North Korean won facts for kids

Quick facts for kids North Korean won
ISO 4217 Code	KPW
User(s)	North Korea
Subunit
1⁄100	chon (전 / 錢)
Symbol	₩
Coins
Rarely used	1, 5, 10, 50 chon; ₩1
Banknotes
Freq. used	₩100, ₩200, ₩500, ₩1000, ₩2000, ₩5000
Rarely used	₩5, ₩10, ₩50

The North Korean won (Symbol: ₩; Code: KPW) is the official money of North Korea. It is also called the Korean People's won. This money is split into 100 smaller units called chon. The Central Bank of the Democratic People's Republic of Korea in Pyongyang prints and manages the won.

What's in a Name?

The word Won comes from the Chinese word yuan. It means "round shape." This is because early coins were round. The smaller unit, chon, is also a Korean word.

A Brief History of the Won

North Korea started using its own money after Korea was divided. This happened in 1947. Before that, they used the Korean yen.

Early Won: 1947–2009

The first North Korean won was created in 1947. Then, in 1959, a second version was introduced. This new won was worth 100 old won.

For many years, the government tried to keep the won's value fixed. For example, they set it at 2.16 won for every US dollar. This number was even linked to Kim Jong Il's birthday.

However, over time, prices in North Korea went up a lot. This meant the won became worth less and less. By 2001, the government had to change its fixed rate. They started using rates closer to what people paid on the unofficial market.

The 2009 Money Change

In November 2009, North Korea changed its money again. This was the first time in 50 years. People were told they could exchange their old money for new money. But there was a limit on how much they could exchange.

This change caused problems for many people. Their savings lost a lot of value. Some people protested. The government said this change would help control prices. It was also meant to stop unofficial money trading.

During this time, old money stopped being valid. But new money was not given out right away. This meant people could not buy things for a week. Shops and restaurants closed. Only places for foreigners or important people stayed open.

This caused a lot of worry among North Koreans. There were reports of protests. The government then allowed people to exchange a bit more money. Pictures of the new money were shown in a newspaper in Japan. The newspaper said the change would make the country's socialist system stronger.

However, the won's value dropped sharply against the US dollar. Later, some rules about unofficial markets were made easier.

Coins of North Korea

North Korea has used different coins over the years.

Second Won Coins

The first coins for everyday use came out in 1959. They were in values of 1, 5, and 10 chon. Later, in 1978, 50 chon coins were made. These coins showed the Chollima Statue. In 1987, 1 won coins were introduced. These showed the Grand People's Study House. All these coins were made from aluminum.

After 2001, these coins were not used much. In 2005, a new set of coins came out. These were 5, 10, 50, and 100 won. They had simpler designs.

Circulated coins

Image	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	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
For table standards, see the coin specification table.

North Korea also made special coins for foreign visitors. Some had one star for "socialist visitors." Others had two stars for "capitalist visitors." These were part of a system to control money for different groups.

Third Won Coins

New coins were made in 2002 and 2008. These were 1, 5, 10, 50 chon, and 1 won. All were made of aluminum. They show the national coat of arms on one side. The other side features flowers like the Kimjongilia and Kimilsungia.

These coins were meant to be used after the won's value was changed. But because of problems with the money change, these coins have very little value today.

Circulated coins

Image	Value	Technical parameters			Description		Date of minted year
		Diameter	Mass	Composition	Obverse	Reverse
	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
For table standards, see the coin specification table.

Banknotes of North Korea

North Korea has issued many different banknotes.

First Won Banknotes

The first banknotes were printed in 1947. They came in values like 15, 20, and 50 chon, and 1, 5, 10, and 100 won. The won notes showed a farmer and a worker together. In 1959, these notes were replaced because of inflation.

Second Won Banknotes

In 1959, new banknotes were released. These were 50 chon, and 1, 5, 10, 50, and 100 won. They were larger and showed different industries in North Korea.

In 1979, the money was changed again. New banknotes were made for 1, 5, 10, 50, and 100 won. The old banknotes were taken out of use. For the first time, Kim Il Sung appeared on the 100 won note.

In 1992, the banknotes were redesigned again. They were smaller and showed more modern pictures. Later, in 1998, 500 won notes were added. In 2002, 1,000 and 5,000 won notes came out. A 200 won note was added in 2005. From 1998, all notes also showed the Juche year.

Third Won Banknotes

In 2009, North Korea changed its money again. This was to deal with rising prices and unofficial trading. This change caused problems for many people's savings.

Some of these banknotes were actually printed in 2002. This suggests that a money change was planned much earlier.

The current banknotes come in values from 5 to 5,000 won. Only the highest value note shows Kim Il Sung. Other notes show the national flower, the Magnolia. They also show North Koreans doing different jobs and famous monuments. One new won was worth 100 old won.

In 2014, a new 5,000 won note was released. This note shows Kim Il Sung's birthplace. The back shows a building where gifts from foreign leaders are displayed. This change was made to help fight fake money.

Emergency Money: Donpyo

Because of recent global events, North Korea faced shortages of ink and paper. This made it hard to print regular won banknotes. So, in 2021, they started using "money coupons" called donpyo. These coupons are in 5,000 and 50,000 won values. They are printed on lower quality paper.

These donpyo are worth less than regular won banknotes in unofficial markets.

How Much is the Won Worth?

The North Korean won is not traded on international markets. This means you cannot easily exchange it in other countries. In unofficial markets, its value changes. For example, in 2019, about 8,000 North Korean won were worth 1 US dollar. Later, its value went up a bit.

Using Foreign Money in North Korea

Before 2009, North Korean won was mostly for North Korean citizens. Visitors used special money called "foreign exchange certificates." There were two types: one for visitors from "socialist countries" (red) and one for "capitalist countries" (blue/green).

These special certificates were used until 1999. After that, visitors could pay directly with foreign money.

Money Use Since 2009

After the 2009 money change, some stores in Pyongyang only accepted foreign money. This included Japanese yen and US dollars. By 2018, most stores accepted US dollars, euros, and Chinese yuan. Change was often given in yuan or US dollars.

Foreign visitors can use a special debit card. This card is linked to foreign money exchanged at an official rate. This "tied won" is not actual banknotes. It is just a way to keep track of money for foreigners.

In regular stores and markets, prices are in "untied" won. This is the regular North Korean won banknotes. There are places where you can exchange foreign money for these regular banknotes. The exchange rate for "untied" won is much different from the official rate.

See also

• Economy of North Korea
• South Korean won