View source for North Korean won

{{Infobox Currency
| currency_name_in_local = 조선민주주의인민공화국 원 <small>{{ko icon}}</small><!--<br/>朝鮮民主主義人民共和國圓 <span style="font-size: 0.95em; font-weight: bold; color:#555; position: relative;"><small>(Hancha)</small>-->
| image_1 = 1000 North Korean Won.jpg
| image_title_1 = Old 1000 won banknote of the second won
| iso_code = KPW
| using_countries = {{flag|North Korea}}
| subunit_ratio_1 = 1/100
| subunit_name_1 = chon (전/錢)
| symbol = [[Won sign|₩]]
| no_plural = Y
| used_coins = 1, 5, 10, 50 chon, ₩1 <ref>{{cite news|url=http://www.ccdailynews.com/section/?knum=125530 |title=북한의 새로 발행된 화폐들 |date=December 4, 2009|publisher=ccdailynews.com|language=Korean}}</ref>
| used_banknotes = ₩5, ₩10, ₩50, ₩100, ₩200, ₩500, ₩1000, ₩2000, ₩5000<ref>[http://banknotenews.com/files/17faa856f3e2e824d407e61c9f9c03c0-898.php North Korea revalues and replaces currency]. BanknoteNews.com. December 4, 2009.</ref>
| issuing_authority = [[Central Bank of the Democratic People's Republic of Korea]]
}}
{{Infobox Korean name
| hangul  = 조선민주주의인민공화국 원
| hanja   = 朝鮮民主主義人民共和國圓
| rr      = Joseon minjujuui inmin gonghwaguk won
| mr      = Chosŏn minjujuŭi inmin konghwakuk wŏn
| context = north
| img     =
| caption =
}}

The '''won''' ([[currency symbol|symbol]]: '''₩'''; [[ISO 4217|code]]: '''KPW''') is the official 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]], based in the capital city, [[Pyongyang]]. The official currency of [[South Korea]], issued by the [[Bank of Korea]] which is based in its capital city, [[Seoul]], is divided into the same number of units, and is known as the [[South Korean won]].

==Etymology==
{{Main|Etymology of the Korean currencies}}
''Won''<!-- (pronounced like the past tense of the English verb ''(to) win'')--> is a [[cognate]] of the [[Chinese yuan]] and [[Japanese yen]]. All three names derive from the Chinese word written {{lang|ko|[[wikt:圓|圓]]}}(원), which means "round shape." The won is subdivided into 100 chon (전; 錢; [[McCune-Reischauer]]: ''chŏn''; [[Revised Romanization of Korea|Revised Romanization]]: ''jeon'').

==History==
{{See also|History of the Korean currencies}}

{{For|the Korean won before the North–South division|Korean won}}
The won became the currency of North Korea on December 6, 1947, replacing the [[Korean yen]] that was still in circulation.<ref>{{cite book|last=Cho|first=Lee-Jay|coauthors=Kim, Yoon Hyung|title=Economic systems in South and North Korea: the agenda for economic integration|publisher=Korea Development Institute|year=1995|page=161|isbn=978-89-8063-001-1}}</ref>

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 hence nicknamed "red won",<ref name="dailynk">http://www.dailynk.com/english/read.php?cataId=nk00100&num=5081</ref> and the other for visitors from "capitalist countries" which were colored blue/green and hence known as "blue won".<ref name="dailynk"/> FECs were used until 1999, then officially abolished in 2002, in favor of visitors paying directly with hard currency, especially the [[euro]].<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = North Korea | publisher = www.BanknoteNews.com | year = 2012 | location = San Francisco, CA | url = http://www.banknotebook.com}}</ref>

===Dollar peg removed===
Since 2001, the [[Government of North Korea|North Korean government]] 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)<ref>{{cite book|last=Hoare|first=James|coauthors=Pares, Susan|title=North Korea in the 21st century: an interpretive guide|publisher=Global Oriental|year=2005|page=145|isbn=978-1-901903-96-6}}</ref> 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 2 Dec 2013) to be ₩130.740 to the [[United States Dollar|US dollar]].<ref name="xe_USDKPW">[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=KPW&image.x=14&image.y=20&image=Submit USD to KPW exchange rate, XE.com]. Retrieved 2010-06-22.</ref> However, rampant inflation has been eroding the North Korean won's value. A report by [[defectors]] from North Korea claimed that the black market rate was ₩570 to the [[Renminbi|Chinese yuan]] (or about ₩4,000 per U.S. dollar) in June 2009.<ref>Yong, Lee Sang (June 24, 2009). [http://www.dailynk.com/english/read.php?cataId=nk00100&num=5081 The Color of North Korean Money]. ''[[Daily NK]]''.</ref> In any case, the U.S. dollar and other currencies are still worth more in North Korean won on the black market than officially.

