1.
  4. ^ Hoare, James; Pares, Susan (2005). North Korea in the 21st century: an interpretive guide. Global Oriental. p. 145. ISBN 978-1-901903-96-6.
  5. ^ Yong, Lee Sang (24 June 2009). The Color of North Korean Money. Daily NK.
  6. ^ Ho, Jung Kwon (30 November 2009). North Korea Replaces Currency Archived 12 December 2009 at the Wayback Machine. Daily NK.
  7. ^ Choe Sang-Hun (December 9, 2009) New York Times (Global Business), "North Korea Revalues Its Currency"
  8. ^ The Wall Street Journal, Wednesday 2 December 2009 North Korea Reissues Won, a Blow to Unofficial Economy
  9. ^ The Wall Street Journal, Thursday 3 December 2009 North Korea Begins Won Swap, Curfew
  10. ^ a b Harden, Blaine (2 December 2009). 'North Korea revalues currency, destroying personal savings'. The Washington Post.
  11. ^ Haggard, Stephen and Marcus Noland (January 2009). [1].
  12. ^ a b c d e Parry, Richard Lloyd (2 December 2009). North Koreans in shock as cash is 'banned'. The Times.
  13. ^ North’s currency action shocking to its citizens. Joongang Daily. 3 December 2009.
  14. ^ McNeil, David (3 December 2009). "North Koreans dares to protest as devaluation wipes out savings". The Independent. London.
  15. ^ Ramstad, Evan (9 December 2009). "North Koreans Protest Currency Issue". The Wall Street Journal.
  16. ^ "North Koreans burn bills over currency reform". The China Post. 5 December 2009.
  17. ^ "N Korea cash switch 'sparks panic'". Al Jazeera. 3 December 2009.
  18. ^ a b c d Kook, Park Sung (4 December 2009). "New Denomination Images Unveiled". Daily NK.
  19. ^ Kirk, Donald (4 December 2009). "North Korea admits drastic currency reform, is silent on protests". The Christian Science Monitor.
  20. ^ AFP (9 December 2009). "Currency change cripples N.Korea markets: report".
  21. ^ Lim, Bomi (9 December 2009). "North Korean Won Plunges 96% After Government Revaluation". Bloomberg L.P.
  22. ^ Parry, Richard Lloyd (4 February 2010). "Food shortages and violence mount in North Korea as Utopian dream fails". The Times. London.
  23. ^ "North Korea Executes Official for Currency Reform, Yonhap Says". Bloomberg. 17 March 2010.
  24. ^ "North Korea Says No Chaos After Currency Reform". Associated Press. 1 April 2010.
  25. ^ Bruce, Colin R.; Michael, Thomas (2007). Standard Catalog of World Coins 1901–2000. Krause Publications. p. 1313. ISBN 978-0-89689-500-3.
  26. ^ "COINS OF PRK NORTH KOREA". Retrieved 28 November 2016.
  27. ^ Schuler, Kurt (2004). "DPRK Economy". Tables of Modern Monetary Systems. Archived from the original on 1 March 2010.
  28. ^ BANK NOTE MUSEUM, retrieved 17 June 2013
  29. ^ GmbH, Frankfurter Allgemeine Zeitung. "Aktuelle Nachrichten online". Retrieved 28 November 2016.
  30. ^ North Korea new 100th birthday commemorative notes confirmed BanknoteNews.com. 14 March 2014. Retrieved on 9 July 2014.
  31. ^ North Korea new 5,000-won commemorative notes confirmed BanknoteNews.com. 26 May 2015. Retrieved on 27 May 2015.
  32. ^ N.Korea Drops Kim Il-sung from New Banknotes The Chosun Ilbo (english.chosun.com). 11 August 2014. Retrieved on 11 August 2014.
  33. ^ NK Caught Off Guard by Disappearance of Kim DailyNK (www.dailynk.com). 1 August 2014. Retrieved on 13 August 2014.
  34. ^ Past as Prelude: Kim Il Sung Will Reappear DailyNK (www.dailynk.com). 15 August 2014. Retrieved on 16 August 2014.
  35. ^ Residents avoiding use of old 5000 KPW notes DailyNK (www.dailynk.com). 11 July 2017. Retrieved on 11 August 2017.
  36. ^ "Profile: Kim Jong-il". BBC News. 16 January 2009. Retrieved 11 December 2009.
  37. ^ "North Koreans using cash coupons as country struggles to print new bills | NK News". 26 October 2021.
  38. ^ "<Inside N. Korea> North Korea's financial crisis has made it impossible to print banknotes. Efforts to issue temporary money coupons "Tonpyo" have been made to replace them, but distrust is growing".
  39. ^ a b "The Color of North Korean Money". 23 June 2009. Retrieved 28 November 2016.
  40. ^ Bruce, Colin R.; Shafer, Neil (1999). Standard Catalog of World Paper Money, Modern Issues, Volume 3. Krause Publications. p. 424. ISBN 978-0-87341-746-4.
  41. ^ Bank notes of the modern world – North Korea. bank-note.org.
  42. ^ Linzmayer, Owen (2012). "North Korea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. Archived from the original on 3 October 2018. Retrieved 9 December 2020.
  43. ^ "In pictures: Life in poverty-stricken North Korea". BBC News. 22 September 2009.
  44. ^ Black Market cash: the real value of N. Korean won, NK News, 1 September 2014 http://www.nknews.org/2014/09/black-market-cash-the-real-value-of-n-korean-won/
  45. ^ US Dollars Become Currency of Choice Among Well-Heeled North Koreans Radio Free Asia (www.rfa.org). 21 February 2018. Retrieved on 29 December 2018.

External links[edit]

North Korean won
Preceded by:
Korean yen
Reason: Division of Korea and moving toward a full sovereign nation from Allied occupation
Currency of North Korea
18 April 1980 – 12 April 2009
Note: 1st Won: 1945 to 1959
2nd Won (equivalent to 100 1st Won): 1959 to 2009
3rd Won (equivalent to 100 2nd Won): 2009 onwards
Succeeded by:
Current