Central Bank of the Democratic People’s Republic of Korea Banknotes

The Central Bank of the Democratic People’s Republic of Korea (조선민주주의인민공화국 중앙은행) operates within a highly controlled monetary system, notably defined by restricted circulation, Foreign Exchange Certificates and the 2009 redenomination.

Quick Facts

Country: North Korea

Currency: North Korean won

Local name: 조선민주주의인민공화국 중앙은행

Institutional Identity

The bank operates within a centrally planned system where currency circulation is tightly controlled, historically including separate Foreign Exchange Certificates (FEC) for foreigners, issued in distinct color-coded series for socialist and capitalist visitors.

Historical Evolution

Established in 1947, the institution oversaw multiple controlled monetary phases, most notably the 2009 confiscatory redenomination, when old won were exchanged under strict limits, effectively erasing private savings and creating a sharp divide between pre- and post-reform banknotes.

Design Philosophy

North Korean banknotes follow socialist realist design traditions influenced by Soviet-style engraving, featuring workers, monuments and Mount Paektu, alongside dominant portrayals of Kim Il-sung on higher denominations, while some later issues emphasize symbolic sites such as Mangyongdae.

For collectors

For collectors, the Central Bank of the DPRK offers one of the most restricted numismatic fields, where pre-2009 notes, color-coded FEC issues and strict export controls create scarcity, making surviving examples—often removed unofficially—highly sought after.