What is the ISO 4217 code assigned to the North Korean won?

The international standard ISO 4217 code assigned to the North Korean won is KPW. This code is used globally to identify the currency.

What symbol is used to represent the North Korean won?

The symbol used to represent the North Korean won is ₩, which is the standard won sign.

Which institution is responsible for issuing the North Korean won?

The Central Bank of the Democratic People's Republic of Korea is the institution responsible for issuing the North Korean won.

What is the etymological origin of the term 'won' used for North Korean currency?

The term 'won' originates from Chinese characters (Hanja 圓) meaning 'round shape,' similar to the etymology of the Japanese yen and Chinese yuan. This signifies a round object, often referring to coins.

Into what smaller unit is the North Korean won subdivided?

The North Korean won is subdivided into 100 smaller units called 'chon'. The term 'chon' also derives from Chinese characters (錢) and represents a fraction of the main currency unit.

How did North Korea manage its currency immediately following the division of Korea?

After the division of Korea, North Korea initially continued to use the Korean yen for a period of two years before introducing its own currency.

When was the first North Korean won officially issued?

The first North Korean won was issued on December 6, 1947, coinciding with the establishment of the Central Bank of the Democratic People's Republic of Korea.

What was the relationship between the first and second North Korean won?

The second North Korean won was introduced in February 1959, replacing the first won at a rate of 100 old won to 1 new won.

What was the official exchange rate of the North Korean won to the US dollar for many years, and what was its purported basis?

From 1978, the North Korean government maintained an official exchange rate of 2.16 won to the US dollar. This rate was reportedly linked to Kim Jong Il's birthday, February 16th.

How did inflation affect the value of the North Korean won over time?

Over the decades, rampant inflation significantly eroded the North Korean won's value. By 2001, the government began to move away from the fixed official rate towards rates closer to those observed in the black market.

What was the reported black market exchange rate of the North Korean won against the US dollar in June 2009?

In June 2009, reports from North Korean defectors indicated that the black market exchange rate was approximately 4,000 won per U.S. dollar, with a rate of 570 won to the Chinese yuan also noted.

When was the third North Korean won introduced, and what significant event marked this change?

The third North Korean won was introduced in November 2009 through a currency revaluation, marking the first such reform in fifty years.

What were the initial exchange limits imposed during the 2009 currency revaluation, and what was their impact on citizens?

Initially, North Koreans could only exchange a maximum of 100,000 old won for new notes within a seven-day period. This limit significantly impacted citizens by effectively wiping out many personal savings.

How did the North Korean government adjust the exchange limits following initial public protests against the 2009 revaluation?

In response to protests, the government increased the exchange limit to 150,000 won in cash and 300,000 won in bank savings.

What was the estimated black market value of the 150,000 won limit shortly after the 2009 revaluation?

The black market value of the 150,000 won limit was estimated to be approximately US$30, highlighting the drastic devaluation.

What was the primary suspected motivation behind the 2009 currency revaluation?

The 2009 revaluation is widely believed to have been an attempt by the North Korean government to curb price inflation and diminish the influence of the burgeoning black market economy.

How was the announcement of the 2009 currency reform communicated, and what was the initial reaction in North Korean state media?

The announcement of the currency reform was made to foreign embassies but was not initially published in North Korean state media, leading to confusion and panic among the populace.

What was the impact on daily life in North Korea during the week between the cessation of old currency and the distribution of new notes in late 2009?

During the week between November 30 and December 7, 2009, when old notes were invalid and new ones were not yet distributed, most shops, restaurants, and transport services were shut down as people could not conduct transactions.

What services remained operational during the currency exchange blackout period in late 2009?

Only services catering to the political elite and foreigners remained open, as they continued to use foreign currencies for transactions.

What concerns did North Korean authorities have regarding the 2009 currency reform, and what reports emerged?

Authorities were concerned about potential civil unrest. Reports emerged of public protests, increased military presence, and incidents such as the burning of old currency notes.

How did the value of the North Korean won change against the US dollar in the days immediately following the 2009 revaluation?

In the days after the 2009 revaluation, the North Korean won experienced a significant devaluation, plummeting by approximately 96 percent against the U.S. dollar.

What was the reported fate of Pak Nam-gi in connection with the 2009 currency reform?

Pak Nam-gi, the director of the Planning and Finance Department of North Korea's Workers' Party, was reportedly executed later in 2010, possibly linked to the unrest and crisis caused by the currency reform.

