Korean currency
In 1902, won was introduced as the official currency unit replacing yang at 1 won = 5 yang. The bank of Korea was established 1909 but soon after in 1910, Imperial Japan annexed Korean Empire. Under Colonial rule, the country was made to use the currency unit "yen" in the name of Korean yen, which took over the Korean won at par. After the division of Korea, the state of South Korea was established and recognized in 1948, and won was again made the official currency of the new state. "jeon" was made the subunit of the currency that divided it into 100 equal parts. Bank of Joseon issued the currency for independent South Korea for the first time that too in banknotes only.
North Korea
The economy is heavily nationalized. Food and housing are extensively subsidized by the state; education and healthcare are free; and the payment of taxes was officially abolished in 1974. A variety of goods are available in department stores and supermarkets in Pyongyang, though most of the population relies on small-scale "jangmadang" markets. In 2009, the government attempted to stem the expanding free market by banning jangmadang and the use of foreign currency, heavily devaluing the won and restricting the convertibility of savings in the old currency, but the resulting inflation spike and rare public protests caused a reversal of these policies. Private trade is dominated by women because most men are required to be present at their workplace, even though many state-owned enterprises are non-operational.