North Korea

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Collectibles from North Korea, also known as the Democratic People's Republic of Korea (DPRK). North Korean Won is subdivided into 100 chon. The North Korean won is exclusively for North Korean citizens, and like many other socialist countries, the Trade Bank (무역은행) has issued a separate currency (or foreign exchange certificate) for visitors. However, North Korea made two types of foreign currency certificates for her. One is called "Red Won" because it is colored red for visitors from "socialist countries" and the other is blue/green for visitors from "capitalist countries". This was intended to protect the value of the national currency in North Korea's command economy.

First Won (1947 - 1959): After the North–South division North Korea continued using the Korean yen for two years, until the Central Bank of the Democratic People's Republic of Korea was established in 1947. Only banknotes were printed: 15, 20 and 50 Chon (analog for coins because they were not minted), 1, 5, 10 and 100 Won. The currency was later revalued in 1959 at a rate of 1 new won to 100 old won to curb inflation resulting from the Korean War.

In 1959 the Old Won was replaced by the Second Won (1959 - 2009), and the price and exchange rate were fixed to the US dollar. This banknote series was issued in denominations of 50 Chon, 1, 5, 10, 50 and 100 Won.

In 1978, another currency reform took place, and new banknote series were issued with the same denominations maintained an iconic rate of 2.16 won to the US dollar (which is said to have been based upon Kim Jong Il's birthday, 16 February). Kim Il-sung appearing on the 100 won banknote for the first time.

In 1992, the 1, 5, 10, 50 and 100 Won banknotes were redesigned again. Old banknotes were withdrawn again. These notebooks were smaller and sharper than the previous issue, and depicted more contemporary themes.

Third Won (2009 - Now): in 2009 to combat hyperinflation and black market activity another currency reform was launched. North Koreans were given seven days to exchange a maximum of ₩100,000 (worth approximately US$40 on the black market). Each person practically depletes their savings. Like the coins in this series, Some denominations were first printed in 2002, but were never put into circulation until 2009. The current 3 won banknote series is issued in denominations of 5, 10, 50, 100, 200, 500, 1,000, 2,000 and 5,000 won.

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