North Korean won
The won (; , ; symbol: ₩; code: KPW) or Korean People's won is the official currency of North Korea. It is subdivided into 100 "chon". The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang.
North Korean won
The won was revalued in November 2009 for the first time in 50 years. North Koreans were given seven days to exchange a maximum of ₩100,000 (worth approximately US$40 on the black market) in ₩1,000 notes for ₩10 notes, but after protests by some of the populace, the limit was raised to ₩150,000 in cash and ₩300,000 in bank savings. The official exchange rate at this time was around $740 but black market value of the ₩150,000 was estimated to be near $30. The revaluation, seen as a move against private market activity, wiped out many North Koreans' savings. "The Times" speculated that the move may have been an attempt by the North Korean government to control price inflation and destroy the fortunes of local black market money traders. The announcement was made to foreign embassies but not in North Korean state media. Information was later carried via a wire-based radio service only available within North Korea.