This highlights the importance of which North Korea puts on the military’s role in society. Korean People’s Army (KPA) members representing the Air Force, Navy, and Ground Forces. It’s estimated that over half of North Korea’s electricity is generated by hydroelectric plants. The back of the ₩5 North Korean Won Hwanggang Hydroelectric Dam, located near to the demilitarised zone (DMZ) on the North-South Korean border. Kim Jong Un is the Chairman of this party. The front of the ₩5 North Korean Won shows members of the Workers’ Party of Korea (WPK), the founding and ruling party of North Korea. What Does North Korean Currency Look Like? North Korean Currency: ₩5 As of 2020, both old edition and new edition remain in circulation. New edition of the 5000 North Korean Won note came into circulation with a new image (see below).
#Korean money to usd series#
The current series of banknotes first circulated in 2009 when North Korea underwent a currency reform.
The new North Korean won notes didn’t start circulation until December 7th. On November 30th, old notes ceased to be legal tender. US$40), which was then raised to ₩150,000 in hard cash and ₩300,000 in bank savings.
North Koreans were told that they had seven days in which to exchange a maximum of ₩100,000 (approx. This is the first time that a revaluation had taken place, and it proved a difficult time for Koreans. The North Korean won was revalued in November 2009. The use of separate foreign currencies by foreigners was officially abolished, and instead, foreigners were able to pay in hard foreign currency. This number is significant as it is the date of second leader Kim Jong Il’s birthday (16th February). Since the establishment of North Korean won, the North Korean government pegged the value at 2.16 won to the dollar. The currency used by those from socialist countries were red, and those from capitalist countries were blue/green. But this was also then further divided depending on which country you were coming from as a foreigner - one for those from socialist countries, and one for those from capitalist countries. Any foreigner to visit the country has issued a separate currency. Initially, North Korean was only intended for exclusive use by North Koreans. This replaced the Korean Yen that was in circulation at the time. The North Korean Won became the official currency of North Korea on December 6, 1947. In the red ribbon featured on the emblem are the words ‘Democratic People’s Republic of Korea’, the official name for North Korea (or DPRK for short). The hydroelectric dam represents self-sustainability and prosperity. The red star is widely used to symbolise socialism, whilst Mt. The North Korean Coat of Arms is made up of a 5-pointed red star shining over Mt. This is positioned in the top left-hand corner. The images on these banknotes illustrate areas, people, political ideologies, and landmarks of national importance.Įach banknote is market with the North Korean Coat of Arms. North Korean currency uses banknotes (and also coins rarely in circulation). The North Korean Won is issued in Pyongyang by the Central Bank of the Democratic People's Republic of Korea. This is the official currency of North Korea. North Korea uses the currency North Korean Won.
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