won ( ; Korean: ? , Korean pronunciation: Ã, [w? N] ; symbol: ? ; code: KPW ) or Korean won The people are the official currency of North Korea. It is divided into 100 chon . Won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital, Pyongyang.
Video North Korean won
Etimologi
Won is a cognate of Chinese yuan and Japanese yen. All three names are from Hanja ? (?), Which means "round shape." Won is divided into 100 chon (?; ?; McCune-Reischauer: ch? N ; Revised Romanization: jeon ).
Maps North Korean won
History
Won became the North Korean currency on December 6, 1947, replacing the still-outstanding Korean yen.
The North Korean Won is aimed specifically at North Koreans, and the Commercial Bank (????) issued a separate currency (or foreign exchange certificate) for visitors, like many other socialist countries. However, North Korea makes two types of foreign exchange certificates, one for visitors of a redist "socialist country" and is therefore dubbed "winning red", and others for visitors of the "blue-green" capitalist population and therefore known as "won blue". FEC was used until 1999, then officially removed in 2002, for the sake of paying visitors directly with hard currency, especially the euro. Because at least 2012 foreign visitors (and special locals) can buy goods at a 'bound' price won with a local debit card, which they must credit in exchange for foreign currency (Euro, US dollar or Renminbi/Yuan) in an official bank rate. One euro will provide credit of 130 won. This card can be used for example in the famous Department Store Pyongyang No. 1 or in different stores in international hotels, where the goods are priced at a fixed price. This money is not in the form of banknotes. In ordinary shops and goods markets are priced in so-called 'untied' won or free market rates and regular banknotes can be used here. In for example Tongil Market and Kwangbok Department Store (aka China Market) there is a semi-official exchange agency that will give regular banknotes around 10,000 won for one euro (2012) for locals and foreign visitors, so almost 77 times as much as the level tied. However, the prices in ordinary stores outside the stores that are won and restricted by state stores are also based on this level of unconditional sweepstakes.
Dollar removed
Since 2001, the North Korean government has left the iconic level of 2.16 won for the dollar (which is said to have been based on Kim Jong-il's birthday, Feb. 16) and the banks in the country are now issuing at a level closer to the black market rate. The newer official level has shown the North Korean won (as of 7 January 2017) to be? 129.559 against the US dollar. However, rampant inflation has eroded North Korea's won. A report by defectors from North Korea claimed that the black market rate was 570 Chinese yuan (or about 4,000 per US dollar) in June 2009.
revaluation 2009
The won was revalued in November 2009 for the first time in 50 years. North Koreans are given seven days to redeem the maximum? 100,000 (approx US $ 40 on the black market) in? 1,000 records for? 10 records, but after protest by some people, the limit is raised to? 150,000 in cash? and? 300,000 in bank savings. The current official exchange rate is around $ 740 but the black market value of 150,000 is estimated to be close to $ 30. Reassessment, seen as a step against private market activity, wiped out much of North Korea's savings. The Times speculated that the move might be an attempt by the North Korean government to control price inflation and destroy the fate of local black market traders. The announcement was made for foreign embassies but not in North Korean state media. The information was then taken through a wire-based radio service available only in North Korea.
As part of the process, the old records ceased to be a valid payment instrument on November 30, 2009, with notes assessed in the new won not distributed until December 7, 2009. This means that North Korea will not be able to redeem money for goods or services until that date and most shops, restaurants and transportation services have been closed for a week. The only service that remains open is a service that serves political elites and foreigners who continue to trade exclusively in foreign currency. The move has raised concerns among North Korean officials that it will result in civil unrest. China's Xinhua news agency portrays North Koreans in a "collective panic"; military bases are on standby and there are unconfirmed reports of public protests on the streets of several cities and towns of North Korea that force authorities to slightly increase the amount of currency that will be allowed to be exchanged. Old stacks of bills were also set on fire in separate locations across the country, old paper records dumped on the river (against Kim Il-sung's image contamination laws) and two black market merchants shot dead on city streets. Pyongsong by local police, according to international reports. Authorities threaten "merciless punishment" for anyone who violates currency change rules.
The pictures of the new record were published on December 4, 2009, at Chosun Shinbo , a North Korean newspaper based in Japan. The newspaper claimed that the move would weaken the free market and strengthen the country's socialist system. However, the won slumped 96 percent against the US dollar in the following days after the revaluation. According to one report, however, North Korea retreated on some aspects of revaluation following a riot by a market trader who led to 12 executions. Authorities have finally raised the limit to 500,000 won, Chosun said, and promised no austerity investigations of up to one million won and unlimited withdrawals if the savings of more than a million are properly explained.
