North Korea - 50 Won - P-16 - dated 1959 Foreign Paper Money - Gorgeous Colors

50 Won, P-16. Nice color! North Korea. The North Korean won, also known as the Korean People's won or 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, Pyongyang. Won is a cognate of the Chinese yuan and Japanese yen. All three names derive from the Hanja, which means "round shape." The won is subdivided into 100 chon. 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. Read more at https://en.wikipedia.org/wiki/North_Korean_won

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