North Korean won
Encyclopedia
The won is the currency of North Korea
(Democratic People's Republic of Korea). It is subdivided into 100 chon. The won is issued by the Central Bank of the Democratic People's Republic of Korea
. One North Korean won (as of August 20, 2010) is equal to 8.16610 South Korean won or about 0.7 US cents
.
of the Chinese yuan
and Japanese yen
. All three names derive from the Chinese character
(원), which means "round shape." The won is subdivided into 100 chon (전; 錢; McCune-Reischauer
: chŏn; Revised Romanization: jeon).
that was still in circulation.
North Korean won are intended exclusively for North Korean citizens, and the Bank of Trade (무역은행) issued a separate currency (or foreign exchange certificate
s) for visitors, like many other socialist state
s. However, North Korea made two varieties of foreign exchange certificates, one for visitors from "socialist countries" which were colored red, and the other for visitors from "capitalist countries" which were colored blue/green. In recent times, FECs have been largely depreciated in favor of visitors paying directly with hard currency, especially the euro
.
has abandoned the iconic rate of 2.16 won to the dollar (which is said to have been based upon Kim Jong-il
's birthday, February 16) and banks in the country now issue at rates closer to the black market rate. More recent official rates have shown the North Korean won (as of 24 Aug 2010) to be ₩143.07 to the US dollar
. However, rampant inflation has been eroding the North Korean won's value to such an extent that currently it is believed to be worth about the same as the South Korean won
. A report by defectors from North Korea claimed that the black market rate was ₩570 to the Chinese yuan
in June 2009. In any case, the U.S. dollar and other currencies are still worth more in North Korean won on the black market than officially. This is also apparent when one examines the dates of issue or series of the different denominations of banknotes.
again in November 2009 for the first time in 50 years. 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. The official exchange rate at this time was around $740 but black market value of the ₩150,000 was estimated to be near $30. The revaluation, seen as a move against private market activity, wiped out many North Koreans' savings. 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. The announcement was made to foreign embassies but not in North Korean state media
. Information was later carried via a wire-based radio service only available within North Korea.
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. This meant that North Koreans would not be able to exchange any money for goods or services until that date and most shops, restaurants and transport services had been shut down for the week. The only services that remained open were those catering to the political elite and foreigners which continued to trade exclusively in foreign currency. The measure had led to concerns amongst North Korean officials that it would result in civil unrest; this was not the case. China's Xinhua news agency described North Korean citizens in a "collective panic"; army bases were put on standby and there were unconfirmed reports of public protests in the streets in a handful of North Korean cities and towns that forced authorities to slightly increase the amount of currency people would be allowed to exchange. 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. Authorities threatened "merciless punishment" for any person who violated the rules of the currency change.
Pictures of the new notes were published on December 4, 2009, in the Chosun Shinbo
, a North Korean newspaper based in Japan. The paper claimed that the measure would weaken the free market and strengthen the country's socialist system. However, the won plummeted 96 percent against the U.S. dollar
in the ensuing days after revaluation. According to one report however, North Korea backtracked on some aspects of the revaluation following a riot by market traders which led to 12 executions. Authorities eventually raised the limit to 500,000 won, Chosun said, and promised no probe into savings of up to one million won and unlimited withdrawals if savings of more than one million are properly explained.
In February 2010, some of the curbs on the free market were eased and a senior party official sacked after incidents of unrest. Pak Nam-gi
, the director of the Planning and Finance Department of North Korea's ruling Workers' Party, was later executed in 2010. North Korea denied any serious crisis relating to the revaluation.
During the Cold War
, there was a special system of marking coins for different groups of people. Coins with no stars were for North Koreans, coins with one star were for "socialist visitors", and coins with two stars were for "capitalist visitors". Besides the circulating coins, there are an abundance of different commemorative coins minted in the name of the DPRK. Most, if not all of them are sold to foreign numismatists.
and the Kimilsungia
, on the reverse.
