Wons

Wons are the currency of both North Korea and South Korea. In North Korea, the official currency is the North Korean won, denoted by the ISO code KPW. In South Korea, the official currency is the South Korean won, denoted by the ISO code KRW. Despite sharing the same name and a common origin, the two currencies are distinct and not interchangeable. The division of the Korean peninsula after World War II and the subsequent Korean War led to the establishment of separate monetary systems.

The South Korean won has a more developed and internationally recognized market. Its value is influenced by various economic factors and it is traded on foreign exchange markets. The North Korean won, on the other hand, has a more tightly controlled exchange rate and is not readily available on international markets. Its value is largely determined by the state. Historically, both currencies were pegged to the US dollar, but their exchange rates have diverged significantly over time due to the differing economic policies and development paths of the two Koreas.