The official state currency of the DPRK is called the North Korean won, although it is similar in name to the South Korean one, it is a completely different monetary unit.
Short story
About which currency in the DPRK, few people know, so it will not be out of place to tell a brief history of the appearance of this currency. The North Korean won was introduced in circulation in 1947, almost immediately after the formation of the state. From the moment of its appearance to 2008, it was customary in Russia to call this currency unit the North Korean won (spelling). Today, the DPRK currency, whose name has not changed, is written together, and not through a hyphen.
Before the liberation of Korea from the Japanese protectorate in the country, the yen was used in the country, following the example of the metropolis. After the division of the Korean Peninsula into two different states as a result of the Korean War of 1950-1953. in the newly minted Democratic Peoples Republic of Korea, previously the common currency for the whole of Korea was modified. By the way, in South Korea, by analogy with the old currency, its own South Korean won was created.
Banknotes
In 2009, the North Korean authorities denominated the national currency at the rate of 100 to 1. The country uses paper notes in denominations of five, ten, fifty, one hundred, two hundred, five hundred, one and two thousand, as well as five thousand.
Due to the country's secrecy and harsh political dictatorship in North Korea, any foreign banknotes were banned from 01.01.2010. Therefore, there can be no currency exchange operations on the territory of the Democratic People's Republic of Korea.
The latest banknote in circulation is a five-thousandth note, which began to be used in the summer of 2014. The establishment of the new note is associated with high inflation in the country, due to which prices for most of the goods are growing rapidly. The government is forced to constantly struggle with this harmful phenomenon for the economy.
Coins
The DPRK currency is divided into 100 chons. Metal coins in North Korea are used on a par with paper bills. There are coins of the North Korean won sample, as well as a small change coin.
Information on the monetary units of the DPRK is quite small, since the country is closed from foreigners. For any bonist or numismatist it is a great success if at least one of the copies of paper money or metal coins falls into his hands.
Currency exchange
In accordance with North Korean legislation, any use of foreign money in the territory of the DPRK is strictly prohibited, so do not carry foreign money with you. Currency exchange is possible only at branches of the Trade Bank and some large hotels.
In bordering Chinese cities, money can also be easily exchanged, but this is very risky and illegal.
Carrying foreign money while inside the country is extremely dangerous, because if you find their presence, then all the money will be withdrawn, and in the best case you will simply be expelled from the state. However, measures can be much more severe, so do not play with fire. Otherwise, you risk not only being expelled from the country without the right to ever visit it again, but even being arrested and finding yourself in a Korean prison.
DPRK currency. Course. Conclusion
Today, rubles can be exchanged for North Korean won only in the North. Korea, and only in the Trade Bank and some hotels. In general, this is very problematic.
What is the average exchange rate of the DPRK to the ruble in 2017? If you want to exchange the currency of the Russian Federation for won, then for one ruble you will receive about 15 North Korean won. However, this figure is very inaccurate, since there are huge fees for exchanging foreign currency in the country, in reality for a certain amount of money you can get much less than you expected.
In general, the DPRK is the most unfriendly country for tourism, where it is not only suspicious of visitors, but also creates conditions so that no one dares to come to the country. Tourists are simply not allowed here; permission to enter the DPRK can be obtained only by officials of some countries and representatives of some large companies that conduct business in the state. But even for people who came for business in North Korea, the conditions are extremely unfavorable: constant surveillance by state bodies, neglect and difficulties with exchanging foreign money.
The DPRK currency is very rarely found outside of Korea itself, moreover, its value on the world currency market is extremely small. Due to the critical situation in the DPRK economy, the currency is constantly depreciating, and strong inflation only worsens its position. The country's government is forced to constantly struggle with devaluation and inflation, but in conditions of complete autarky this is almost impossible. If the North Korean economy does not open up to the world market at least partially, then ultimately default in the country is inevitable.