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. The chon notes had a simple design of patterns and the values, while the socialist won notes depict the International Friendship Exhibition
, and the capitalist won notes depict the Chollima
statue.
Banknote
s in circulation for the second won, up to December 2009, were as follows:
In 2006, ₩1,000 and ₩5,000 banknotes were revised, in which the coloured fields behind the text no longer extended all the way to the margins. In 2007, the ₩500 had also been revised in this same manner along with being engraved for the first time to protect against counterfeiting. The ₩100, ₩1,000 and ₩5,000 bills were essentially based on a common design with exactly the same subjects, varied only by colour.
is depicted only on the obverse of the highest denomination, with the 100 won note featuring the Magnolia
(National Flower) and other notes depicting generic people or various monuments in North Korea. The exchange rate was 100 second won to 1 third won.
, the North Korean won is not accepted; and the stores only take Japanese yen
and U.S. dollars
.
North Korea
The Democratic People’s Republic of Korea , , is a country in East Asia, occupying the northern half of the Korean Peninsula. Its capital and largest city is Pyongyang. The Korean Demilitarized Zone serves as the buffer zone between North Korea and South Korea...
(Democratic People's Republic of Korea). It is subdivided into 100 chon. The won is issued by the Central Bank of the Democratic People's Republic of Korea
Central Bank of the Democratic People's Republic of Korea
The Central Bank of the Democratic People's Republic of Korea is North Korea's central bank. Established on December 6, 1947, it issues the North Korean wŏn. Ri Kwang-gon is its president since April 2009.-History:...
. One North Korean won (as of August 20, 2010) is equal to 8.16610 South Korean won or about 0.7 US cents
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
.
Etymology
Won is a cognateCognate
In linguistics, cognates are words that have a common etymological origin. This learned term derives from the Latin cognatus . Cognates within the same language are called doublets. Strictly speaking, loanwords from another language are usually not meant by the term, e.g...
of the Chinese yuan
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...
and Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
. All three names derive from the Chinese character
Chinese character
Chinese characters are logograms used in the writing of Chinese and Japanese , less frequently Korean , formerly Vietnamese , or other languages...
(원), which means "round shape." The won is subdivided into 100 chon (전; 錢; McCune-Reischauer
McCune-Reischauer
McCune–Reischauer romanization is one of the two most widely used Korean language romanization systems, along with the Revised Romanization of Korean, which replaced McCune–Reischauer as the official romanization system in South Korea in 2000...
: chŏn; Revised Romanization: jeon).
History
The won became the currency of North Korea on December 6, 1947, replacing the Korean yenKorean yen
The Korean yen was the currency of Korea between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen...
that was still in circulation.
North Korean won are intended exclusively for North Korean citizens, and the Bank of Trade (무역은행) issued a separate currency (or foreign exchange certificate
Foreign exchange certificate
A foreign exchange certificate, sometimes abbreviated to FEC, is a type of currency. Foreign exchange certificates are sometimes used by governments as a surrogate for a national currency, where the national currency is usually subject to exchange controls or is not convertible...
s) for visitors, like many other socialist state
Socialist state
A socialist state generally refers to any state constitutionally dedicated to the construction of a socialist society. It is closely related to the political strategy of "state socialism", a set of ideologies and policies that believe a socialist economy can be established through government...
s. However, North Korea made two varieties of foreign exchange certificates, one for visitors from "socialist countries" which were colored red, and the other for visitors from "capitalist countries" which were colored blue/green. In recent times, FECs have been largely depreciated in favor of visitors paying directly with hard currency, especially the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
.
Dollar peg removed
Since 2001, the North Korean governmentGovernment of North Korea
The North Korean government is the executive branch of the state, according to the Constitution of North Korea. In practice, the highest decisions are made by the National Defence Commission of North Korea which is led by its Chairman Kim Jong-il....
has abandoned the iconic rate of 2.16 won to the dollar (which is said to have been based upon Kim Jong-il
Kim Jong-il
Kim Jong-il, also written as Kim Jong Il, birth name Yuri Irsenovich Kim born 16 February 1941 or 16 February 1942 , is the Supreme Leader of the Democratic People's Republic of Korea...
