200 Won

The 200 Won denomination was introduced as part of a broader restructuring of North Korean paper currency in the early 2000s, a period when the DPRK was quietly expanding its denomination range while the country remained largely isolated from international monetary oversight. North Korean banknotes of this era are difficult to study precisely because so few leave the country through legitimate channels — most examples in Western collections arrived via China or through diplomatic contacts.

P#48 carries only a watermark as its listed security feature, which is minimal even by the standards of the series. Whether additional latent features exist but remain undocumented is an open question among specialists.