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The official currency of North Korea is known as the Korean People's Won.
Answer: True
The official currency of the Democratic People's Republic of Korea is indeed the Korean People's Won, commonly referred to as the North Korean won.
The ISO 4217 code for the North Korean won is KPW.
Answer: True
The internationally recognized ISO 4217 code assigned to the North Korean won is KPW.
The symbol commonly used to represent the North Korean won is '$'.
Answer: False
The symbol for the North Korean won is \u20a9, not the dollar sign '$'.
The Central Bank of the Democratic People's Republic of Korea is responsible for issuing the North Korean won.
Answer: True
The issuance and regulation of the North Korean won fall under the purview of the Central Bank of the Democratic People's Republic of Korea.
The Central Bank of the Democratic People's Republic of Korea is located in Seoul.
Answer: False
The Central Bank of the Democratic People's Republic of Korea is headquartered in Pyongyang, the capital city, not Seoul.
The term 'won' derives its etymology from Chinese characters meaning 'square shape'.
Answer: False
The term 'won' originates from Chinese characters (Hanja 圓) meaning 'round shape,' reflecting the shape of coins, similar to the etymology of the Japanese yen and Chinese yuan.
The North Korean won is subdivided into 100 units called 'sen'.
Answer: False
The North Korean won is subdivided into 100 units called 'chon', not 'sen'.
What is the official currency of North Korea?
Answer: Korean People's Won
The official currency of the Democratic People's Republic of Korea is the Korean People's Won, commonly known as the North Korean won.
Which institution is responsible for issuing the North Korean won?
Answer: The Central Bank of the Democratic People's Republic of Korea
The Central Bank of the Democratic People's Republic of Korea is the sole authority responsible for the issuance and management of the North Korean won.
What is the ISO 4217 code for the North Korean won?
Answer: KPW
The internationally recognized ISO 4217 code designated for the North Korean won is KPW.
The term 'won' used for North Korean currency shares etymological roots with which other currencies?
Answer: Japanese Yen and Chinese Yuan
The term 'won' shares etymological origins with the Japanese yen and Chinese yuan, all deriving from a Chinese character signifying a 'round shape'.
Into how many smaller units is the North Korean won subdivided?
Answer: 100 units called 'chon'
The North Korean won is subdivided into 100 smaller units known as 'chon'.
Immediately after Korea's division, North Korea introduced its own currency, the won, without any transitional period.
Answer: False
Following Korea's division, North Korea did not immediately introduce its own currency. It continued to use the Korean yen for a period before issuing the first North Korean won on December 6, 1947.
The first North Korean won was issued on December 6, 1947.
Answer: True
The first North Korean won was officially issued on December 6, 1947, coinciding with the establishment of the Central Bank of the Democratic People's Republic of Korea.
The second North Korean won replaced the first at a rate of 10 old won to 1 new won.
Answer: False
The second North Korean won, introduced in 1959, replaced the first at a rate of 100 old won to 1 new won, a measure taken to curb inflation.
The third North Korean won was introduced in November 2009 via a currency revaluation.
Answer: True
The third iteration of the North Korean won was introduced in November 2009 through a significant currency revaluation, the first such reform in fifty years.
When was the first North Korean won officially issued?
Answer: December 6, 1947
The first North Korean won was officially issued on December 6, 1947.
What was the exchange rate when the second North Korean won replaced the first?
Answer: 100 old won to 1 new won
The second North Korean won, introduced in 1959, replaced the first at a rate of 100 old won to 1 new won.
The currency revaluation that introduced the third North Korean won occurred in which month and year?
Answer: November 2009
The third North Korean won was introduced through a currency revaluation in November 2009.
For many years, North Korea maintained an official exchange rate of 2.16 won to the US dollar, reportedly linked to Kim Jong Il's birthday.
Answer: True
From 1978 until around 2001, North Korea maintained a fixed official exchange rate of 2.16 won to the US dollar, a figure widely believed to be connected to Kim Jong Il's birthday on February 16th.
Inflation has consistently strengthened the North Korean won's value against major international currencies over the decades.
Answer: False
Rampant inflation has significantly eroded the North Korean won's value over the decades, leading to a substantial depreciation against major international currencies.
By June 2009, the black market exchange rate was approximately 4,000 North Korean won per U.S. dollar.
Answer: True
Reports from June 2009 indicated that the black market exchange rate for the North Korean won against the U.S. dollar had reached approximately 4,000 KPW.
The North Korean won experienced a significant devaluation, plummeting by approximately 96 percent against the U.S. dollar shortly after the 2009 revaluation.
Answer: True
In the immediate aftermath of the 2009 currency revaluation, the North Korean won underwent a severe devaluation, reportedly losing approximately 96 percent of its value against the U.S. dollar.
Pak Nam-gi, a government official, was reportedly executed in connection with the 2009 currency reform crisis.
Answer: True
Pak Nam-gi, a high-ranking official involved in financial planning, was reportedly executed in 2010, with his demise linked to the crisis and public discontent stemming from the 2009 currency reform.
The North Korean won is freely traded on international currency markets.
Answer: False
The North Korean won is not traded on international currency markets; its exchange is primarily confined to unofficial black markets.
