North Korean won

North Korean won
Old 1000 won banknote of the second won
ISO 4217
Code	KPW
Number	408
Exponent	2
Denominations
Subunit
1/100	chon (전/錢)
Plural	The language(s) of this currency does not have a morphological plural distinction.
Symbol	₩
Banknotes	₩5, ₩10, ₩50, ₩100, ₩200, ₩500, ₩1000, ₩2000, ₩5000
Coins	1, 5, 10, 50 chon, ₩1
Demographics
User(s)	North Korea
Issuance
Central bank	Central Bank of the Democratic People's Republic of Korea
Valuation
Inflation	55%, July 2013
Source	http://www.heritage.org/index/country/northkorea

The won (/wʌn/;Korean: 원, Korean pronunciation: [wʌn]; symbol: ₩; code: KPW) or Korean People's Won is the official currency of North Korea. It is subdivided into 100 chon. The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang. Although the official currency of South Korea, issued by the Bank of Korea based in Seoul, is divided into the same number of units and is also known as the South Korean won, the two currencies are used quite differently.

Won is a cognate of the Chinese yuan and Japanese yen. All three names derive from the Chinese word written (원), which means "round shape." The won is subdivided into 100 chon (전; 錢; McCune-Reischauer: chŏn; Revised Romanization: jeon).

The won became the currency of North Korea on December 6, 1947, replacing the Korean yen that was still in circulation.

North Korean won 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. However, North Korea made two varieties of foreign exchange certificates, one for visitors from "socialist countries" which were colored red and hence nicknamed "red won", and the other for visitors from "capitalist countries" which were colored blue/green and hence known as "blue won". FECs were used until 1999, then officially abolished in 2002, in favor of visitors paying directly with hard currency, especially the euro. Since at least 2012 foreigners (and privileged locals) can buy goods priced in 'tied' won using a local debit card, which they have to credit with exchanging foreign currency (Euro, United States dollar or Renminbi/Yuan) at the official bank rate. One euro would provide a credit of 130 won. This card can be used for instance at the famous Pyongyang Store or at the different stores at the international hotels, where the goods are priced at the tied won rate. This tied won does not exist in the form of bank notes. In normal stores and markets goods are priced in what has been called the 'untied' won or free market rate and regular banknotes can be used here. At for instance the Tongil Market and the Kwangbok Department Store (a.k.a. the Chinese Market) there are semi-official exchange agents who will give in regular banknotes around 10,000 won for one euro (2012) to locals and foreigners alike, so almost 77 times as much as the tied rate. However, the prices in the normal shops outside the tied won and restricted state shops are also based on this untied won rate.