The first Korean paper notes were issued at the beginning of the 20th century - it was a monetary unit with a face value of 1 won. Prior to this, the monetary Korean yangs were in circulation. From 1910 to 1945, the monetary unit of Korea, which was then part of the Japanese Empire as a result of annexation, was the Korean yen. In1945, following the results of World War II, Korea was declared independent and divided into North and South Korea. Since then, these two states have 2 different national currencies.
North Korean currency
Currently, North Korea is called the Democratic People's Republic of Korea - DPRK. After the partition of Korea, North Korea was declared the territory of influence of the USSR, in connection with which from 1945 to 1947, in addition to the Korean yen, military units printed in the USSR were also used. Since 1947, the North Korean Won (DPRK won) has become North Korea’s official monetary unit. The yen was exchanged for won at the rate of 1: 1. In 2009, the DPRK government introduced new-style won into circulation, announcing the denomination of the old won for two weeks at the exchange rates of 100: 1 and 1000: 1 in cases of exceeding the established daily exchange rate. This course of denomination led to mass impoverishment of the population and public unrest.
The international designation of the DPRK won is KVP. One won equals 100 chons. In circulation are paper won in denominations of 10, 50, 100, 500, 1000 and 5000 won, as well as aluminum coins in denominations of 1 and 5 won, 1 and 5 chon. According to the legislation of the DPRK, foreigners must pay in the country only in specialized stores and only in foreign currency - in euros, less often in dollars. The use of North Korean won by foreign citizens is prohibited, the export of national currency for the redistribution of the state is prohibited. The exchange of North Korean won for other monetary units is possible on the black market, but this may entail confiscation of funds, arrest or deportation. Since January 1, 2010, a ban on the use of foreign currency on the territory of the state has been introduced for DPRK citizens - payment for goods and services is provided only in national currency.