The COVID-19 pandemic reportedly led to a depreciation of the North Korean won due to reduced trade.
Answer: False
The COVID-19 pandemic, by reducing external trade, reportedly led to an appreciation of the North Korean won due to decreased availability of foreign goods and currency.
In 2024, the North Korean won experienced a period of hyperinflation, falling to around 18,000 KPW per dollar by November.
Answer: True
During 2024, the North Korean won experienced significant volatility, including a period of hyperinflation where its value against the U.S. dollar fell to approximately 18,000 KPW per dollar by November.
For many years, what was the official exchange rate of the North Korean won to the US dollar, and what was its purported basis?
Answer: 2.16 KPW/USD, linked to Kim Jong Il's birthday
From 1978, North Korea maintained an official exchange rate of 2.16 won to the US dollar, reportedly linked to Kim Jong Il's birthday on February 16th.
How did inflation generally affect the North Korean won's value over the decades?
Answer: It significantly eroded the won's value.
Over the decades, rampant inflation has significantly eroded the North Korean won's value, leading to substantial depreciation.
What was a reported black market exchange rate for the North Korean won against the US dollar in June 2009?
Answer: 4,000 KPW per USD
In June 2009, reports indicated that the black market exchange rate for the North Korean won against the U.S. dollar was approximately 4,000 KPW.
Which official was reportedly executed in connection with the crisis caused by the 2009 currency reform?
Answer: Pak Nam-gi
Pak Nam-gi, a high-ranking official involved in financial planning, was reportedly executed in 2010, with his demise linked to the crisis and public discontent stemming from the 2009 currency reform.
Is the North Korean won freely traded on international currency markets?
Answer: No, its exchange is primarily limited to unofficial black markets.
The North Korean won is not traded on international currency markets; its exchange is primarily confined to unofficial black markets.
How did the COVID-19 pandemic reportedly affect the valuation of the North Korean won?
Answer: It led to an appreciation of the won due to reduced external trade.
The COVID-19 pandemic, by reducing external trade, reportedly led to an appreciation of the North Korean won due to decreased availability of foreign goods and currency.
Coins were widely circulated during the period of the first North Korean won (1947-1959).
Answer: False
No coins were issued for circulation during the period of the first North Korean won (1947-1959). The first circulation coins were minted in 1959.
The first North Korean coins intended for circulation were minted in 1959.
Answer: True
The initial series of North Korean coins intended for general circulation were minted in 1959, featuring denominations of 1, 5, and 10 chon.
The 2005 series of North Korean coins included denominations of 1, 5, and 10 won.
Answer: False
The 2005 coin series introduced denominations of 5, 10, 50, and 100 won, not 1 won.
The reverse sides of the third won coin series feature images of national leaders.
Answer: False
The reverse sides of the third won coin series feature floral motifs, such as the Kimjongilia and Kimilsungia on the 10 and 50 chon coins, and a magnolia on the 1 won coin, not images of national leaders.
Most North Korean circulation coins are made primarily of aluminum.
Answer: True
The majority of North Korean circulation coins are manufactured using aluminum.
The 1947 North Korean banknote issue included denominations of 15, 20, and 50 chon.
Answer: True
The initial banknote issue of the North Korean won in 1947 included smaller denominations of 15, 20, and 50 chon, alongside larger won denominations.
Kim Il Sung first appeared on North Korean banknotes in the 1992 redesigned series.
Answer: False
Kim Il Sung first appeared on North Korean banknotes in the 1979 issue, specifically on the 100 won note, not in the 1992 series.
The 1992 banknote series featured larger, more ornate notes compared to previous issues.
Answer: False
The 1992 banknote series introduced smaller, crisper notes with more modern themes, contrasting with earlier, often larger and more ornate designs.
The current highest denomination North Korean banknote features Kim Il Sung on the obverse.
Answer: True
Kim Il Sung is depicted on the obverse side of the current highest denomination North Korean banknote, the 5,000 won note.
Were coins issued for circulation during the period of the first North Korean won (1947-1959)?
Answer: No, coins were not issued for circulation during that time.
No coins were issued for circulation during the period of the first North Korean won (1947-1959). The first circulation coins were minted in 1959.
What imagery is featured on the reverse sides of the third won coin series issued in 2002 and 2008?
Answer: Various flowers like Kimjongilia and Magnolia
The reverse sides of the third won coin series feature floral motifs, such as 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?
Answer: Aluminum
The majority of North Korean circulation coins are manufactured using aluminum.
What denominations were part of the initial 1947 North Korean banknote issue?
Answer: 15, 20, and 50 chon notes, along with larger won denominations.
The initial banknote issue of the North Korean won in 1947 included smaller denominations of 15, 20, and 50 chon, alongside larger won denominations.
When did Kim Il Sung first appear on North Korean banknotes?
Answer: 1979
Kim Il Sung first appeared on North Korean banknotes in the 1979 issue, specifically on the 100 won note.
What characterized the North Korean banknote series redesigned in 1992?
Answer: Smaller, crisper notes with more modern themes.
