However, rampant inflation has been eroding the North Korean won value.  Since at least 2012 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.  FECs were used until 1999, then officially abolished in 2002, in favor of visitors paying directly with hard currencies. The North Korean won underwent a controversial, and quite costly, revaluation in November 2009. This banknote series was issued in denominations of 50 chon, and 1, 5, 10, 50, and 100 won. The won became the currency of North Korea on December 6, 1947, replacing the Korean yen that was still in circulation. Banknotes: Freq Used: ₩5, ₩10, ₩50, ₩100, ₩200, ₩500, ₩1000, ₩2000, ₩5000. 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.
Central Bank of the Democratic People's Republic of Korea, North Korea revalues and replaces currency, http://www.nknews.org/2014/09/black-market-cash-the-real-value-of-n-korean-won/, North Korea Reissues Won, a Blow to Unofficial Economy, 'North Korea revalues currency, destroying personal savings', North Koreans in shock as cash is 'banned', Currency reform sparks anger in North Korea, N. Korea's official media silent about currency reform, North’s currency action shocking to its citizens, "North Koreans dares to protest as devaluation wipes out savings", "North Koreans burn bills over currency reform", "North Korea admits drastic currency reform, is silent on protests", "Currency change cripples N.Korea markets: report", "North Korean Won Plunges 96% After Government Revaluation", "Food shortages and violence mount in North Korea as Utopian dream fails", "North Korea Executes Official for Currency Reform, Yonhap Says", "North Korea Says No Chaos After Currency Reform", Bank notes of the modern world – North Korea, North Korea new 100th birthday commemorative notes confirmed, North Korea new 5,000-won commemorative notes confirmed, N.Korea Drops Kim Il-sung from New Banknotes, NK Caught Off Guard by Disappearance of Kim, Past as Prelude: Kim Il Sung Will Reappear, Residents avoiding use of old 5000 KPW notes, "In pictures: Life in poverty-stricken North Korea", US Dollars Become Currency of Choice Among Well-Heeled North Koreans, https://en.wikipedia.org/w/index.php?title=North_Korean_won&oldid=984364206, Articles containing potentially dated statements from August 2020, All articles containing potentially dated statements, Articles with unsourced statements from April 2010, Articles with unsourced statements from April 2015, Creative Commons Attribution-ShareAlike License, Democratic People's Republic of Korea won, Bank title, Coat of arms, value, year of minting, Male and female soldiers; Yang Helyong (scenes from the opera, Worker with a cogwheel and holding a political book; peasant woman holding a sheaf of wheat; factories in the background, Actress Hong Yong-hee in her film role as, Pi Do Island, Western sea barrage and locks at Taedong River(Taedong-gang), Victory Monument of the "Fatherland Liberation War" (, Engineer, farmer and working intellectual, This page was last edited on 19 October 2020, at 18:44.
Initially struck in 2002, the coins were intended for use shortly after the dollar peg was removed from the currency. It consists of an overprint on its regular issue notes.
 Pak Nam-gi, the director of the Planning and Finance Department of North Korea's ruling Workers' Party, was executed later in 2010. Can I Remove This Mandatory Partners Link? Below, you'll find North Korean Won rates and a currency converter. From 1998 onwards, all notes were dated using the Juche year (Juche year) along with the standard dating.
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. For the 1978 banknote series, foreign certificates, called "Pakkundon", meaning "exchangeable money" were implemented by an overstamp and serial number color. At for instance the Tongil Market and the Kwangbok Department Store (a.k.a. dollars. As of September 2020, U.S. $1 is worth roughly 900 KPW. These notes were smaller and crisper than the previous issue and depicted more modern themes. The government wanted to tighten control over the country’s markets, and the won proved to be its method of choice.
 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.
, As part of the process, the old notes ceased to be legal tender on November 30, 2009, with notes valued in the new won not being distributed until December 7, 2009. Unlike all previous series, these notes were all uniform in dimensions rather than staggered in size from smallest to largest. However, following the Russo-Japanese War, the Korean peninsula was formally annexed by the Japanese. 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. Another series was released in 1986 with either a blue or red Guilloché style stamp. After 2003, these coins were rarely seen in circulation but were still redeemable. Economics is a branch of social science focused on the production, distribution, and consumption of goods and services. In 1959, the old won was replaced with the Second Won, with price and exchange rates fixed to the U.S. dollar.
The offers that appear in this table are from partnerships from which Investopedia receives compensation. Since 1950, it has been administered by the nation's central bank, the Bank of Korea. The North and South remained in conflict with one another, culminating in the U.S.-involved Korean war from 1950-1953, after which time the North locked down and isolated itself. The first North Korean coins for circulation were minted in 1959 in denominations of 1, 5, and 10 chon.
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