| North Korean won 조선민주주의인민공화국 원 (Korean) 朝鮮民主主義人民共和國 圓 (Korean Hanja) |
|
| ISO 4217 Code | KPW |
|---|---|
| User(s) |  Democratic People's Republic of Korea |
| Subunit | |
| 1/100 | chŏn (전/錢) |
| Symbol | ₩ |
| Plural | The language(s) of this currency does not have a morphological plural distinction. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established North Korea is the commonly used short form name for the Democratic People's Republic of Korea (or DPRK) a State located in East Asia, A currency sign is a graphic symbol often used as a shorthand for a Currency 's name Plural is a Grammatical number, typically referring to more than one of the Referent in the real world |
| Coins | ₩10, ₩50, ₩100 |
| Banknotes | ₩1, ₩5, ₩10, ₩50, ₩100, ₩200, ₩500, ₩1000, ₩5000 |
| Central bank | Central Bank of the Democratic People's Republic of Korea |
The wŏn is the currency of North Korea. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The Central Bank of the Democratic People's Republic of Korea is North Korea 's Central bank. North Korea is the commonly used short form name for the Democratic People's Republic of Korea (or DPRK) a State located in East Asia, It is subdivided into 100 chŏn. The wŏn is issued by the Central Bank of the Democratic People's Republic of Korea. The Central Bank of the Democratic People's Republic of Korea is North Korea 's Central bank.
Contents |
Etymology
Wŏn is a cognate of the Chinese yuan and Japanese yen. Won is the Currency of both North and South Korea. Won is a Cognate of the Chinese currency unit yuan and the Japanese Cognates in Linguistics are words that have a common origin They may occur within a language such as shirt and skirt as two English words descended from The wŏn was subdivided into 100 chŏn (전; 錢; McCune-Reischauer: chŏn; Revised Romanization: jeon). McCune-Reischauer romanization is one of the two most widely used Korean language Romanization systems along with the Revised Romanization of Korean, which The Revised Romanization of Korean is the official Korean language Romanization system in South Korea.
History
The wŏn became the currency of North Korea on December 6, 1947, replacing the Korean yen that was still in circulation. The history of Korean currencies dates back as far as 996, during the Goryeo Dynasty when the first Iron Coins were minted. Events 1060 - Béla I of Hungary is crowned king of Hungary 1240 - Mongol invasion of Rus: Kiev Year 1947 ( MCMXLVII) was a Common year starting on Wednesday (link will display full 1947 calendar of the Gregorian calendar. The yen was the currency of Korea between 1910 and 1945 It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically It was revalued at a rate of one hundred to one in 1959. The year 1959 ( MCMLIX) was a Common year starting on Thursday (link will display full calendar of the Gregorian calendar. For the earlier Korean wŏn, see Korean wŏn. This page provides the history of the currency prior to 1945 For the later South and North Korean currencies see South Korean won and North Korean won.
North Korean wŏn are intended exclusively for North Korean citizens, and the Bank of Trade (무역은행) issued a separate currency (or foreign exchange certificates) for visitors, like many other socialist states. The term socialist state (or socialist republic, or workers' state) can carry one of several different (but related meanings In strictly speaking any However, North Korea made 2 varieties of foreign exchange certificates, one for visitors from "socialist countries" which were coloured red, and the other for visitors from "capitalist countries" which were coloured blue/green. In recent times, FECs have been largely deprecated in favor of visitors paying directly with hard currency, especially the euro. Please update other articles as well to avoid contradiction within Wikipedia e
Since 2001, the North Korean government has abandoned the iconic rate of 2. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. 16 wŏn 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 wŏn's value to such an extent that currently it is believed to be worth about the same as the South Korean wŏn. The won (ko 원 ( sign: ₩; code: KRW) is the currency of South Korea. In any case, the U. S. dollar and other currencies are still worth more in North Korean wŏn 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 below).
Coins
Coins in circulation are
| Currently Circulating Coins | |||||||
|---|---|---|---|---|---|---|---|
| Value | Technical parameters | Description | Date of minted year | ||||
| Diameter | Composition | Obverse | Reverse |
Bank title, Coat of arms, value, year of minting | |||
| ₩10 | 23 mm | Value | 2005 | N/A | N/A | ||
| ₩50 | 25 mm | 2005 | N/A | N/A | |||
| ₩100 | 27 mm | 2005 | N/A | N/A | |||
| For table standards, see the coin specification table. main - title Coin keywords numismatics coin review The National Emblem of the Democratic People's Republic of Korea bears the design of a hydroelectric power plant under Mount Paektu and bearing the beaming light | |||||||
During the Cold War there was a special system of marking coins for different groups of people. Coins with no stars were for North Koreans, coins with 1 star were for "socialist visitors", and coins with 2 stars were for "capitalist visitors". Besides the circulating coins, there's an abundance of different commemorative coins minted in the name of the DPRK. Most, if not all of them are sold to foreign numismatists.
