What currency did North Korea introduce in 1947 to replace the Korean yen?

North Korea introduced the North Korean won in 1947 to replace the Korean yen.

The won became the monetary unit of the northern part of the Korean Peninsula during the period after Japan’s colonial rule ended in 1945. Its introduction formed part of the creation of separate economic and political institutions in the Soviet-administered northern zone before the establishment of the Democratic People’s Republic of Korea in 1948.

The North Korean won has the ISO 4217 code KPW and is issued by the Central Bank of the Democratic People’s Republic of Korea. North Korea has carried out several currency reforms, including redenominations and changes to the treatment of foreign currencies.

It should not be confused with the South Korean won, whose ISO code is KRW. Both currencies use the word “won,” reflecting a shared Korean monetary term, but they are separate currencies with different issuers, designs and exchange systems.