's birthday, February 16) and banks in the country now issue at rates closer to the black market rate. More recent official rates have shown the North Korean won (as of 24 Aug 2010) to be ₩143.07 to the US dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
. However, rampant inflation has been eroding the North Korean won's value to such an extent that currently it is believed to be worth about the same as the South Korean won
South Korean won
The won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates...
. A report by defectors from North Korea claimed that the black market rate was ₩570 to the Chinese yuan
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...
in June 2009. In any case, the U.S. dollar and other currencies are still worth more in North Korean won on the black market than officially. This is also apparent when one examines the dates of issue or series of the different denominations of banknotes.
2009 revaluation
The won was revaluedRevaluation
Revaluation means a rise of a price of goods or products. This term is specially used as revaluation of a currency, where it means a rise of currency to the relation with a foreign currency in a fixed exchange rate. In floating exchange rate correct term would be appreciation. The antonym of...
again in November 2009 for the first time in 50 years. 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. The official exchange rate at this time was around $740 but black market value of the ₩150,000 was estimated to be near $30. The revaluation, seen as a move against private market activity, wiped out many North Koreans' savings. The Times
The Times
The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...
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. The announcement was made to foreign embassies but not in North Korean state media
Media of North Korea
The media of North Korea is one of the most strictly controlled in the world. As a result, information is tightly controlled both into and out of North Korea. The constitution provides for freedom of speech and the press; however, the government prohibits the exercise of these rights in practice...
. Information was later carried via a wire-based radio service only available within North Korea.
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. This meant that North Koreans would not be able to exchange any money for goods or services until that date and most shops, restaurants and transport services had been shut down for the week. The only services that remained open were those catering to the political elite and foreigners which continued to trade exclusively in foreign currency. The measure had led to concerns amongst North Korean officials that it would result in civil unrest; this was not the case. China's Xinhua news agency described North Korean citizens in a "collective panic"; army bases were put on standby and there were unconfirmed reports of public protests in the streets in a handful of North Korean cities and towns that forced authorities to slightly increase the amount of currency people would be allowed to exchange. 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
Pyongsong
P'yŏngsŏng is a city in North Korea, the capital city of the province South Pyongan in western North Korea. The city is located about 32 kilometres northeast of Pyongyang, and was formally established in December 1969. It has a population over 100,000....
by local police, according to international reports. Authorities threatened "merciless punishment" for any person who violated the rules of the currency change.
Pictures of the new notes were published on December 4, 2009, in the Chosun Shinbo
Choson Sinbo
The Choson Sinbo is a newspaper based in Japan, published in both Korean and Japanese. The name literally means 'Chosun Newspaper'. It is published by the General Association of Korean Residents, a pro-North Korea representative body for Zainichi Koreans, who also run The People's Korea , an...
, a North Korean newspaper based in Japan. The paper claimed that the measure would weaken the free market and strengthen the country's socialist system. However, the won plummeted 96 percent against the U.S. dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
in the ensuing days after revaluation. According to one report however, North Korea backtracked on some aspects of the revaluation following a riot by market traders which led to 12 executions. Authorities eventually raised the limit to 500,000 won, Chosun said, and promised no probe into savings of up to one million won and unlimited withdrawals if savings of more than one million are properly explained.
In February 2010, some of the curbs on the free market were eased and a senior party official sacked after incidents of unrest. Pak Nam-gi
Pak Nam-gi
Pak Nam-gi was, until as late as January 2010, Director of the Planning and Finance Department of the ruling party of North Korea...
, the director of the Planning and Finance Department of North Korea's ruling Workers' Party, was later executed in 2010. North Korea denied any serious crisis relating to the revaluation.