Were any coins issued for circulation during the period of the first North Korean won (1947-1959)?

No, coins were not issued for circulation during the period of the first North Korean won.

When were the first North Korean coins for circulation minted, and in what denominations?

The first North Korean coins intended for circulation were minted in 1959, in denominations of 1, 5, and 10 chon.

What was the purpose of the special marking system introduced for coins in 1983?

The system marked coins with stars (one for socialist visitors, two for capitalist visitors) to differentiate them from general circulation currency, intended to manage foreign exchange and visitor spending.

What happened to the value of North Korean coins after the official exchange rate peg to the US dollar was abandoned in 2001?

Following the abandonment of the dollar peg in 2001, the coins began to lose their value, although they remained redeemable for some time.

What denominations were included in the new series of North Korean coins introduced in 2005?

The coin series introduced in 2005 included denominations of 5, 10, 50, and 100 won, characterized by a plain and generic design.

What imagery is featured on the reverse sides of the third won coin series issued in 2002 and 2008?

The reverse sides of the third won coins feature flowers: the Kimjongilia and Kimilsungia on the 10 and 50 chon coins, and a magnolia on the 1 won coin.

What is the primary metallic composition of most North Korean circulation coins?

Most North Korean circulation coins are struck from aluminum.

When were the first banknotes issued by the provisional government in North Korea?

The first banknotes associated with North Korea were issued in 1945 by the Soviet-backed provisional government.

What denominations were part of the initial 1947 North Korean banknote issue?

The 1947 banknote issue included denominations of 15, 20, and 50 chon, as well as 1, 5, 10, and 100 won.

What imagery was depicted on the won denominations of the 1947 North Korean banknote series?

The won denominations in the 1947 series featured a depiction of a farmer and a worker standing together, holding symbolic tools.

At what rate was the second North Korean won introduced in 1959, and what was the stated reason for this reform?

The second North Korean won was introduced in 1959 at a rate of 100 old won to 1 new won. This reform aimed to curb inflation that had escalated during the Korean War.

What themes were represented on the second North Korean won banknote series issued in 1959?

The 1959 banknote series depicted various industries within the North Korean economy, showcasing the nation's industrial development.

When did Kim Il Sung first appear on North Korean banknotes, and on which denomination was he featured?

Kim Il Sung was first featured on North Korean banknotes in the 1979 issue, specifically appearing on the 100 won note.

What design changes were observed in the North Korean banknote series redesigned in 1992?

The 1992 banknote series featured smaller and crisper notes compared to previous issues, and they depicted more modern themes.

What were the 'red won' and 'blue won' in the context of North Korean currency before 2009?

Before 2009, North Korea issued separate foreign exchange certificates for visitors: 'red won' for those from socialist countries and 'blue won' for those from capitalist countries, to manage foreign currency usage.

When were Foreign Exchange Certificates (FECs) officially abolished in North Korea?

Foreign Exchange Certificates (FECs) were officially abolished in North Korea in 2002.

What imagery is featured on the current series of North Korean banknotes, particularly the highest denomination?

Kim Il Sung is depicted on the obverse of the highest denomination banknote (5,000 won). Other notes in the current series feature the Magnolia (the national flower), depictions of North Koreans in various professions, and significant national monuments.

What is rumored to be the reason behind the redesign of the 1,000 and 2,000 won notes in the third won series?

Rumors suggest that the original designs for the 1,000 and 2,000 won notes were scrapped and destroyed due to issues with counterfeiters or theft of early notes and printing materials, leading to a complete redesign.

What specific landmarks are depicted on the 5,000 won note released in 2014?

The 5,000 won note released in 2014 features Kim Il Sung's birthplace at Mangyondae on the obverse and the International Friendship Exhibition on the reverse.

What is the 'donpyo' currency, and why was it issued?

The 'donpyo' is an emergency currency, essentially a money coupon, issued in late 2021 due to shortages of ink and paper needed for printing regular North Korean won banknotes, exacerbated by COVID-19 pandemic lockdowns.

What denominations and colors are the 'donpyo' coupons?

The 'donpyo' coupons are issued in denominations of 5,000 won, printed in red ink, and 50,000 won, printed in green ink.

Is the North Korean won freely traded on international currency markets?

No, the North Korean won is not traded on international currency markets. Its exchange is primarily limited to unofficial black markets.

What was the approximate black market exchange rate for the North Korean won against the US dollar in early 2025?

