Timeline

• ??.10.1945
• Issuance of military notes denominated in Won by the Soviet Red Army, they also circulated at par with the Bank of Joseon notes.

Timeline

• 29.10.1946
• Resolution of the Interim People's Committee on the establishment of the Central Bank of Korea (nationalization of the Bank of Joseon, Pyeongyang branch, which had been seized by the Red Army in January 1946); effective immediately
• 05.12.1947
• Resolution of the Interim People's Committee on the currency reform; effective immediately
• 06.12.1947
• Start of currency exchange:
  - 06.12.1947: Start of issuance of the new banknotes
  - Partial confiscation: Per person a maximum amount (not known) was exchanged as 1 : 1 into new banknotes, excess cash was convered as 1 : 10
  - 12.12.1947: End of exchange period, demonetization of the Bank of Joseon notes.

Valuation Regimes

• 1947-1958
• No exchange rate
• 1958-1959
• Fixed rate against Soviet Ruble (1947)

Timeline

• 12.02.1959
• Government resolution on the currency reform; effective immediately
• 13.02.1959
• Start of currency exchange:
  - 13.02.1959: Start of issuance of the new banknotes and coins
  - 17.02.1959: End of exchange period, demonetization of the former banknotes.
• 06.04.1979
• Government resolution on the exchange of the circulating paper money without confiscation; effective immediately
  - 07.04.1979: Start of issuance of the new banknotes
  - 12.04.1979: End of exchange period, demonetization of the former banknotes.
• 1985-1992
• Issuance of exchange certificates for visitors by the state tourism agency:
  - Convertible currencies (Western countries): Certificates with black serial number, subsidiary coins with one additional star
  - Non-convertible currencies (Socialist countries): Certificates with red serial number, subsidiary coins with two additional stars
  - 20.07.1992: Abolition of the certificates together with the general banknote exchange (the subsidiary coins were anyway mainly used for collectors).
• 14.07.1992
• Government resolution on the exchange of the circulating paper money; effective immediately
  - 15.07.1992: Start of issuance of the new banknotes
  - Per person a maximum of 300 Won was exchanged into new notes, excess amounts up to 20'000 Won were deposited in blocked accounts, even higher amounts were invalidated
  - 20.07.1992: End of exchange period, demonetization of the former banknotes.

Valuation Regimes

• 1959-1960
• Fixed rate against Soviet Ruble (1947)
• 1961-1974
• Fixed rate against Soviet Ruble (1947)
• 1974-2002
• Variable transfer rate, the fixed official rate was restricted for geovernment transactions
• 2002-2009
• Variable effective rate for government transactions, private transactions exclusively through black market (in USD and CNY)

Timeline

• 30.11.2009
• Government resolution on the currency renomination (the official reading speaks of an elimination of two zeros in the rendering of the denomination while the exchange had occured at par); effective immediately
• 01.12.2009
• Start of currency exchange:
  - 01.12.2009: Start of issuance of the new banknotes and coins
  - Per person a maximum of 150'000 Won in cash and 100'000 Won in deposits were exchanged, excess deposits up to 300'000 were exchanged at 1 : 1'000 (1 : 10 official reading), higher amounts were invalidated
  - 06.12.2009: End of exchange period, demonetization of the former currency.

Valuation Regimes

• 2009-
• No exchange rate, private transactions private transactions exclusively through black market (in USD and CNY).
  - The government's effective rate continued to be quoted until mid-2020 but had already become inoperative due economic sanctions. In according with the official reading of a 1 : 1 changeover, the transfer rate did not change after the redenomination (corresponding to a 99% devaluation for a 1 : 100 changeover).