Korea - 5 Won - 2002 - P58s - Specimen
SCWPM.#58s - TBB.#B339asDate: 2002 (2009)No signature.Description:Colour: Blue, green, and purple.
Front: Korean text; coat of arms; atomic symbol; man with glasses; boy with cap.
Back: Korean text; unknown dam.
No security thread.
Watermark: Mongnan (Seibolds magnolia) ﬂowers.
Size: 145 x 65 mm.
Boxed horizontal red 견본 ovpt front.
General information: 2002 - 2008 (2009) Issues
The North Korean central bank revalued and replaced the national currency as of 30 November 2009. With the exchange rate of 100:1, the formerly largest denomination of 5,000 won
is now equivalent to 50 new won. There are nine new won notes ranging from 5 to 5,000 won, which matches the previous currency structure with the exception that the 1 won note has been replaced by a coin and the 2,000 won denomination is new.
There is little concrete information on the reason for this move. Speculation is that the government hopes to dampen inﬂation, harm the black market, or uncover large caches of hidden cash. The official exchange rate of the won had been 140 to the US dollar, but on the black market it traded at closer to 3,000 to one.
The government had planned to allow each household to exchange up to 100,000 won for new banknotes, but in the face of public protests, the exchangeable amount was increased, initially
to 150,000 won, then later to 500,000 won.
These limitations apply only to cash; won deposited in banks can be converted, but only after officials investigate the source of funds over one million won.
Citizens had from between 30 November and 6 December to exchange currency.
New notes started circulating from 7 December.
Source: The Banknotebook.
UNC - NEUF - KFR - Novo - Lujo