As of early 2025, the black market exchange rate for the North Korean won against the US dollar was approximately 8,900 KPW per USD.

How did the COVID-19 pandemic reportedly influence the valuation of the North Korean won?

The COVID-19 pandemic, by reducing external trade activities, is believed to have led to an appreciation of the North Korean won, with its valuation reportedly rising to around 5,000 KPW per USD in 2021.

What significant exchange rate fluctuations occurred for the North Korean won during 2024?

During 2024, the North Korean won initially saw a substantial increase in value against the US dollar, reaching approximately 16,100 KPW per dollar. However, by November 2024, it had fallen to around 18,000 KPW per dollar, indicating a period of hyperinflation.

What were the 'Pakkundon,' and how were they distinguished?

'Pakkundon,' meaning 'exchangeable money,' were special foreign exchange certificates issued by North Korea. They were distinguished by unique overstamps and serial number colors, indicating whether they were intended for socialist or capitalist visitors.

North Korean Won Wiki: The DPRK Won: A Chronicle of North Korea's Currency

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Introduction

The Official Currency

The Korean People's won, more commonly known as the North Korean won (symbol: ₩; code: KPW), 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 capital city of Pyongyang.

Economic Context

As a currency operating within a command economy, the North Korean won's value and circulation are tightly controlled by the state. Its exchange rate and convertibility are significantly different from those in market economies, often involving dual exchange rates and reliance on foreign currencies for certain transactions.

Historical Evolution

The North Korean won has undergone several revaluations and redesigns since its introduction after the division of Korea. These changes often reflect the state's economic policies, attempts to control inflation, and manage the influence of unofficial markets.

Etymology

Origin of the Name

The term "won" is derived from the Chinese character \u5713 (won), which signifies a "round shape." This nomenclature is shared with the Japanese yen and the former Korean currency, reflecting a common linguistic root influenced by Chinese characters.

Subdivisions

The won is subdivided into 100 chon (Korean: \uc804; Hanja: \u9322). The term chon also shares its etymological roots with the Japanese sen and Chinese fen, all referring to a hundredth part of a unit.

History

Early Years (1947-2009)

Following Korea's division, North Korea continued using the Korean yen before establishing its own currency. The first North Korean won was issued in 1947, with a second iteration introduced in 1959 at a rate of 100 old won to 1 new won. For decades, an official exchange rate of 2.16 won to the US dollar was maintained, reportedly linked to Kim Jong Il's birthday. However, rampant inflation eroded its value, leading the government to abandon this fixed rate in favor of market-influenced rates around 2001.

The 2009 Revaluation

In November 2009, North Korea initiated its third currency revaluation, the first in 50 years. This move aimed to curb inflation and control private market activities. North Koreans had a limited time to exchange old notes for new ones, with strict limits on the amount. This policy resulted in the wiping out of many citizens' savings and caused widespread panic, leading to protests and increased state control. The official exchange rate was significantly devalued, and the black market rate plummeted.

Coins

Circulation Coins

North Korea first issued coins in 1959, denominations of 1, 5, and 10 chon, often restruck with original dates. Later issues included 50 chon coins (1978) and 1 won coins (1987). Following the abandonment of the dollar peg in 2001, these coins began to lose value. A new series of aluminum coins (5, 10, 50, 100 won) was introduced in 2005, followed by 1 and 5 chon coins in 2008, which were eventually released into circulation with the 2009 revaluation.

Circulated coins (Second Won Series)
Image	Value	Technical parameters		Description		Date of minted year
Image	Value	Diameter	Composition	Obverse	Reverse	General issue (no star)	Socialist visitor (1 star)	Capitalist visitor (2 stars)	Year last circulated
🖼️	1 chon	16 mm	Aluminium	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 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	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

Third Won Coins (2009 onwards)

Coins for the third won series were initially struck in 2002 and 2008 but were released into circulation in December 2009. Denominations include 1 and 5 chon, and 10, 50, and 1 won. These coins feature the national coat of arms and flowers like the Kimjongilia and Kimilsungia. Due to the flawed revaluation, these coins hold minimal value.

