The Ryokyian Won (Ŵ) is the official currency of the Democratic People's Republic of Ryokyo. It is represented by the symbol Ŵ, and is subdivided into 100 chwen (singular: chwai).
The Ryokyian Won is issued by the Central Bank of the DPRR.
First Won 1959-1964 (war currency)Edit
The First Won was used first during the Korean War and the Ryokyian Civil War which followed. The banknotes were old Soviet rubles with the Ŵ-sign stamped on them.
Second Won 1964-1995Edit
The so called Second Won was put into circulation in 1964 and was used throughout the Cold War. Due to the fact that the economic circumstances changed radically and rapidly in the beginning of the 90s, with the demise of communism in Europe and the collapse of the Soviet Union, the DPRR was hit with a serious inflation 1991-1993 which escalated due to economic mismanagement to a hyperinflation 1994-1995, with inflation rates at its highest in September 1995 (26 million %).
Third Won 1995-2006Edit
As the hyperinflation 1994-1995 did not show any signs of recovering the government started to prepare for a complete restructuring of the economy. The "old won" had decreased in value so much that when in January 1991 a pack of cigarettes cost about 3 won, in August 1995 it cost 31 trillion won. The new won was put in circulation in November 1995 and was exchanged for two months at a rate 25 500 000 000 000 to 1.
Fourth Won 2006-Edit
The fourth won, the so called Kim Jong Sun economic reform-won was put in circulation in May 2006. It was exchanged for three months at a rate 3 to 1.