===2009 revaluation===
The won was [[revaluation|revalued]] in November 2009<ref>Ho, Jung Kwon (November 30, 2009). [http://www.dailynk.com/english/read.php?cataId=nk01500&num=5719 North Korea Replaces Currency]. ''[[Daily NK]]''.</ref><ref>[http://www.nytimes.com/2009/12/02/business/global/02korea.html?_r=2 Choe Sang-Hun (December 9, 2009) ''New York Times'' (Global Business), "North Korea Revalues Its Currency"]</ref> for the first time in 50 years.<ref>The Wall Street Journal, Wednesday December 2, 2009 [http://online.wsj.com/article/SB125963843649570793.html North Korea Reissues Won, a Blow to Unofficial Economy]</ref><ref>The Wall Street Journal, Thursday December 3, 2009 [http://online.wsj.com/article/SB125975276400572645.html North Korea Begins Won Swap, Curfew]</ref>  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.<ref name=wp>Harden, Blaine (December 2, 2009). [http://www.washingtonpost.com/wp-dyn/content/article/2009/12/01/AR2009120101841.html?hpid=moreheadlines 'North Korea revalues currency, destroying personal savings']. ''[[The Washington Post]]''.</ref> The official exchange rate at this time was around $740 but black market value of the ₩150,000 was estimated to be near $30.<ref>Haggard, Stephen and Marcus Noland (January, 2009). [http://www.piie.com/publications/pb/pb10-01.pdf].</ref>  The revaluation, seen as a move against private market activity, wiped out many North Koreans' savings.<ref name=wp/> ''[[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.<ref name="The Times"/>  The announcement was made to foreign embassies but not in [[Media of North Korea|North Korean state media]].<ref name="The Times">Parry, Richard Lloyd (December 2, 2009). [http://www.timesonline.co.uk/tol/news/world/asia/article6940482.ece North Koreans in shock as cash is 'banned']. ''[[The Times]]''.</ref><ref>[http://www.presstv.ir/detail.aspx?id=112692&sectionid=351020405 Currency reform sparks anger in North Korea]. [[Press TV]]. December 2, 2009.</ref> Information was later carried via a wire-based radio service only available within North Korea.<ref>Hyun, Kim (December 2, 2009). [http://english.yonhapnews.co.kr/northkorea/2009/12/02/9/0401000000AEN20091202009300315F.HTML N. Korea's official media silent about currency reform]. [[Yonhap]].</ref>

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.<ref name="The Times"/>  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.<ref name="The Times"/>  The only services that remained open were those catering to the political elite and foreigners which continued to trade exclusively in foreign currency.<ref name="The Times"/>  The measure had led to concerns amongst North Korean officials that it would result in [[civil unrest]]; this was not the case.<ref name="The Times"/> China's [[Xinhua]] news agency described North Korean citizens in a "collective panic";<ref>[http://joongangdaily.joins.com/article/view.asp?aid=2913430 North’s currency action shocking to its citizens]. ''[[Joongang Daily]]''. December 3, 2009.</ref> 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.<ref>{{cite news|url=http://www.independent.co.uk/news/world/asia/north-koreans-dare-to-protest-as-devaluation-wipes-out-savings-1833156.html|title=North Koreans dares to protest as devaluation wipes out savings|last=McNeil|first=David|date=December 3, 2009|work=[[The Independent]] | location=London}}</ref> 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.<ref>{{cite news|url=http://online.wsj.com/article/SB126029137357982133.html?mod=WSJ_hpp_sections_world|title=North Koreans Protest Currency Issue |last=Ramstad|first=Evan|date=December 9, 2009|publisher=''[[The Wall Street Journal]]''}}</ref><ref>{{cite news|url=http://www.chinapost.com.tw/asia/korea/2009/12/05/235359/North-Koreans.htm|title=North Koreans burn bills over currency reform|date=December 5, 2009|publisher=''[[The China Post]]''}}</ref> Authorities threatened "merciless punishment" for any person who violated the rules of the currency change.<ref>{{cite news|url=http://english.aljazeera.net/news/asia-pacific/2009/12/200912371139615612.html|title=N Korea cash switch 'sparks panic' |date=December 3, 2009|publisher=[[Al Jazeera]]}}</ref>