Second won
Older coins for circulation were the 1, 5, 10 and 50 chon along with the 1 won. Later coins were the 10 won, 50 won and 100 won.| Circulated Coins | ||||||||
|---|---|---|---|---|---|---|---|---|
| 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 |
|
| 1 chon | 16 mm | Aluminium Aluminium Aluminium or aluminum is a silvery white member of the boron group of chemical elements. It has the symbol Al, and its atomic number is 13. It is not soluble in water under normal circumstances.... |
State title, Coat of arms, year of minting | Value, (optionally, star(s)) | 1959, 1970 | 1959 | 1959 | ? |
| 5 chon | 18 mm | 1959, 1974 | 1974 | 1974 | ? | |||
| 10 chon | 20 mm | 1959 | 1959 | 1959 | ? | |||
| 50 chon | 25 mm | Bank title, Coat of arms, value | Chollima Chollima Chollima is the Korean name for a mythical horse. Its name roughly means "thousand-mile horse", is often portrayed as a winged horse and several such statues are found in the North Korean capital Pyongyang. It is also the nickname of the North Korean national football team. The Chollima Movement... statue, year of minting, (optionally, star(s)) |
1978 | 1978 | 1978 | ? | |
| ₩1 | 27 mm | Bank title, Coat of arms, value, year of minting | Grand People's Study House Grand People's Study House The Grand People's Study House is the central library located in the North Korean capital, Pyongyang. The building is situated on Kim Il-sung Square by the banks of the Taedong River.-Features:... |
1987 | N/A | N/A | ? | |
| ₩5 | 21 mm | Value | 2005 | N/A | N/A | 2009 | ||
| ₩10 | 23 mm | 2005 | N/A | N/A | 2009 | |||
| ₩50 | 25 mm | 2005 | N/A | N/A | 2009 | |||
| ₩100 | 27 mm | 2005 | N/A | N/A | 2009 | |||
During the Cold War
Cold War
The Cold War was the continuing state from roughly 1946 to 1991 of political conflict, military tension, proxy wars, and economic competition between the Communist World—primarily the Soviet Union and its satellite states and allies—and the powers of the Western world, primarily the United States...
, there was a special system of marking coins for different groups of people. Coins with no stars were for North Koreans, coins with one star were for "socialist visitors", and coins with two stars were for "capitalist visitors". Besides the circulating coins, there are an abundance of different commemorative coins minted in the name of the DPRK. Most, if not all of them are sold to foreign numismatists.
Third won
Coins will be issued in 1, 5, 10, and 50 chon and 1 won denominations. These coins feature the national coat of arms on the obverse and flowers, particularly the KimjongiliaKimjongilia
Kimjongilia is a flower named after North Korean leader Kim Jong-il. It is a hybrid cultivar of tuberous begonia.Contrary to popular belief, the Kimjongilia is not a national flower of North Korea...
and the Kimilsungia
Kimilsungia
Kimilsungia is a hybrid cultivar of orchid, Dendrobium 'Kim Il-sung'. Another flower, the Kimjongilia, is named after Kim Il-sung's son, Kim Jong-il. Contrary to popular belief, neither the Kimilsungia or the Kimjongilia are a national flower of North Korea...
, on the reverse.
| Circulated Coins | |||||
|---|---|---|---|---|---|
| Value | Technical parameters | Description | Date of minted year | ||
| Diameter | Composition | Obverse | Reverse | ||
| 1 chon | ? mm | Coat of arms, Value | Flower, Year of minting | 2008 | |
| 5 chon | ? mm | Flower, Year of minting | 2008 | ||
| 10 chon | 19.5 mm | Flower, Year of minting | 2002 | ||
| 50 chon | 21.6 mm | Flower, Year of minting | 2002 | ||
| ₩1 | 24 mm | Flower, Year of minting | 2002 | ||
First won
Banknotes of this issue came in 15, 20 and 50 chon along with 1, 5, 10 and 100 won in 1947. The won was replaced with the second in 1959 at a rate of one new won to 100 old won.Second won
As explained above, there are two varieties of foreign certificates. For the 1978 banknote series, foreign certificates were implemented by overstamp and serial number color, except for the ₩100 Kim Il Sung value which was not given to foreigners:| Variation of the 1978 Series | ||
|---|---|---|
| Overstamp | Serial number color | |
| 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 Guilloché Guilloché is a decorative engraving technique in which a very precise intricate repetitive pattern or design is mechanically engraved into an underlying material with fine detail... 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. The chon notes had a simple design of patterns and the values, while the socialist won notes depict the International Friendship Exhibition
International Friendship Exhibition
The International Friendship Exhibition is a large museum complex located at Myohyang-san mountain, North Pyongan province, in North Korea. It is a collection of halls that house gifts presented to former leader Kim Il-sung and the current leader Kim Jong-il from various foreign dignitaries...
