North Korean won

From Free net encyclopedia

The won is the currency of North Korea. It is subdivided into 100 chon. The won is issued by the Central Bank of the Democratic People's Republic of Korea.

1 Etymology
2 History
3 Coins
4 Banknotes
5 See also
6 References

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Etymology

Template:Main Won (pronounced like the past tense of the English verb (to) win) is a cognate of the Chinese yuan and Japanese yen. The won was subdivided into 100 chon (전; 錢; McCune-Reischauer: chŏn; Revised Romanization: jeon).

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History

The won became the currency of North Korea in 1945, replacing the Korean yen. It was revalued at a rate of one hundred to one in 1959. For the earlier Korean won, see Korean won.

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Coins

Coins in circulation are

Currently Circulating Coins
Denomination	Diameter	Composition	Obverse	Reverse	Minted Year (General issue) (no star)	Minted Year (Socialist visitor) (1 star)	Minted Year (Capitalist visitor) (2 stars)
1 chon	16 mm	Aluminum	State title, Coat of arms of North Korea	Value	1959, 1970	1959	1959
5 chon	18 mm				1959, 1974	1974	1974
10 chon	20 mm				1959	1959	1959
50 chon	25 mm		State title, Coat of arms of North Korea, value	Chollima statue	1978	1978	1978
₩1	27 mm		State title, Coat of arms of North Korea, value	Grand People's Study House	1987	N/A	N/A

The Central Bank issues a separate currency (or foreign exchange certificates) for visitors, like many other communist states. However, North Korea makes 2 varieties of foreign exchange certificates, one for visitors from "socialist countries", and the other for visitors from "capitalist countries". Coins with 1 star are for socialist visitors, and coins 2 with 2 stars are for capitalist visitors.

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Banknotes

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:

Variation of the 1978 Series
Overstamp	Serial number color	Target users
None	1 Red, 1 black	General circulation
Green with Korean text	2 black	socialist visitors
Green with Korean text	2 red	capitalist visitors
Red with numeral	2 red	replaced the original unstamped notes
Blue with numeral	2 black	Unknown

In 1988, the Bank of Trade (무역은행) (as opposed to the Central Bank) issued 2 unique series of foreign certificates. They both included 1 chŏn, 5 chŏn, 10 chŏn, 50 chŏn, ₩1, ₩5, ₩10, and ₩50. The series for capitalists was blue-green, while the series for socialists was pink. The chŏn 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.

Banknotes in circulation are

1992 Series
Denomination	Dimensions	Dominant Color	Obverse	Reverse	Issued Date	Watermark
₩1	116 x 55 mm	Green	Young woman with flowers	Mount Kumgang	1992	Chollima statue
₩5	126 x 60 mm	Blue	Students with a globe	Grand People's Study House	1992, 1998	Chollima statue
₩10	136 x 65 mm	Brown-orange	Factory worker, Chollima statue	Flood gates	1992, 1998	Chollima statue
₩50	146 x 70 mm	Orange	Young professionals, Juche Tower	Landscape	1992	Juche Tower
₩100	156 x 75 mm	Red and brown	Kim Il-sung	The birthplace of Kim Il-sung, Mangyongdae	1992	Arch of Triumph
₩200	?	Blue and green	Flowers	Value	2005	?
₩500	156 x 75 mm	Dark green	Kumsusan Memorial Palace	Suspension bridge	1998	Arch of Triumph
₩1000	156 x 75 mm	Green-cyan	Kim Il-sung	The birthplace of Kim Il-sung, Mangyongdae	2002	Arch of Triumph
₩5000	156 x 75 mm	Violet	Kim Il-sung	The birthplace of Kim Il-sung, Mangyongdae	2002	Arch of Triumph

Unusually, the 100, 1000 and 5000 won bills are of essentially the same basic design, portraying the exact same subjects (although they are colored differently). North Korea has in the past issued whole series of foreign exchange certificate in which the designs are exactly the same, right down to color, only the denomination being different.

Template:Exchange Rate

Since 2001, the North Korean government has abandoned the meaningless 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. 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. 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 (see above).

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