Pictures of the new notes were published on December 4, 2009, in the ''[[Choson Sinbo|Chosun Shinbo]]'', a North Korean newspaper based in Japan.<ref name="dnk412">{{cite news|url=http://www.dailynk.com/english/read.php?cataId=nk03100&num=5743|title=New Denomination Images Unveiled|last=Kook|first=Park Sung|date=December 4, 2009|publisher=''[[Daily NK]]''}}</ref><ref>{{cite news|url=http://www.csmonitor.com/2009/1204/p06s07-woap.html|title=North Korea admits drastic currency reform, is silent on protests|last=Kirk|first=Donald|date=December 4, 2009|publisher=''[[The Christian Science Monitor]]''}}</ref> The paper claimed that the measure would weaken the free market and strengthen the country's socialist system.<ref>{{cite news|url=http://www.google.com/hostednews/afp/article/ALeqM5gnnLBoO7-ClzCc0ntsjmEiwe8i9w|title=Currency change cripples N.Korea markets: report|last=AFP|date=December 9, 2009}}</ref> However, the won plummeted 96 percent against the [[United States dollar|U.S. dollar]] in the ensuing days after revaluation.<ref>{{cite news|url=http://www.bloomberg.com/apps/news?pid=20601080&sid=aw8p.PYArpkM|title=North Korean Won Plunges 96% After Government Revaluation |last=Lim|first=Bomi|date=December 9, 2009|publisher=[[Bloomberg L.P.]]}}</ref> 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.<ref>{{cite news|url=http://www.google.com/hostednews/afp/article/ALeqM5iFY8rYsHoDTCQDftAK3JmmC14MNw|title=N.Korea backtracks on currency change: report|date=December 15, 2009|publisher=[[Agence France-Presse|AFP]]}}</ref>  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.<ref>{{cite news|url=http://www.timesonline.co.uk/tol/news/world/asia/article7013254.ece|title=Food shortages and violence mount in North Korea as Utopian dream fails|last=Parry|first=Richard Lloyd|date=February 4, 2010|publisher=''[[The Times]]'' | location=London}}</ref> [[Pak Nam-gi]], the director of the Planning and Finance Department of North Korea's ruling Workers' Party, was later executed in 2010.<ref>{{cite web|url=http://www.bloomberg.com/apps/news?pid=20601080&sid=amrsl_DDQ7.A|title=North Korea Executes Official for Currency Reform, Yonhap Says|publisher=Bloomberg|date=March 17, 2010}}</ref> North Korea denied any serious crisis relating to the revaluation.<ref>{{cite web|url=http://www.youtube.com/watch?v=99VlXc5fwxA |title= North Korea Says No Chaos After Currency Reform  |publisher=Associated Press| date=April 1, 2010}}</ref>

==Coins==

===Second won===
The first North Korean coins for circulation were minted in 1959 in the 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 horse 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 however, they 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 in design compared to the older series, being very plain and generic in design. All circulation coins of the Second Won were struck in aluminum. 