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. Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar) They both included 1 chŏn, 5 chŏn, 10 chŏn, 50 chŏn, ₩1, ₩5, ₩10, and ₩50. The series for "capitalist visitors" was blue-green, while the series for "socialist visitors" was pink. The chŏn notes had a simple design of patterns and the values, while the socialist wŏn notes depict the International Friendship Exhibition, and the capitalist wŏn notes depict the Chollima statue. Chollima or Chonma is the Korean name for a mythical Horse common to Siberian cultures and originating from Central Asia
Banknotes in circulation are
| 1992 Series | ||||||
|---|---|---|---|---|---|---|
| Value | Dimensions | Main Color | Description | Date of issue | ||
| Obverse | Reverse | Watermark | ||||
| ₩1 | 116 × 55 mm | Green | Young woman with flowers | Mount Kumgang | Chollima statue | 1992 |
| ₩5 | 126 × 60 mm | Blue | Students with a globe | Grand People's Study House | 1992, 1998 | |
| ₩10 | 136 × 65 mm | Brown-orange | Factory worker, Chollima statue | Flood gates | ||
| ₩50 | 146 × 70 mm | Orange | Young professionals, Juche Tower | Landscape | Juche Tower | 1992 |
| ₩100 | 156 × 75 mm | Red and brown | Kim Il-sung | The birthplace of Kim Il-sung, Mangyongdae | Arch of Triumph | 1992 |
| ₩200 | 140 × 72 mm | Blue and green | Flowers | Value | Chollima statue | 2005 |
| ₩500 | 156 × 75 mm | Dark green | Kumsusan Memorial Palace | Suspension bridge | Arch of Triumph | 1998 |
| ₩1000 | Green-cyan | Kim Il-sung | The birthplace of Kim Il-sung, Mangyongdae | 2002 | ||
| ₩5000 | Violet | |||||
| For table standards, see the banknote specification table. A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a Chollima or Chonma is the Korean name for a mythical Horse common to Siberian cultures and originating from Central Asia Chollima or Chonma is the Korean name for a mythical Horse common to Siberian cultures and originating from Central Asia The Juche Tower (officially the Tower of Juche Idea) is a Monument in Pyongyang, North Korea. The Juche Tower (officially the Tower of Juche Idea) is a Monument in Pyongyang, North Korea. Kim Il-sung ( 15 April 1912 – 8 July 1994) was the leader of the Democratic People's Republic of Korea from its founding in early Kim Il-sung ( 15 April 1912 – 8 July 1994) was the leader of the Democratic People's Republic of Korea from its founding in early The Arch of Triumph in Pyongyang (개선문 was built to commemorate the Korean resistance to Japan from 1925 to 1945 Chollima or Chonma is the Korean name for a mythical Horse common to Siberian cultures and originating from Central Asia The Kumsusan Memorial Palace, sometimes referred to as the Kim Il-sung Mausoleum, is a large building located northeast of downtown Pyongyang, the capital city of The Arch of Triumph in Pyongyang (개선문 was built to commemorate the Korean resistance to Japan from 1925 to 1945 Kim Il-sung ( 15 April 1912 – 8 July 1994) was the leader of the Democratic People's Republic of Korea from its founding in early Kim Il-sung ( 15 April 1912 – 8 July 1994) was the leader of the Democratic People's Republic of Korea from its founding in early | ||||||
Unusually, the 100, 1,000 and 5,000 wŏn 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 certificates in which the designs are exactly the same, right down to color, only the denomination being different.
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Note: Rates obtained from these websites could be substantially different from black market rate
See also
References
- Schuler, Kurt. The Economy of North Korea is a centrally planned economy. North Korea's economy remains one of the world's last centrally planned systems Tables of Modern Monetary History: Asia.
- Cuhaj, George S. (editor) (2005). Standard Catalog of World Paper Money: Modern Issues 1961-Date, 11th ed. The Standard Catalog of World Paper Money is a very well-known catalogue of Banknotes that is published by Krause Publications in three volumes , Krause Publications. ISBN 0-89689-160-7.
- Krause, Chester L. and Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901-Present, Colin R. The Standard Catalog of World Coins is a series of numismatic Catalogs commonly known as the Krause catalogs in the Numismatic hobby Bruce II (senior editor), 31st ed. , Krause Publications. ISBN 0-87349-593-4.
External links
- Don's World Coin Gallery - North Korea
- Ron Wise's World Paper Money - Korea, North Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - Korea
- Global Financial Data data series - Democratic Republic of Korea Won
- Global Financial Data currency histories table (
Microsoft Excel format)
| Preceded by: Korean yen Reason: Division of Korea and moving toward a full sovereign nation from Allied occupation |
Currency of North Korea 1945 – 1959 |
Succeeded by: New wŏn Reason: inflation Ratio: 1 new wŏn = 100 old wŏn |
| Preceded by: Old wŏn Reason: inflation Ratio: 1 new wŏn = 100 old wŏn |
Currency of North Korea 1959 – |
Succeeded by: Current |
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