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07-Aug-2020 07:12 by 3 Comments

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Hyperinflation became a very sudden reality, however, and the new coins were never released as planned.

When the historic 2.16 peg to the dollar was abandoned in 2001 to allow for greater convertibility the coins began to lose value.

These coins were often restruck with the original dates in later years; however, 19 dates also appear on the 1 and 5 chon.

In 1978, 50 chon coins featuring the Chollima horse statue and a rising sun were introduced into circulation during the 1979 currency reform to allow greater flexibility for vendors by eliminating the 50 chon banknote and large amounts of "small change" coinage carried.

These coins were less impressive compared to the older series, being very plain and generic in design.

All circulation coins of the Second Won were struck in aluminum.

Coins with no "stars" were for general circulation in North Korea, coins marked with one star were for "socialist visitors", and coins marked with two stars were for designated for "capitalist visitors".

A fourth set, intended for collectors rather than circulation, was struck with the word "specimen" or "example" in Korean characters in the areas where the stars would be.The coins were finally released into circulation in December 2009 but due to the flawed nature of the revaluation these coins again carry very little value, with especially the 1 and 5 chon being virtually irrelevant.The first banknotes of "North Korea" were issued in 1945 by the Russian backed provisional government above the 38th parallel.The specimen/example set is the least common of the four.Besides the general circulating coins, there are an abundance of different commemorative coins minted in the name of the DPRK.Coins were issued in 10, 50 chon and 1 won denominations in 2002 and 1 and 5 chon denominations in 2008. These coins feature the national coat of arms on the obverse and flowers, particularly the Kimjongilia and the Kimilsungia, on the reverse of the 10 and 50 chon. Initially struck in 2002, the coins were intended for use shortly after the dollar peg was removed from the currency.

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