, and the capitalist won notes depict the Chollima
Chollima
Chollima is the Korean name for a mythical horse. Its name roughly means "thousand-mile horse", is often portrayed as a winged horse and several such statues are found in the North Korean capital Pyongyang. It is also the nickname of the North Korean national football team. The Chollima Movement...
statue.
Banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s in circulation for the second won, up to December 2009, were as follows:
| 1992 Series | ||||||
|---|---|---|---|---|---|---|
| Value | Dimensions | Main Color | Description | Date of issue | ||
| Obverse | Reverse | Watermark | ||||
| ₩1 | 116 × 55 mm | Green | Flower girl | Mount Kumgang Kumgangsan Kŭmgangsan , Geumgangsan, or Mount Geumgang is a -high mountain in Kangwon-do, North Korea. Its name means "a firm heart in the face of truth". It is about 50 km away from South Korea's Sokcho in Gangwon-do. It is one of the best-known mountains in North Korea... |
Chollima Chollima Chollima is the Korean name for a mythical horse. Its name roughly means "thousand-mile horse", is often portrayed as a winged horse and several such statues are found in the North Korean capital Pyongyang. It is also the nickname of the North Korean national football team. The Chollima Movement... statue |
1992 |
| ₩5 | 126 × 60 mm | Blue | Students, Kim Il Sung University, Mangyongdae School Children's Palace Mangyongdae Children's Palace The Mangyongdae Children's Palace in Pyongyang is a public facility in North Korea where children are engaged in extra-curricular activities, such as learning music, foreign languages, computing skills and doing sports . It was established on May 2, 1989 and it is situated in Kwangbok Street, in... |
Grand People's Study House Grand People's Study House The Grand People's Study House is the central library located in the North Korean capital, Pyongyang. The building is situated on Kim Il-sung Square by the banks of the Taedong River.-Features:... |
1992, 1998 | |
| ₩10 | 136 × 65 mm | Brown-orange | Factory worker, Chollima Chollima Chollima is the Korean name for a mythical horse. Its name roughly means "thousand-mile horse", is often portrayed as a winged horse and several such statues are found in the North Korean capital Pyongyang. It is also the nickname of the North Korean national football team. The Chollima Movement... (1000 Ri horse) |
Western sea barrage and locks at Taedong Gang | ||
| ₩50 | 146 × 70 mm | Orange | Young professionals, Juche Tower Juche Tower The Juche Tower is a monument in Pyongyang, North Korea. The tower is named after the principle of Juche, developed by Kim Il Sung as a blend of autarky, self-reliance, nationalism, isolationism, Korean traditionalism, and Marxism-Leninism.Completed in 1982, it is sited on the eastern bank of the... |
Mount Paekdu | Juche Tower Juche Tower The Juche Tower is a monument in Pyongyang, North Korea. The tower is named after the principle of Juche, developed by Kim Il Sung as a blend of autarky, self-reliance, nationalism, isolationism, Korean traditionalism, and Marxism-Leninism.Completed in 1982, it is sited on the eastern bank of the... |
1992 |
| ₩100 | 156 × 75 mm | Red and brown | Kim Il-sung Kim Il-sung Kim Il-sung was a Korean communist politician who led the Democratic People's Republic of Korea from its founding in 1948 until his death in 1994. He held the posts of Prime Minister from 1948 to 1972 and President from 1972 to his death... |