{|class="wikitable" style="font-size: 90%"
!colspan="9"|Circulated Coins
|-
!rowspan="2"| Value !!colspan="2"| Technical parameters !!colspan="2"| Description !!colspan="4"| Date of minted year
|-
! Diameter !! Composition !! Obverse !! Reverse !! General issue<br/>(no star) !! Socialist visitor<br/>(1 star) !! Capitalist visitor<br/>(2 stars) !! Year last<br />circulated
|- {{Coin-silver-color}}
| 1 chon || 16&nbsp;mm ||rowspan="9"| [[Aluminium]]<ref>{{cite book|last=Bruce|first=Colin R.|coauthors=Michael, Thomas|title=Standard Catalog of World Coins 1901–2000|publisher=Krause Publications|year=2007|page=1313|isbn=978-0-89689-500-3}}</ref>
|rowspan="3"| State title, [[Emblem of North Korea|Coat of arms]], year of minting ||rowspan="3"| Value, (optionally, star(s))
|| 1959, 1970 || 1959 || 1959 || ?
|- {{Coin-silver-color}}
| 5 chon || 18&nbsp;mm
| 1959, 1974 || 1974 || 1974 || ?
|- {{Coin-silver-color}}
| 10 chon || 20&nbsp;mm
|| 1959 || 1959 || 1959 || ?
|- {{Coin-silver-color}}
| 50 chon || 25&nbsp;mm
| Bank title, Coat of arms, value || [[Chollima]] statue, year of minting,<br />(optionally, star(s))
| 1978 || 1978 || 1978 || ?
|- {{Coin-silver-color}}
| ₩1 || 27&nbsp;mm
|rowspan="5"| Bank title, Coat of arms, value, year of minting || [[Grand People's Study House]] || 1987 || N/A || N/A || ?
|-|{{Coin-silver-color}}
| ₩5 || 21&nbsp;mm ||rowspan="4"| Value || 2005 || N/A || N/A || 2009
|- {{Coin-silver-color}}
| ₩10 || 23&nbsp;mm || 2005 || N/A || N/A || 2009
|- {{Coin-silver-color}}
| ₩50 || 25&nbsp;mm || 2005 || N/A || N/A || 2009
|- {{Coin-silver-color}}
| ₩100 || 27&nbsp;mm || 2005 || N/A || N/A || 2009
|-
|colspan="9"|{{Standard coin table notice}}
|}

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 for designated for "capitalist visitors". A fourth set, intended for collectors rather than circulation, was struck with the word "specimen" in Korean characters in the areas where the stars would be. The specimen set is the least common of the four. Besides the general 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 [[numismatist]]s. Some of these are official, state approved coins, others are not.

===Third won===
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. A magnolia adorns the 1 won.<ref name="dnk412" />

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 were smaller than the previous designs, while the new 10 chon 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 carry very little value, with especially the 1 and 5 chon being virtually irrelevant.

{|class="wikitable" style="font-size: 90%"
!colspan="7"|Circulated Coins
|-
!rowspan="2"| Value !!colspan="3"| Technical parameters !!colspan="2"| Description !!rowspan="2"| Date of minted year
|-
! Diameter !! Mass !! Composition !! Obverse !! Reverse
|- {{Coin-silver-color}}
| 1 chon || 18.0&nbsp;mm || 0.8&nbsp;g ||rowspan="5"| [[Aluminium]]<ref>[http://www.iwantallcoins.com/PRK.HTM]</ref>  <!--Likely to be same as before: [[Aluminium]]<ref>{{cite book|last=Bruce|first=Colin R.|coauthors=Michael, Thomas|title=Standard Catalog of World Coins 1901–2000|publisher=Krause Publications|date=2007|page=1313|isbn=978-0-89689-500-3}}</ref> --> ||rowspan="5"| Coat of arms, Value || Flower, Year of minting || 2008
|- {{Coin-silver-color}}
| 5 chon || 19.0&nbsp;mm || 0.9&nbsp;g
|| Flower, Year of minting || 2008
|- {{Coin-silver-color}}
| 10 chon|| 20.0&nbsp;mm || 1.0&nbsp;g 
|| Flower, Year of minting || 2002
|- {{Coin-silver-color}}
| 50 chon || 22.1&nbsp;mm || 1.55&nbsp;g
|| Flower, Year of minting || 2002
|- {{Coin-silver-color}}
| ₩1 || 24.1&nbsp;mm || 1.9&nbsp;g
|| Flower, Year of minting || 2002
|-
|colspan="6"|{{Standard coin table notice}}
|}

==Banknotes==

The first banknotes of "North Korea" were issued in 1945 by the Russian backed provisional government above the [[48th parallel north|48th 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===
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 fix the inflation that had occurred as a result of the Korean War.<ref>{{cite web|url=http://www.nautilus.org/DPRKBriefingBook/economy/DPRKMonetaryHistory.html|title=DPRK Economy|last=Schuler|first=Kurt|year=2004|publisher=Tables of Modern Monetary Systems}}</ref>

===Second won===
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 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.

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 were again issued in 1998, along with a 500 won banknote the same year but were stamped rather than engraved reflecting poorer production quality. In 2005, a 200 won banknote was issued, followed by 1,000 and 5,000 won banknotes in 2006. The latter 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. 

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

As explained above, there are two varieties of foreign certificates. 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 foreigners 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. 

