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After 2003, these coins were rarely seen in circulation but were still redeemable.
Later, a new set of coins was introduced in 2005 in denominations of 5, 10, 50, and 100 won.
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.
A report by defectors from North Korea claimed that the black market rate was ₩570 to the Chinese yuan (or about ₩4,000 per U. Piles of old bills were also set on fire in separate locations across the country, old paper notes were dumped in a stream (against laws of the desecration of images of Kim Il-sung) and two black market traders were shot dead in the streets of Pyongsong by local police, according to international reports.
Authorities eventually raised the limit to 500,000 won, Chosun said, and promised no probe into savings of up to one million won and unlimited withdrawals if savings of more than one million are properly explained.
At for instance the Tongil Market and the Kwangbok Department Store (a.k.a.
the Chinese Market) there are semi-official exchange agents who will give in regular banknotes around 10,000 won for one euro (2012) to locals and foreign visitors alike, so almost 77 times as much as the tied rate.
Besides the general circulating coins, there are an abundance of different commemorative coins minted in the name of the DPRK.
Following other socialist economies like Cuba and China, North Korea developed a special system of marking coins for two groups of foreign visitors.
Issued in 1983, these coins were part of the "Pakkundon" convertible series.
; symbol: ₩; code: KPW) or Korean People's won is the official currency of North Korea. The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang.
North Korean won are intended exclusively for North Korean citizens, and the Bank of Trade (무역은행) issued a separate currency (or foreign exchange certificates) for visitors, like many other socialist states.