200 Won

North Korea's domestic currency has long operated on a parallel track to its foreign-exchange certificates, and by 2005 the won was deep into a period of structural dysfunction — chronic shortages, rampant informal market pricing, and a state distribution system that had effectively collapsed in many provinces following the famine years of the 1990s. This note circulated into that economy.

The 2009 redenomination, which converted old won at 100:1 with a strict exchange cap per household, wiped out savings held in physical notes like this one. Many families lost the bulk of whatever cash they had accumulated. The P#W48A designation reflects a post-2009 cataloging distinction from earlier printings of the same design.