{|class="wikitable" style="font-size: 90%"
|-
!colspan="5"| Banknotes of the North Korean won (1978 issue)
|-
! Image !! Main color !! Value !! Obverse !! Reverse 
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0018.htm]
| Olive-green
| ₩1
| Army officer, woman and children
| Male and female soldiers; Yang Helyong (scenes from the opera ''[[Sea of Blood]]'')
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0019.htm]
| 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|Mount Kumgang (Kumgangsan)]]
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0020.htm]
| Brown
| ₩10
| [[Chollima]]
| Chollima steel complex
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0021.htm]
| Olive-green
| ₩50
| Soldier; peasant woman; officials of the [[Workers' Party of Korea]]
| Lake
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0022.htm]
| Brown and lilac
| ₩100
| [[Kim Il-sung]]
| [[Mangyongdae-guyok|Mangyongdae]] (the birthplace of Kim Il-sung)
|-
|}

{|class="wikitable" style="font-size: 90%"
!colspan="3"|Variation of the 1978 Series
|-
! Overstamp !! Serial number color !! Target users{{Citation needed|date=April 2010}}
|-
| 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.<ref>{{cite book|last=Bruce|first=Colin R.|coauthors=Shafer, Neil|title=Standard Catalog of World Paper Money, Modern Issues, Volume 3|publisher=Krause Publications|year=1999|page=424|isbn=978-0-87341-746-4}}</ref> 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.<ref name=bn>[http://www.bank-note.org/nk.html Bank notes of the modern world – North Korea]. bank-note.org.</ref>

[[Banknote]]s in circulation for the second won, up to December 2009, were as follows:

{|class="wikitable" style="font-size: 90%"
!colspan="7"|1992 Series
|-
!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="3"| Description !!rowspan="2"| Date of issue
|-
! Obverse !! Reverse !! Watermark
|-
| ₩1
| 116 × 55&nbsp;mm
| Green
| Actress Hong Yong-hee in her film role as ''[[The Flower Girl]]''
| [[Mount Kumgang]]
|rowspan="3"| [[Chollima]] statue
| 1992
|-
| ₩5
| 126 × 60&nbsp;mm
| Blue
| Students, [[Kim Il-sung University|Kim Il Sung University]], [[Mangyongdae Children's Palace|Mangyongdae School Children's Palace]]
| [[Grand People's Study House]]
|rowspan="2"| 1992, 1998
|-
| ₩10
| 136 × 65&nbsp;mm
| Brown-orange
| Factory worker, [[Chollima]] (1000 Ri horse)
| Western sea barrage and locks at Taedong Gang
|-
| ₩50
| 146 × 70&nbsp;mm
| Orange
| Young professionals, [[Juche Tower]]
| Paektu Mountain
| [[Juche Tower]]
| 1992
|-
| ₩100
| 156 × 75&nbsp;mm
| Red and brown
| [[Kim Il-sung]]
| The birthplace of [[Kim Il-sung]], [[Mangyongdae-guyok]]
| [[Arch of Triumph (Pyongyang)|Arch of Triumph]]
| 1992
|-
| ₩200
| 140 × 72&nbsp;mm
| Blue and green
| [[Magnolia|Siebolds-Magnolia]] (National Flower of Korea)
| Value
| [[Chollima]] statue
| 2005
|-
| ₩500
|rowspan="3"| 156 × 75&nbsp;mm
| Dark green
| [[Kumsusan Palace of the Sun|Kumsusan Memorial Palace]]
| [[Chongnyu bridge]]<ref name="Encyber">{{citation|url=http://banknote.ws/COLLECTION/countries/ASI/KON/KON0044.htm|title=BANK NOTE MUSEUM|accessdate=2013-06-17}}</ref>
|rowspan="3"| [[Arch of Triumph (Pyongyang)|Arch of Triumph]]
| 1998
|-
| ₩1000
| Green-cyan
|rowspan="2"| [[Kim Il-sung]]
|rowspan="2"| The birthplace of [[Kim Il-sung]], [[Mangyongdae-guyok]]
|rowspan="2"| 2002
|-
| ₩5000
|Violet
|-
|}

===Third won===
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 values of 5, 10, 50, 100, 200, 500, 1&nbsp;000, 2&nbsp;000, and 5&nbsp;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 generic people or various monuments in North Korea.<ref name="dnk412" /> The exchange rate was 100 second won to 1 third won.<ref>http://www.faz.net/s/RubEC1ACFE1EE274C81BCD3621EF555C83C/Doc~EC0D4527A47FA4F4D8F0F381FC6AC7FA2~ATpl~Ecommon~Scontent.html</ref>

