The North Korean Won is the official currency of the Democratic People's Republic of Korea (DPRK), commonly known as North Korea. It is denoted by the symbol "₩" and its ISO code is KPW. The currency was introduced in 1947, replacing the Korean yen at a ratio of 1 won to 1 yen.
The North Korean Won is issued by the Central Bank of the Democratic People's Republic of Korea and is the only legal tender in the country. The currency is issued in both coins and banknotes, with the coins ranging from 1 to 500 won and banknotes available in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000, 5000, and 10,000 won.
However, the North Korean Won is considered to be non-convertible internationally and is exclusively used within the country. This means that it cannot be freely exchanged in global foreign exchange markets. Its value is heavily controlled by the North Korean government, and fluctuations in the exchange rate are limited or non-existent.
Due to the isolated nature of North Korea's economy and the lack of reliable economic data from the country, it is challenging to accurately assess the value of the North Korean Won. The currency faces severe inflationary pressures, scarcity of goods and services, and limited foreign trade opportunities.