The birthplace of Kim Il-sung Kim Il-sung Kim Il-sung was a Korean communist politician who led the Democratic People's Republic of Korea from its founding in 1948 until his death in 1994. He held the posts of Prime Minister from 1948 to 1972 and President from 1972 to his death... , Mangyongdae-guyok Mangyongdae-guyok Man'gyŏngdae-guyŏk, or Man'gyŏngdae District is one of the 19 guyŏk that constitute Pyongyang, North Korea.... |
Arch of Triumph Arch of Triumph (Pyongyang) The Arch of Triumph in Pyongyang was built to commemorate the Korean resistance to Japan from 1925 to 1945.Built in 1982 on the Triumph Return Square at the foot of Moran Hill in the North Korean capital city of Pyongyang, the monument was built to honour and glorify President Kim Il-sung's role... |
1992 |
| ₩200 | 140 × 72 mm | Blue and green | Magnolia Magnolia Magnolia is a large genus of about 210 flowering plant species in the subfamily Magnolioideae of the family Magnoliaceae. It is named after French botanist Pierre Magnol.... (National Flower) |
Value | Chollima Chollima Chollima is the Korean name for a mythical horse. Its name roughly means "thousand-mile horse", is often portrayed as a winged horse and several such statues are found in the North Korean capital Pyongyang. It is also the nickname of the North Korean national football team. The Chollima Movement... statue |
2005 |
| ₩500 | 156 × 75 mm | Dark green | Kumsusan Memorial Palace Kumsusan Memorial Palace The Kumsusan Memorial Palace, sometimes referred to as the Kim Il-sung Mausoleum, is a building located northeast of downtown Pyongyang, the capital city of the Democratic People's Republic of Korea . The palace is the former official residence and office of North Korea's president and founder,... |
Rungra Bridge Rungra Bridge The Rungra Bridge is a bridge in Pyongyang, North Korea, one of the city's six bridges on the Taedong River. Located between the Okryu Bridge to the south and Chongryu Bridge to the north, it connects Moranbong-guyok on the right bank of the Taedong River with Taedonggang-guyok on the left bank,... |
Arch of Triumph Arch of Triumph (Pyongyang) The Arch of Triumph in Pyongyang was built to commemorate the Korean resistance to Japan from 1925 to 1945.Built in 1982 on the Triumph Return Square at the foot of Moran Hill in the North Korean capital city of Pyongyang, the monument was built to honour and glorify President Kim Il-sung's role... |
1998 |
| ₩1000 | Green-cyan | Kim Il-sung Kim Il-sung Kim Il-sung was a Korean communist politician who led the Democratic People's Republic of Korea from its founding in 1948 until his death in 1994. He held the posts of Prime Minister from 1948 to 1972 and President from 1972 to his death... |
The birthplace of Kim Il-sung Kim Il-sung Kim Il-sung was a Korean communist politician who led the Democratic People's Republic of Korea from its founding in 1948 until his death in 1994. He held the posts of Prime Minister from 1948 to 1972 and President from 1972 to his death... , Mangyongdae-guyok Mangyongdae-guyok Man'gyŏngdae-guyŏk, or Man'gyŏngdae District is one of the 19 guyŏk that constitute Pyongyang, North Korea.... |
2002 | ||
| ₩5000 | Violet | |||||
In 2006, ₩1,000 and ₩5,000 banknotes were revised, in which the coloured fields behind the text no longer extended all the way to the margins. In 2007, the ₩500 had also been revised in this same manner along with being engraved for the first time to protect against counterfeiting. The ₩100, ₩1,000 and ₩5,000 bills were essentially based on a common design with exactly the same subjects, varied only by colour.
