Won: Korean Currency History and Coin Design

Illustrated Specimen Details: 100 Won (North Korea)

Example Specimen: 100 won (원), 2005 (North Korea)

Authority & Ideology: The obverse features the National Emblem of the Democratic People's Republic of Korea. The design is rich in socialist symbolism: a hydroelectric power plant under the sacred Mount Paektu and a radiant five-pointed red star. The date on the coin is inscribed as 주체 94 (2005). This refers to the Juche calendar, where the year 1912 (birth of Kim Il Sung) is considered the first year.

1. DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA (North Korea, 1987-2026): 1 won = 100 chon.
2. REPUBLIC OF KOREA (South Korea, 1966-2026): 1 won = 100 jeon (circulating without fractional coins).
3. KOREAN EMPIRE (1905-1909): 1 won = 100 chon.
4. RUSSIAN INFLUENCE (1901): 1 won = 100 chon (experimental "russified" coinage).

The name of the Korean coin won is linguistically related to the Chinese yuan and the Japanese yen. All these terms literally mean "round shape" or "round coin". This naming tradition emerged when large silver Spanish dollars began to circulate in the Far East, appearing unusual to the local population who were used to non-circular currency shapes.

History and Symbolism of the North Korean Won

The won serves as the primary monetary unit for both Koreas, but in the North, it has developed into a unique tool of ideological expression. Following the division of the peninsula after World War II, North Korea established its own central banking system. The North Korean won was formally introduced to replace the colonial-era currency, eventually evolving through several revaluations and monetary reforms.

A defining characteristic of North Korean coinage is the use of the Juche calendar alongside Gregorian dates. Starting from 1912 — the birth year of Kim Il Sung — this system reinforces the state's self-reliance ideology. For example, the year 2005 is officially recorded as Juche 94. This dual-dating system is a key feature for numismatists when identifying and cataloging modern DPRK issues.

The system is traditionally decimal:

• 1 won = 100 chon
  → therefore 1 chon = 1/100 won

The Evolution of DPRK Coinage

Modern North Korean coinage for general circulation is typically struck in lightweight metals like aluminium. This choice reflects a practical approach to mass-produced currency in a state-controlled economy. While early issues often focused on simple denominations, the series released around 2005 (Juche 94) significantly expanded the available circulating coins, including the 10, 50, and 100 won denominations.

The imagery on these coins is strictly regulated. Unlike South Korean coins that often feature historical figures like Admiral Yi Sun-sin or national monuments, North Korean coins emphasize state emblems and revolutionary symbols. The National Emblem, featuring a hydroelectric plant and Mount Paektu, remains the most frequent motif, symbolizing industrial progress and the sacred origins of the Korean people.

Numismatic Perspective

From a numismatic perspective, the North Korean won is a fascinating but often elusive field:

• Scarcity: Due to the country's isolation, circulating coins are relatively scarce in the international market compared to those of its southern neighbor.
• Special Issues: The DPRK frequently produces commemorative coins in precious metals (silver and gold) for foreign collectors, often featuring themes ranging from world landmarks to local flora and fauna.
• Varieties: There are distinct differences between coins intended for local circulation and those produced for the "foreign currency" shops that once operated in the country.

The 100 won 2005 specimen represents a period of relative stability in the DPRK’s monetary history. For collectors, it offers a tangible look into the "Hermit Kingdom", combining traditional East Asian monetary roots with modern socialist iconography.