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.<ref>[http://banknotenews.com/files/20a77c7620cccd7435f61161b2077912-2930.php North Korea new 100th birthday commemorative notes confirmed] BanknoteNews.com. March 14, 2014. Retrieved on 2014-07-09.</ref>

{|class="wikitable" style="font-size: 90%"
!colspan="10"| 2009 series<ref name="dnk412" />
|-
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="3"| Description !!rowspan="2"| Date on notes !! rowspan="2"|Remark
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0058.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0058.htm]
| ₩5
| rowspan=9|145 × 65&nbsp;mm
| Navy blue
| Scientist and student
| Hwanggang hydroelectric dam and power station
| rowspan=9|Mongnan (Seibold’s magnolia) flowers
!rowspan="3"| Juche 91, 2002
| <!-- Trivia -->
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0059.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0059.htm]
| ₩10
| Olive Green
| Soldiers (Air Force, Army, Navy)
| Victory Monument of the [[Korean War]]
| <!-- Trivia -->
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0060.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0060.htm]
| ₩50
| Purple
| Engineer, farmer and working intellectual
| Monument to the Founding of the [[Workers' Party of Korea]]
| <!-- Trivia -->
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0061.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0061.htm]
| ₩100
| Green
| [[Magnolia|Siebolds-Magnolia]] (National Flower of Korea)
!rowspan="3"| Value
!rowspan="6"| Juche 97, 2008
| <!-- Trivia -->
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0062.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0062.htm]
| ₩200
| Burgundy
| [[Chollima]] statue
| <!-- Trivia -->
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0063.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0063.htm]
| ₩500
| Grey
| [[Arch of Triumph (Pyongyang)|Arch of Triumph]]
| <!-- Trivia -->
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0064.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0064.htm]
| ₩1000
| Red
| House in [[Hoeryong]]
| [[Samji]] lake
| The obverse depicts [[Kim Jong-suk]]’s birth place
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0065.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0065.htm]
| ₩2000
| Blue
| Log cabin on [[Paektu Mountain]], Jong Il Peak
| Paektu Mountain
| The obverse depicts [[Kim Jong-il]]’s [[Kim Jong-il#Birth|alleged]]<ref name="kim jong-il bbc">{{cite news|url=http://news.bbc.co.uk/2/hi/asia-pacific/1907197.stm|title= Profile: Kim Jong-il|date=16 January 2009-01-16|publisher=[[BBC News]]|accessdate=2009-12-11}}</ref> birth place
|-
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0066.htm]
| [http://banknote.ws/COLLECTION/countries/ASI/KON/KON0066.htm]
| ₩5000
| Brown
| [[Kim Il-sung]]
| Mangyongdae
| <!-- Trivia -->
|-
|colspan="10"|{{Standard banknote table notice}}
|}
{{Exchange Rate|KPW|
note=Rates obtained from these websites could be substantially different from black market rate}}

==Other currency used==

The BBC reported in 2009 that in some department stores in [[Pyongyang]], the North Korean won is not accepted; and the stores only take [[Chinese Yuan]] and [[United States dollar|U.S. dollars]].<ref>{{cite news| url=http://news.bbc.co.uk/1/hi/in_pictures/8256890.stm | work=BBC News | title=In pictures: Life in poverty-stricken North Korea | date=September 22, 2009}}</ref>

As of April 2013, most stores in North Korea take [[Euro]]s and Chinese Yuan/[[Renminbi]]. As more RMB are brought into the country than EUR is, change from transactions is prominently returned in Renminbi.

==See also==
* [[Economy of North Korea]]
{{Portalbar|North Korea|Numismatics}}

==References==
{{Reflist|2}}
{{n-start|title=North Korean won}}
{{n-before|currency=[[Korean yen]]|reason=[[Division of Korea]] and moving toward a full sovereign nation from Allied occupation}}
{{n-currency|location=[[North Korea]]|start=18 April 1980|end=12 April 2009|note=1st Won: 1945 to 1959<br>2nd Won (equivalent to 100 1st Won): 1959 to 2009<br>3rd Won (equivalent to 100 2nd Won): 2009 onwards}}
{{n-after}}
{{n-end}}

{{Historical currencies of Korea}}
{{Currencies of Asia}}

{{DEFAULTSORT:North Korean Won}}
[[Category:Economy of North Korea]]
[[Category:1947 introductions]]