Third won
The current series of banknotes of the third won are issued in values of 5, 10, 50, 100, 200, 500, 1 000, 2 000, and 5 000 won. Kim Il-sungKim Il-sung
Kim Il-sung was a Korean communist politician who led the Democratic People's Republic of Korea from its founding in 1948 until his death in 1994. He held the posts of Prime Minister from 1948 to 1972 and President from 1972 to his death...
is depicted only on the obverse of the highest denomination, with the 100 won note featuring the Magnolia
Magnolia
Magnolia is a large genus of about 210 flowering plant species in the subfamily Magnolioideae of the family Magnoliaceae. It is named after French botanist Pierre Magnol....
(National Flower) and other notes depicting generic people or various monuments in North Korea. The exchange rate was 100 second won to 1 third won.
| 2009 series | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Color | Description | Date on notes | Juche 91, 2002 | ||||
| ₩10 | Olive Green | Soldiers (Air Force, Army, Navy) | Victory Monument of the Korean War Korean War The Korean War was a conventional war between South Korea, supported by the United Nations, and North Korea, supported by the People's Republic of China , with military material aid from the Soviet Union... |
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| ₩50 | Purple | Engineer, farmer and working intellectual | Monument to the Founding of the Workers' Party of Korea Workers' Party of Korea The Workers' Party of Korea is the ruling Communist party of the Democratic People's Republic of Korea , commonly known as North Korea. It is also called the Korean Workers' Party... |
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| ₩100 | Green | Magnolia Magnolia Magnolia is a large genus of about 210 flowering plant species in the subfamily Magnolioideae of the family Magnoliaceae. It is named after French botanist Pierre Magnol.... (National Flower) |
Value | Juche 97, 2008 | ||||||
| ₩200 | Burgundy | Chollima Chollima Chollima is the Korean name for a mythical horse. Its name roughly means "thousand-mile horse", is often portrayed as a winged horse and several such statues are found in the North Korean capital Pyongyang. It is also the nickname of the North Korean national football team. The Chollima Movement... statue |
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| ₩500 | Grey | Arch of Triumph Arch of Triumph (Pyongyang) The Arch of Triumph in Pyongyang was built to commemorate the Korean resistance to Japan from 1925 to 1945.Built in 1982 on the Triumph Return Square at the foot of Moran Hill in the North Korean capital city of Pyongyang, the monument was built to honour and glorify President Kim Il-sung's role... |
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| ₩1000 | Red | House in Hoeryeong | Samji lake | The obverse depicts Kim Jong-suk Kim Jong-suk Kim Jong-suk was a Korean independence activist and Communist politician. She was North Korean Great Leader Kim Il-sung's first wife and Kim Jong-il's mother.-Biography:... ’s birth place |
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| ₩2000 | Blue | Log cabin on Baekdu Mountain Baekdu Mountain Baekdu Mountain, also known in China as Changbai Mountain and Baitou Mountain , is a volcanic mountain on the border between North Korea and China, located at... , Jong Il Peak |
Baekdu Mountain | The obverse depicts Kim Jong-il Kim Jong-il Kim Jong-il, also written as Kim Jong Il, birth name Yuri Irsenovich Kim born 16 February 1941 or 16 February 1942 , is the Supreme Leader of the Democratic People's Republic of Korea... ’s alleged birth place |
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| ₩5000 | Brown | Kim Il-sung Kim Il-sung Kim Il-sung was a Korean communist politician who led the Democratic People's Republic of Korea from its founding in 1948 until his death in 1994. He held the posts of Prime Minister from 1948 to 1972 and President from 1972 to his death... |
Mangyongdae | |||||||
Other currency used
The BBC reports that in some department stores in PyongyangPyongyang
Pyongyang is the capital of the Democratic People's Republic of Korea, commonly known as North Korea, and the largest city in the country. Pyongyang is located on the Taedong River and, according to preliminary results from the 2008 population census, has a population of 3,255,388. The city was...
, the North Korean won is not accepted; and the stores only take Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
and U.S. dollars
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
.