Circulated coins (Third Won Series)
Image	Value	Technical parameters			Description		Date of minted year
Image	Value	Diameter	Mass	Composition	Obverse	Reverse	Date of minted year
🖼️	1 chon	18.0 mm	0.8 g	Aluminium	Coat of arms, value	Royal azalea, year of minting	2008
🖼️	5 chon	19.0 mm	0.9 g			Tree peony, year of minting	2008
🖼️	10 chon	20.0 mm	1.0 g			Azalea, year of minting	2002
🖼️	50 chon	22.1 mm	1.55 g			Kimjongilia, year of minting	2002
🖼️	₩1	24.1 mm	1.9 g			Kimilsungia, year of minting	2002

Banknotes

Historical Series

North Korean banknotes have evolved significantly. Early issues from 1947 featured stylized art and depictions of workers. The 1959 series was larger, showcasing industrial themes. A 1979 reform introduced more symbolic designs, notably featuring Kim Il Sung on the 100 won note. Subsequent series in 1992, 1998, and 2002 introduced smaller, more modern designs, with higher denominations (1,000, 2,000, 5,000 won) appearing later.

Banknotes of the North Korean won (1978 issue)
Obverse	Reverse	Main color	Value	Obverse	Reverse
🖼️	🖼️	Olive green	₩1	A student, woman and children	Male and female soldiers; Yang Helyong (scenes from the opera Sea of Blood)
🖼️	🖼️	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
🖼️	🖼️	Brown	₩10	Chollima	Chollima Steel Complex
🖼️	🖼️	Olive green	₩50	Soldier; peasant woman; officials of the Workers' Party of Korea	Lake
🖼️	🖼️	Brown and lilac	₩100	Kim Il Sung	Mangyongdae (the birthplace of Kim Il Sung)

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

2009 and 2013 issues
Value	Dimensions	Main colour		Description			Date of		Ref.
Value	Dimensions	Main colour		Obverse	Reverse	Watermark	printing	issue	Ref.
₩5	145 × 65 mm		Navy blue	Atomic symbol, party members	Hwanggang Hydroelectric Dam	Mongnan	Juche 91 (2002)	30 November 2009	🔗
₩10	145 × 65 mm		Olive green	Korean People's Army Ground Force emblem, Soldiers (Air Force, Navy, Army)	Statue of Victory in Pyongyang	Mongnan	Juche 91 (2002)	30 November 2009	🔗
₩50	145 × 65 mm		Indigo	Flame from the Juche Tower in Pyongyang, man in business suit, man in overalls, woman	Monument to Party Founding in Pyongyang	Mongnan	Juche 91 (2002)	30 November 2009	🔗
₩100	145 × 65 mm		Green	Mongnan (Magnolia sieboldii)	Denomination	Mongnan	Juche 97 (2008)	30 November 2009	🔗
₩200	145 × 65 mm		Violet	Chollima Statue in Pyongyang	Denomination	Mongnan	Juche 97 (2008)	30 November 2009	🔗
₩500	145 × 65 mm		Grey	Arch of Triumph in Pyongyang	Denomination	Mongnan	Juche 97 (2008)	30 November 2009	🔗
₩1,000	145 × 65 mm		Pink	Birthplace of Kim Jong Suk in Hoeryong	Trees on the shore of Samji Lake	Mongnan	Juche 97 (2008)	30 November 2009	🔗
₩2,000	145 × 65 mm		Blue	Alleged birthplace of Kim Jong Il, Jong-il Peak	Paektu Mountain	Mongnan	Juche 97 (2008)	30 November 2009	🔗
₩5,000	145 × 65 mm		Brown	Star, Kim Il Sung, Mongnan (Magnolia sieboldii)	Mangyongdae (alleged birthplace of Kim Il Sung) in Pyongyang	Mongnan	Juche 97 (2008)	30 November 2009	🔗
₩5,000	145 × 65 mm		Brown	Mangyongdae (alleged birthplace of Kim Il Sung) in Pyongyang	International Friendship Exhibition at Mount Myohyang	Mongnan	Juche 102 (2013)	2014	🔗

Emergency Currency (Donpyo)

Due to shortages in printing materials exacerbated by the COVID-19 pandemic, North Korea began issuing emergency currency known as donpyo ("money coupon") in late 2021. These coupons, printed in denominations of 5,000 and 50,000 won on poor-quality paper, reflect the ongoing economic challenges and have a discounted exchange value compared to regular banknotes.

Exchange Rates

Official vs. Black Market

The North Korean won is not traded on international markets. Its value is primarily determined through unofficial black markets and within specific state-controlled establishments. Historically, an official rate of 2.16 won per US dollar was maintained, but this became detached from reality due to inflation. In recent years, black market rates have fluctuated significantly, with the won experiencing periods of sharp depreciation, especially during and after the COVID-19 pandemic, reflecting economic instability.

