By Bank Note Reporter January 04, 2010

Chaos erupted in North Korea on Dec. 1, 2009, after the nation revalued its currency, according to a story in the Washington Post. The government of Kim Jong Il also restricted the amount of old notes that could be traded for new notes.

The revaluation replaces the 1,000 won notes with 10 won notes and, according to the Post, strictly limited the amount of old currency that could be exchanged, thus wiping out personal savings.

The revaluation was apparently part of a continuing effort by the North Korean government to crack down on private markets. The Post reported that the move shocked local markets in the North Korean capital, Pyongyang.



More Resources:

• 2010 U.S. Coin Digest, The Complete Guide to Current Market Values, 8th ed.

• State Quarters Deluxe Folder By Warmans

• Standard Guide to Small-Size U.S. Paper Money, 1928 to Date

• Strike It Rich with Pocket Change, 2nd Edition