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
North Korea officially describes itself as a "self-reliant" socialist state, and formally holds elections, though said elections have been described by outside observers as sham elections. Various media outlets have called it Stalinist, particularly noting the elaborate cult of personality around Kim Il-sung and his family. The Workers' Party of Korea (WPK), led by a member of the ruling family, holds power in the state and leads the Democratic Front for the Reunification of the Fatherland of which all political officers are required to be members. "Juche", an ideology of national self-reliance, was introduced into the constitution in 1972. The means of production are owned by the state through state-run enterprises and collectivized farms. Most services such as healthcare, education, housing and food production are subsidized or state-funded. From 1994 to 1998, North Korea suffered a famine that resulted in the deaths of between 240,000 and 420,000 people, and the population continues to suffer malnutrition. North Korea follows "Songun", or "military-first" policy. It is the country with the highest number of military and paramilitary personnel, with a total of 9,495,000 active, reserve and paramilitary personnel, or approximately of its population. Its active duty army of 1.21 million is the fourth largest in the world, after China, the United States and India; consisting of of its population. It possesses nuclear weapons.