About the North Korean Won
The North Korean Won was introduced in 1947, replacing the Korean yen. It has undergone several revaluations, most recently in 2009.
The name 'Won' is a cognate of the Chinese 'Yuan' and Japanese 'Yen', meaning 'round shape'.
Interesting Facts
A Closed Currency
The North Korean Won is a non-convertible, closed currency. It is illegal to take it outside of North Korea, and official exchange rates are set by the government and do not reflect black market rates.
Portraits of the Leaders
Banknotes feature the portrait of Kim Il-sung, the founder of North Korea. Higher denominations also feature the birthplace of Kim Jong-il.
The 2009 Revaluation
The disastrous 2009 revaluation, which knocked two zeros off the currency's value and limited the amount of old notes that could be exchanged, led to widespread economic chaos.
Historical Timeline
The won is introduced.
The currency is revalued.
A sudden revaluation of the won takes place, wiping out much of the population's savings and causing severe economic disruption.
Denominations
Banknotes
Coins
Security Features
Quick Facts
- ISO Code
- KPW
- Symbol
- ₩
- Numeric Code
- 408
- Subunit
- Chon (1/100)
- Introduced
- 1947-12-06
Central Bank
- Name
- Central Bank of the Democratic People's Republic of Korea
- Headquarters
- Pyongyang, North Korea
- Founded
- 1946
Economic Data
- Reserve Currency Share
- 0.0%
- Forex Volume Share
- 0.0%
Exchange Rates
What Affects the KPW Exchange Rate?
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