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The Korean People's won, more commonly known as the North Korean won (Symbol: ₩; Code: KPW; Korean: 조선 원) and sometimes known as the Democratic People's Republic of Korea won (Korean: 조선민주주의인민공화국 원), is the official currency of North Korea. It is subdivided into 100 chon.
Orders and Medals of North Korea at the International Electronic Phaleristic Encyclopedia at the Wayback Machine (archived 5 May 2008) Korea (North) at the Orders, Decorations and Medals Website at the Wayback Machine (archived 30 July 2014) Orders and Medals of North Korea at World Awards; Décorations de la Corée du Nord at Semon.fr (in French)
[9] [10] According to the pro-North-Korean newspaper Choson Sinbo, it is a popular shopping destination for local residents and in 2016 an average of 20,000 shoppers visited the store daily. [11] Swedish journalist Caroline Salzinger described her visit to the department store as a tourist in the mid-2000s. Upon arrival, the store was closed. [12]
On 9 January 1946, the central bank of North Korea was created with use of all branches of the Bank of Chōsen on North Korean territory. [4] In practice, that central bank was under the control of the Soviet Armed Forces. [5] It was complemented in April 1946 by the creation of a Farmers' Bank. [4]
Won was introduced in 1902 as the official currency unit replacing yang at 1 won = 5 yang. The Bank of Korea was established in 1909 but soon after in 1910 Imperial Japan annexed the Korean Empire. Under Colonial rule, the country was made to use the currency unit "yen" in place of the Korean Won, which took over the Korean won at par.
Won of the Red Army Command (Korean: 붉은 군대 사령부의 원, romanized: bulg-eun gundae salyeongbuui won; Russian: Вона Командования Красной армии, romanized: Vona Komandovaniya Krasnoy armii) were banknotes issued by the Soviet military command in North Korea and circulated from 1945 to 1947 in parallel with the Korean yen, and then with the DPRK won.
The U.S. government believes that North Korean officials have passed off supernotes in various countries and accuses North Korea of producing them. [5] Over $35 million worth of counterfeit $100 bills were produced by British criminals, who were arrested in 2002.
Currencies of Korea, including those of pre-division Korea and of South and North Korea. Most currencies in this category are historical; the only money in use on the Korean peninsula today is in the form of North Korean won and South Korean won.