The North Korean Won (KPW) is a currency shrouded in mystery due to the country’s secretive economic practices and isolation. Introduced in 1947, the KPW has undergone several revaluations, with one of the most significant occurring in 2009 when the government launched a sudden re-denomination, replacing the old won with a new won at a rate of 100:1. This policy aimed to curb inflation and control private markets but led instead to public unrest due to massive devaluations of personal savings.

Interestingly, the KPW is not freely convertible on international markets, and its value against other currencies is set by the government, leading to a wide disparity between the official rate and the black market rate. Although North Koreans primarily use the KPW for domestic transactions, foreign currencies such as the Chinese Yuan and the U.S. Dollar often circulate within its borders, especially in business dealings with foreigners. This unique dual-currency system highlights the challenges in assessing the real economic landscape of one of the world’s most secretive nations.