History
See also: History of the Korean currencies For the Korean won before the North–South division, see Korean won.The won became the currency of North Korea on December 6, 1947, replacing the Korean yen that was still in circulation.
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. However, North Korea made two varieties of foreign exchange certificates, one for visitors from "socialist countries" which were colored red, and the other for visitors from "capitalist countries" which were colored blue/green. FECs were used until 1999, then officially abolished in 2002, in favor of visitors paying directly with hard currency, especially the euro.
Read more about this topic: North Korean Won
Famous quotes containing the word history:
“Those who weep for the happy periods which they encounter in history acknowledge what they want; not the alleviation but the silencing of misery.”
—Albert Camus (1913–1960)
“This is the greatest week in the history of the world since the Creation, because as a result of what happened in this week, the world is bigger, infinitely.”
—Richard M. Nixon (1913–1995)
“It’s not the sentiments of men which make history but their actions.”
—Norman Mailer (b. 1923)