In February 2010, some restrictions on free markets subsided and senior party officials were dismissed after the riot incident. Pak Nam-gi, director of Planning and Finance of the ruling Labor Party of North Korea, was executed in 2010. North Korea denied a serious crisis related to the reassessment.
Coins
Second Won
The first North Korean coin for circulation was printed in 1959 in denominations of 1, 5, and 10 chon. These coins are often rearranged with original dates in subsequent years; However, the dates of 1970 and 1974 also appeared on chaps 1 and 5. In 1978, 50 chon coins displaying Chollima and sunrise horses were introduced into circulation during the 1979 currency reform to allow for greater flexibility for vendors by removing 50 chon banknotes and a large amount of small "small" coins brought in. In 1987, 1 coin won by the Grand People's Study House was introduced, but did not completely replace the 1 won note which remains a valid payment instrument.
When the historic 2.16 foothold for the dollar was abandoned in 2001 to allow for greater conversion, the coins began to lose value. After 2003, these coins rarely appear outstanding but can still be exchanged. Later, a new set of coins was introduced in 2005 in 5, 10, 50, and 100 won denominations. These coins are less impressive than the older ones, which are very simple and common in design. All the circulation coins from the Second Won are hit with aluminum.
After other socialist economies such as Cuba and China, North Korea developed a special system of marking coins for two groups of foreign visitors. Issued in 1983, this coin is part of the "Pakkundon" conversion series. Coins without "stars" are for general circulation in North Korea, coins marked with one star are for "socialist visitors", and coins marked with stars are for "capitalist visitors". A fourth set, intended for collectors rather than circulation, is struck with the word "specimen" or "sample" in Korean characters in the area where stars will be located. The specimen/sample set is the most common of the four. In addition to the commonly circulated coins, there are many different warning coins printed on behalf of the DPRK. Most, if not all, are sold to foreign numismatics. Some are official, state-approved coins, others are not.
Third Won
Coins were issued in 10, 50 chon and 1 denomination in 2002 and 1 and 5 chon denominations in 2008. All denominations were beaten in aluminum. These coins display national symbols on the front and flowers, especially Kimjongilia and Kimilsungia, behind 10 and 50 chon. A magnolia adorns 1 won.
Initially struck in 2002, the coins were intended to be used as soon as the dollar peg was removed from the currency. 50 chon and 1 won smaller than the previous design, while 10 new chon sized the same as the old one. Hyperinflation becomes a very sudden reality, and new coins are never released as planned. In 2008, 1 and 5 chon coins were also hit when a plan for monetary revaluation began. The coins were finally released into circulation in December 2009 but due to the defective nature of the revaluation these coins again carry very little value, especially with 1 and 5 chones that are almost irrelevant.
Banknote
The first "North Korea" paper money was issued in 1945 by the Russian-backed interim government over the 38th parallel. It is in denominations of 1, 5, 10, and 100 won. It was stopped shortly after the Soviet forces retreated and recognized the newly independent state.
First Won
This currency was issued in all forms of paper money, with the first banknotes of this issue in 15, 20 and 50 chon denominations together with 1, 5, 10 and 100 won in 1947. The chon notes have a stylish art design while the denominations are won quite uniformly in a design featuring a farmer and a worker standing together and holding a symbolic tool. The currency was then reassessed in 1959 at a rate of one new won up to 100 won to fix the inflation occurring as a result of the Korean War.
Second Won
In 1959, the old won was replaced by the Second Won, with fixed prices and exchange rates to the US dollar. This series of banknotes is published in denominations of 50 chon, and 1, 5, 10, 50, and 100 won. This record is much larger than the previous problem and depicts the image representing various industries in the North Korean economy.
In 1979, the currency was re-reformed, and the new banknote series was issued in denominations of 1, 5, 10, 50, and 100 won. There is ongoing speculation as to why this step was made. All 1959 banknotes have been removed from circulation. Circulating coins, however, are not affected by this change. The design for this edition is much more symbolic and charismatic than the previous one, with Kim Il-sung showing for the first time on 100 records.
In 1992, other redesigns were made for paper money, again in denominations of 1-, 5-, 10-, 50-, and 100-won. The old record is once again withdrawn. These records are smaller and sharper than previous editions and illustrate more modern themes. Banknotes 5 and 10 won were issued again in 1998, along with a 500 won note in the same year but stamped not carved that reflected poorer production quality. In 2002, the 1,000 and 5,000 won records were introduced, followed by a record 200 won in 2005. The former two are identical in designs of up to 100 won although they differ in color and add security features, but the colored fields behind the text no longer extend to the margins. In 2007, 500 won has also been revised the same way and engraved for the first time to protect against counterfeiting. From 1998 onwards, all records were dated using the Juche year along with the standard dating.
