Memorabilia from North Korea: North Korean Money.
Series 3 in my North Korean Memorabilia contains images of the North Korean currency I brought back from North Korea. As tourists you are not allowed to use the local currency, but instead are asked to purchase everything in either Chinese Yuan (preferable in stores), Euro (for organized trips), and surprisingly enough, American dollars (mostly favoured in hotels and the amusement park I went to). In fact simply getting your hands on North Korean currency can be rather tricky.
When I was in Paekdu, I asked the young lady at the hotel lobby if I could exchange some money. The hotel was new and the staff there didn’t seem to be all that experienced dealing with foreigners. I handed over 20 Euro and she gave me a handful of notes. I did it early in the morning, about 7AM, when the lobby was empty and no one could see what i was doing.
Later in the day, when heading back to Paekdu airport, one of the guides boarded the bus and asked which one of us had acquired some North Korean currency. I didn’t say anything at first, but after a few seconds of silence I figure there was no point trying to hide and playing dumb was probably the best way to go (and to avoid any getting into any trouble). The guide was good about and gave me back my Euro’s and took away my North Korean notes.
The night before I was leaving Pyongyang, the same guide came to my door and said she could get me some, but it would cost 50 Euro. I agreed (pfft… who wants Euro’s anyway?) and she returned 20 minutes later with an enveloped stuffed with crisp North Korean notes.
I’m not sure how legit the whole thing was, but consequently I was the only one who managed to walk away with a stack of money (although I did share some of it later on with the other members of our group, making sure I kept at least one of each).
So a little about North Korean money.
The wŏn became the currency of North Korea on December 6, 1947, replacing the Korean yen that was still in circulation. It was revalued at a rate of one hundred to one in 1959.
North Korean wŏn are intended exclusively for North Korean citizens, and the Bank of Trade (무역은행) issued a separate currency (or foreign exchange certificates) for visitors, like many other socialist states. However, North Korea made 2 varieties of foreign exchange certificates, one for visitors from "socialist countries" which were coloured red, and the other for visitors from "capitalist countries" which were coloured blue/green. In recent times, FECs have been largely deprecated in favor of visitors paying directly with hard currency, especially the
euro.
For the record, the official rate for one North Korean won is about 0.007143 US Dollar ($1 = 140 won). However the black market rate has the North Korean won roughly 10 times weaker, almost on par with the South Korean won.
To see scans of some of the notes I brought back with me, click here… Read more »