Recent Fluctuations

In late 2024, the black market value of the KPW saw dramatic shifts. It initially surged against the US dollar, appreciating significantly, only to fall back into a period of hyperinflation by November 2024, trading at approximately 18,000 KPW per dollar. These movements highlight the volatility and challenges in managing the currency's value within North Korea's unique economic system.

Concurrent Currency Use

Foreign Exchange Certificates (FECs)

Historically, North Korea issued separate currencies or Foreign Exchange Certificates (FECs) for visitors from socialist and capitalist countries. These "red won" and "blue won" were intended to isolate the domestic economy. While FECs were officially abolished around 2002, foreign currencies like the US dollar, Euro, and Chinese Yuan became increasingly accepted, even preferred, in many stores and markets, especially after the 2009 revaluation.

Tied vs. Untied Won

A dual system emerged where goods could be priced in "tied" won (purchased with foreign currency at an official bank rate) or "untied" won (using regular KPW banknotes at a much lower, market-driven rate). This distinction reflects the complex interplay between the state-controlled economy and the burgeoning informal market, where foreign currencies often hold more practical value.

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References

Yong, Lee Sang (24 June 2009). The Color of North Korean Money. Daily NK.

Choe Sang-Hun (9 December 2009) New York Times (Global Business), "North Korea Revalues Its Currency"

The Wall Street Journal, Wednesday 2 December 2009 North Korea Reissues Won, a Blow to Unofficial Economy

The Wall Street Journal, Thursday 3 December 2009 North Korea Begins Won Swap, Curfew

"N.Korea Drops Kim Il-sung from New Banknotes". The Chosun Ilbo. 11 August 2014. Retrieved on 11 August 2014.

"NK Caught Off Guard by Disappearance of Kim". DailyNK. 1 August 2014. Retrieved on 13 August 2014.

"Past as Prelude: Kim Il Sung Will Reappear". DailyNK. 15 August 2014. Retrieved on 16 August 2014.

"Residents avoiding use of old 5000 KPW notes". DailyNK. 11 July 2017. Retrieved on 11 August 2017.

A full list of references for this article are available at the North Korean won Wikipedia page

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Disclaimer

Important Notice

This page was generated by an Artificial Intelligence and is intended for informational and educational purposes only. The content is based on a snapshot of publicly available data from Wikipedia and may not be entirely accurate, complete, or up-to-date.

This is not financial advice. The information provided on this website is not a substitute for professional economic consultation, financial planning, or currency exchange advice. Always consult with qualified professionals for specific financial needs and refer to official sources for the most current information.

The creators of this page are not responsible for any errors or omissions, or for any actions taken based on the information provided herein.

The DPRK Won

💡 Dive in with Flashcard Learning! 💡

Introduction ℹ️

₩ The Official Currency

🌍 Economic Context

📜 Historical Evolution

Etymology 🗣️

🔠 Origin of the Name

🔢 Subdivisions

History ⏳

📅 Early Years (1947-2009)

🔄 The 2009 Revaluation

Coins 🪙

💰 Circulation Coins

📅 Third Won Coins (2009 onwards)

Banknotes 💵

📜 Historical Series

🚨 Emergency Currency (Donpyo)

Exchange Rates 💱

📈 Official vs. Black Market

📊 Recent Fluctuations

Concurrent Currency Use 🤝

💰 Foreign Exchange Certificates (FECs)

💳 Tied vs. Untied Won

Teacher's Corner 🧑‍🏫

Edit and Print this course in the Wiki2Web Teacher Studio

True or False? 🤔

❓ Test Your Knowledge! ❓

Gamer's Corner 🎮

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References

📜 References

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Disclaimer ⚠️

📜 Important Notice

Dive in with Flashcard Learning!

Introduction

The Official Currency

Economic Context

Historical Evolution

Etymology

Origin of the Name

Subdivisions

History

Early Years (1947-2009)

The 2009 Revaluation

Coins

Circulation Coins

Third Won Coins (2009 onwards)

Banknotes

Historical Series

Emergency Currency (Donpyo)

Exchange Rates

Official vs. Black Market

Recent Fluctuations

Concurrent Currency Use

Foreign Exchange Certificates (FECs)

Tied vs. Untied Won

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Important Notice