North Korea Banknotes: The Won, the 2009 Revaluation and Collecting Guide
North Korea is one of the most closed countries on earth, yet its paper money is unusually collectible: demonetized won series, color-coded visitor certificates, and a currency history that includes one of the most disruptive revaluations of the modern era.
Last updated: July 2026
The North Korean won (KPW) is the official currency of the Democratic People's Republic of Korea, issued by the Central Bank of the Democratic People's Republic of Korea and subdivided into 100 chon. Ordinary trade with North Korea is heavily restricted, but demonetized won notes, specimen pieces, and old foreign-visitor certificates circulate widely among collectors as historical artifacts. This hub covers the won's history, the 2009 revaluation and its documented fallout, the famous red and blue visitor notes, and what collectors should know about legality before buying.
What is the North Korean won and who issues it?
The won has been North Korea's currency since December 6, 1947, when it replaced the Korean yen in the north following the division of the peninsula. It is issued by the Central Bank of the Democratic People's Republic of Korea in Pyongyang, carries the ISO code KPW, and is divided into 100 chon.
The currency has been reset more than once. A second won arrived in 1959 at 100 old won to 1 new won, with fresh designs in 1978 and again in 1992, when older notes were withdrawn. The third and current won dates to the 2009 revaluation covered below. Through all of it the won has stayed a closed currency: it is not traded internationally, and for decades foreign visitors were not even allowed to hold it.
What happened in the 2009 currency revaluation?
On November 30, 2009, the government announced a surprise revaluation, effective the next day. Old won were exchanged for new at 100 to 1 during a window reported at roughly a week, and each household was initially limited to converting 100,000 old won, a cap reports say was later raised to 150,000 won in cash plus 300,000 won in bank deposits after public backlash. Cash above the cap effectively became worthless, wiping out savings many families had built through market trading.
The documented fallout was severe. South Korea's Yonhap News Agency and aid organizations reported the won losing roughly 96 percent of its value against the US dollar within a week, and Yonhap reported the price of rice climbing from 17 won to 50 won per kilogram in three days. In March 2010, Yonhap, citing sources, reported that Pak Nam-gi, the ruling party's planning and finance chief, had been executed over the failed reform, a report North Korea never confirmed. The episode is a textbook case of confiscatory monetary policy, though it never crossed the formal threshold tracked in our every hyperinflation ranked guide.
What were the red won and blue won visitor certificates?
From 1983 until the system was officially abolished in 2002, North Korea issued special foreign exchange certificates instead of letting visitors hold ordinary won. Notes for visitors from socialist countries were marked in red, while notes for visitors from capitalist countries were marked in green or blue, which is why collectors call them the red won and the blue won. A distinct 1988 series kept the split, pairing pink-toned notes for socialist visitors with blue-green notes for capitalist ones. The certificates were dropped in favor of visitors paying directly in hard currency, and the survivors now form a self-contained Cold War collecting niche.
Why do North Korean notes circulate in the collector market?
Because most of this money can no longer buy anything. The 2009 revaluation demonetized the entire pre-2009 series overnight, and quantities of those notes, along with specimen pieces overprinted for reference rather than circulation, have reached the world market through wholesalers. That supply makes common North Korean notes inexpensive, and their value comes entirely from collector demand rather than any exchange value.
| Series | Years | What happened | Collector angle |
|---|---|---|---|
| First won | 1947 to 1959 | Introduced December 6, 1947, replacing the Korean yen. | The starting point of DPRK paper money. |
| Second won | 1959 to 2009 | 100:1 revaluation in 1959; redesigns in 1978 and 1992. | Includes the widely available notes demonetized in 2009. |
| Foreign exchange certificates | 1983 to 2002 | Color-coded notes for socialist and capitalist visitors. | The red won and blue won, a Cold War subset. |
| Third won | 2009 to present | 100:1 revaluation; denominations from 5 to 5,000 won. | Current money, rarely seen outside the country. |
One design change stands out in the current series: in 2014 North Korea released a redesigned 5,000 won note that replaced Kim Il Sung's portrait with an image of his birthplace at Mangyongdae, with officials citing counterfeit prevention. Anti-copy features are worth understanding on any note; our guide to spotting counterfeit banknotes explains what to look for. Since demonetized notes are plentiful in Uncirculated condition, hold out for crisp examples, and see the banknote grading guide for how grades work.
Are North Korean banknotes legal to own?
This is general information, not legal advice. US sanctions rules, the North Korea Sanctions Regulations, broadly prohibit importing goods of North Korean origin into the United States without authorization, so where a note is coming from matters before you buy. Demonetized notes that have long been outside North Korea do trade among collectors on the secondary market, but sanctions rules differ by country and can change. Our banknote legality guide covers the general landscape for restricted-country material, and a dealer who documents where its notes come from is the best protection. Planet Banknote does not maintain a dedicated North Korea inventory; to browse world notes by country, start with our banknotes by country directory.
Frequently asked questions
Is it legal to own North Korean banknotes in the United States?
This is general information, not legal advice. US sanctions rules, the North Korea Sanctions Regulations, broadly prohibit importing goods of North Korean origin into the United States without authorization, so collectors should pay attention to where a note is coming from before buying. Demonetized notes that have long been outside North Korea do trade among collectors on the secondary market. Sanctions rules differ by country and can change, so check current regulations before importing anything.
What was the 2009 North Korean currency revaluation?
On November 30, 2009, North Korea announced a surprise revaluation that exchanged 100 old won for 1 new won and capped how much cash each household could convert. Savings above the cap effectively became worthless. Yonhap News Agency and aid organizations reported the won losing roughly 96 percent of its value against the US dollar within a week, along with sharp rice price increases.
What are the red won and blue won?
They are foreign exchange certificates North Korea issued for visitors from 1983 until the system was abolished in 2002. Notes for visitors from socialist countries were marked in red, while notes for visitors from capitalist countries were marked in green or blue, and a separate 1988 series continued the same split. Collectors treat them as a self-contained Cold War series.
Are old North Korean won notes worth anything?
They have no monetary or exchange value. The pre-2009 series was demonetized in the revaluation, and the won was never convertible abroad. Their worth comes entirely from collector demand, which for common notes is modest because supplies are plentiful. Condition and a documented source are what separate one example from another.
What is the highest denomination North Korean banknote?
The 5,000 won note is the highest denomination in the current series introduced in the 2009 revaluation. In 2014 North Korea released a redesigned 5,000 won note that replaced Kim Il Sung's portrait with an image of his birthplace at Mangyongdae, with officials citing counterfeit prevention.
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