The 1992 banknote series introduced smaller, crisper notes with more modern themes, contrasting with earlier, often larger and more ornate designs.
What specific landmarks are depicted on the 5,000 won note released in 2014?
Answer: Kim Il Sung's birthplace at Mangyondae and the International Friendship Exhibition
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.
During the 2009 currency revaluation, North Koreans could exchange up to 1 million old won for new notes.
Answer: False
The initial exchange limit for North Koreans during the 2009 revaluation was 100,000 old won, later increased to 150,000 won, not 1 million.
The 2009 currency revaluation was primarily intended to strengthen the national currency's value against major foreign currencies.
Answer: False
The primary suspected motivation behind the 2009 revaluation was to curb domestic price inflation and reduce the influence of the black market economy, rather than solely to strengthen the currency against foreign ones.
The announcement of the 2009 currency reform was widely published in North Korean state media immediately upon its implementation.
Answer: False
The announcement of the 2009 currency reform was initially made to foreign embassies but was not immediately published in North Korean state media, leading to widespread confusion and panic.
During the week-long currency exchange blackout in late 2009, most shops and services ceased operations.
Answer: True
During the week-long period in late 2009 when old currency was invalid and new currency had not yet been fully distributed, most shops and services ceased operations as transactions became impossible.
Only services catering to the general populace remained open during the 2009 currency exchange blackout period.
Answer: False
During the 2009 currency exchange blackout, services catering to the political elite and foreigners generally remained operational, as they could still utilize foreign currencies.
Before 2009, North Korea used 'red won' and 'blue won' as separate foreign exchange certificates for visitors from socialist and capitalist countries, respectively.
Answer: True
Prior to 2009, North Korea issued distinct foreign exchange certificates, known as 'red won' and 'blue won,' intended for visitors from socialist and capitalist countries, respectively, as a means of managing foreign currency usage.
Foreign Exchange Certificates (FECs) were officially abolished in North Korea in 2009.
Answer: False
Foreign Exchange Certificates (FECs) were officially abolished in North Korea in 2002, not 2009.
The 'donpyo' currency, issued in late 2021, consists of regular banknotes printed with standard ink.
Answer: False
The 'donpyo' is an emergency currency or money coupon issued due to shortages of ink and paper needed for printing regular North Korean won banknotes, not regular banknotes printed with standard ink.
'Pakkundon,' meaning 'exchangeable money,' were special foreign exchange certificates issued by North Korea.
Answer: True
'Pakkundon,' translating to 'exchangeable money,' were indeed special foreign exchange certificates issued by North Korea, distinguished by unique markings.
Following the 2009 revaluation, some Pyongyang department stores began exclusively accepting the North Korean won.
Answer: False
Following the 2009 revaluation, some Pyongyang department stores reportedly ceased accepting the North Korean won, exclusively accepting foreign currencies instead.
The 'tied' won is used for pricing goods in ordinary shops and markets accessible to the general public.
Answer: False
The 'tied' won is an accounting unit for transactions involving foreign currency, often via special debit cards, and is not used in ordinary shops and markets accessible to the general public.
What was the primary suspected motivation behind the 2009 currency revaluation?
Answer: To curb price inflation and reduce the black market economy.
The 2009 currency revaluation is widely believed to have been an attempt by the North Korean government to curb domestic 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?
Answer: It was not initially published in North Korean state media.
The announcement of the 2009 currency reform was initially made to foreign embassies but was not immediately published in North Korean state media, leading to confusion and panic among the populace.
During the week-long currency exchange blackout in late 2009, what types of services generally remained operational?
Answer: Services catering to the political elite and foreigners.
During the 2009 currency exchange blackout, services catering to the political elite and foreigners generally remained operational, as they could still utilize foreign currencies.
What were the 'red won' and 'blue won' before 2009?
Answer: Foreign exchange certificates for visitors from socialist and capitalist countries, respectively.
Before 2009, North Korea issued distinct foreign exchange certificates, known as 'red won' and 'blue won,' intended for visitors from socialist and capitalist countries, respectively, as a means of managing foreign currency usage.
Foreign Exchange Certificates (FECs) were officially abolished in North Korea in which year?
Answer: 2002
Foreign Exchange Certificates (FECs) were officially abolished in North Korea in 2002.
What is the 'donpyo' currency?
Answer: An emergency currency or money coupon issued due to shortages of printing materials.
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.
What were the 'Pakkundon'?
Answer: Special foreign exchange certificates distinguished by unique markings.
'Pakkundon,' translating to 'exchangeable money,' were special foreign exchange certificates issued by North Korea, distinguished by unique markings.
Following the 2009 revaluation, what change was observed in some Pyongyang department stores regarding currency acceptance?
Answer: They ceased accepting the North Korean won, accepting only foreign currencies.
Following the 2009 revaluation, some department stores in Pyongyang reportedly ceased accepting the North Korean won, exclusively accepting foreign currencies instead.
What is the 'tied' won used for in North Korea?
Answer: An accounting unit for transactions involving foreign currency, often via special debit cards.
The 'tied' won is an accounting unit used for transactions involving foreign exchange, often facilitated through special debit cards credited by exchanging foreign currency at the official bank rate.