North Korea: New 5000 Won Banknote Depicts Kim Jong-il

[Bimat]

N. Korea issues new 5,000-won note: sources

Yonhap News Agency July 30, 2014 5:00pm

SEOUL, July 30 (Yonhap) -- North Korea has issued new 5,000-won banknotes that include a portrait of its late leader Kim Jong-il, an informed source said Wednesday.

The move is not associated with any currency reform, the source said, but is expected to have some impact on the impoverished nation's black market.

"North Korea plans to produce new 5,000-won bills and distribute them today or tomorrow," the source based in China said, adding the information came from a trader doing business with North Korea. The 5,000-won note is the highest value bill in the North, where per capita income is said to be about US$1,000.

Old notes carried the image of the North's late founder Kim Il-sung alone but fresh ones will also have a portrait of his son Kim Jong-il, who died in 2011, said the source.

"North Korea's printing of the new bill is not part of currency reform measures," the source said, adding it seems to be just in line with a campaign to lionize the father of the current leader Kim Jong-un.

The North plans to allow the use of both old and new notes for the time being, said the source.

In 2009, Pyongyang carried out a drastic devaluation of its currency in an apparent bid to curb inflation and undermine an ever-expanding local black market.

Although not associated with a formal currency reform, the production of the new 5,000-won note will likely affect the secretive nation's underground economy once again as black market money traders will be tempted to use up their old notes as early as possible, observers said.

Source: Global post

[Figleaf]

Even the CIA doesn't believe a GNP/capita figure of $1 000. Wikipedia says: Purchasing power parity (PPP) GDP is estimated at $40 billion, with a very low per capita value of $1,800. Gross national income per capita was $1,523 in 2012, compared to $28,430 in South Korea. According to the CIA, that put North Korea in 167th place, out of 195 globally. To put that in perspective, when Korea split up, the North was significantly richer than the South.

A 5 000 won banknote would be the equivalent of €27.50, INR 2 250 or USD 37. An average monthly salary could be paid by four of these notes.

Insignificant detail, the first name of Kim Jung-Un sounds like young idiot (jong oen) in Dutch.

Peter

[Bimat]

They won the FIFA world cup last month, beating US, Japan and South Korea. They certainly deserve a commemorative banknote as Kim Jong-il was the inspiration behind all.

Aditya

[Manzikert]

One I will have to look out for: I am virtually complete from 1947 onwards, but I hope the colours might be a bit more cheerful than the previous issue

Alan

[Enlil]

I guess the only good thing the Kims do for North Korea is die. But the commi style notes are interesting.

[Figleaf]

Insignificant detail, the first name of Kim Jung-Un sounds like young idiot (jong oen) in Dutch.

True to his name, Jung-Un tried to stop a US funny (depending on your taste) movie in which most of the idiots are American. Now, the movie is sure to become a global success. Interestingly, North Korea suffered from what looks like a retaliatory cyber attack. Not Americans, I bet. Some blabbermouth would have spilled the beans to the Washington Post the day after. My best guess is Taiwan.

Peter

[Oklahoman]

Has this note ever been released?

[eurocoin]

Has this note ever been released?

Well, redesigned 5000 won notes were indeed issued shortly after the news article above was published but the press agency's source was not completely accurate. Kim Il Sung's portrait was in fact taken of the notes but it was not replaced with a portrait of Kim Jong-Il as stated. Instead it was replaced by an image of the International Friendship Exhibition building in Myohyang-san.