Money matters: The three-tiered system of 1980s North Korean currency | NK News
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September 16, 2026Sep 16, 2026

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Money matters: The three-tiered system of 1980s North Korean currency

Won came different forms, but the redder your money the better in 1980s Pyongyang

Being born into a Marxist country, the present author believes that material conditions are very important. It was therefore of great interest to me to relate how the foreign population of Pyongyang lived while I was there in the mid-1980s.

At that time, North Korea had a rather unusual three-tier currency system, which was partially inspired by similar systems in contemporary China and the USSR.

At the very bottom was the local North Korean currency. This would buy little, since in most cases such currency would be useless without rationing coupons. However, the North Korean authorities did not openly admit