North Korea - Set of 3 - 1 (P-18 Type), 10 (P-20 Type), and 100 Won (P-22s) - 1978 dated Foreign Paper Money

1 (P-18 Type), 10 (P-20 Type), and 100 Won (P-22s), Specimens. Outstanding Set of 3. The Korean People's won, more commonly known as the North Korean won and sometimes known as the Democratic People's Republic of Korea won, is the official currency of North Korea. It is subdivided into 100 chon. The currency is issued by the Central Bank of the Democratic People's Republic of Korea, based in the North Korean capital city of Pyongyang.

After the division of Korea, North Korea continued using the Korean yen for two years, until the Central Bank of the Democratic People's Republic of Korea was established on 6 December 1947 and the first North Korean won was issued. In February 1959, the second North Korean won was introduced, equal to 100 old won.

From 1978 on, the North Korean government maintained an iconic rate of 2.16 won to the US dollar (which is said to have been based upon Kim Jong Il's birthday, 16 February). Over the decades, however, rampant inflation eroded the currency's value, and from 2001 the government abandoned the rate in favor of those closer to the black market's. A report by defectors from North Korea claimed the black market rate was ?570 to the Chinese yuan (about ?4,000 per U.S. dollar) in June 2009. Read more at https://en.wikipedia.org/wiki/North_Korean_won