In 2005, the Central Bank of the Democratic People's Republic of Korea issued a warning of 200, 500, 1000, and 5000 won to celebrate the 60th anniversary of the North Korean foundation. It consists of overprint on the regular issue notes.
In 2007, a warning version of the series of banknotes was released, branded "95th Birthday of Great Leader Kim Il Sung" in all denominations.
As explained above, there are two types of foreign certificates. For the 1978 series of banknotes, a foreign certificate, called "Pakkundon", meaning "money is redeemable" is executed in cow color and serial number. This is intended to protect the value of the national currency in North Korea's command economy. It was first released in 1983 in two forms, one for "socialist visitors" who had a red stamp, and one for "capitalist visitors" who had a green stamp. The other series was released in 1986 with a GuillochÃÆ' Â © blue or red style stamp. It was issued in all denominations, except for 100 100 records, presumably because it was assumed by the government that foreigners would not show proper respect for Kim Il-sung's portrayal. These records were discontinued in 1988 and replaced by Pakkundon's new series in all forms of paper money that are more distinguishable and indistinguishable from generic circulation currencies.
In 1988, the Trading Bank (????) (as opposed to the Central Bank) issued two unique series of unique certificates. They both include 1 chon, 5 chon, 10 chon, 50 chon ,? 1,? 5 ,? 10, and? 50. The series for "capitalist visitors" are turquoise, while the series for "socialist visitors" are pink. The chon notes have simple pattern designs and corresponding values, while the winning socialist accounts illustrate the International Friendship Exhibition, and the winning capitalist record depicts the Chollima statue.
The outstanding banknotes for the second won, as of December 2009, are as follows:
Third winner
In 2009, other currency reforms began to tackle hyperinflation and illicit market activity. Unlike previous reforms, 2009's move triggered national panic when it announced there will be a two-week waiting period between the withdrawal of the old currency and the introduction of a new currency, plus an exchange limit of just 500,000 won for each person, effectively removing the savings. The state finally withdraws most of the exchange rate; However, reassessment proved unsuccessful.
Like coins for this series, some denominations were originally printed in 2002 but never released to the circulation, pointing to a planned monetary revaluation earlier than in 2009 that was never done.
A series of notes from the third won were denominated in 5-, 10-, 50-, 100-, 200-, 500-, 1,000-, 2,000-, and 5,000-won denominations. Kim Il-sung is only pictured on the front of the highest denomination, with a record 100 won featuring Magnolia (National Flower) and other notes depicting North Koreans from various professions and monuments in North Korea. 100 seconds exchange rate won up to 1 third won.
Unlike all the previous series, these tones are all uniform in size and not the size that staggered from the smallest to the largest. There are rumors that the original design for 1,000 and 2,000 winning notes depicts Kim Il-sung and has the same design features as 5,000 won that are removed and destroyed because counterfeiters or burglars go into bank warehouses and steal initial notes or print materials, resulting in redesign the total of the two denominations in question.
In 2012, another series of banknote warnings were released, this time in the 2002-2009 series but both were branded "Kim Il Sung's 100th Birthday Great Birthday." Again this stamp appears in all denominations.
On July 25, 2014, 5,000 won newly recorded in 2013 was released to the circulation. Instead of portraying North Korean founder Kim Il-sung's portrait, the notes depict a picture of his birthplace in Mangyondae and behind the International Friendship Exhibition at Myohyangsan featuring gifts that he and his son Kim Jong-il received from foreign leaders. There is ongoing speculation that this could indicate a plan for a higher denomination to be released later that will portray Kim Il-sung, Kim Jong-il, or perhaps both. But the official reason behind the change is fighting counterfeiters.
Note: The value gained from this website can be very different from the black market level
Other currencies are used
The BBC reported in 2009 that in some department stores in Pyongyang, North Korea's won was not accepted; the store only takes the Japanese yen and the US dollar.
In April 2013, most shops in North Korea took the euro and Chinese yuan/renminbi. As more renminbi are brought into the country than the euro, changes from transactions are largely returned in the renminbi.
See also
- North Korean Economy
References
External links
- Heiko Otto (ed.). "North Korean banknotes" (in English and German) . Retrieved 2017-08-19 .
Source of the article : Wikipedia
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