North Korean won conversion

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North Korean won

Abbreviation/Symbol:

  • Won

Worldwide use:

  • Democratic People's Republic of Korea

Description:

The currency of North Korea is the North Korean Won. One Won is made up of 100 Chon. However, due to high inflation most retailers also accept the Euro and the Dollar. Banknotes are available in 5, 10, 50, 100, 200, 500, 1000, 2000, and 5000 Won. Coinage is in denominations of 1, 5, 10, and 50 Chon and 1 Won. The North Korean Won is not pegged to any other currency.

North Korea made two types of currency for tourists; Red Won for visitors from socialist countries and Blue Won for visitors from capitalist countries. This system was abolished in 2002 in favor of visitors paying for goods in Euros or US Dollars.

Origin:

The North Korean Won replaced the Japanese Korean Yen on December 6, 1947. This followed the dismantlement of the ruling Japanese empire at the end of World War II who had ruled Korea from 1910.

Component units:

  • Chon (100)

Date introduced:

  • 6th December 1947

Central bank:

  • Central Bank of the Democratic People's Republic of Korea

Printer:

  • Unknown

Mint:

  • Unknown