10 Won

North Korea's 1992 series represented a significant redesign from the 1978 notes it replaced, coinciding with the country's increasing economic isolation following the collapse of Soviet aid. The Central Bank had to manage a currency that was, for most of this period, essentially non-convertible and largely irrelevant to actual commerce — a parallel market in foreign currency certificates ran alongside the regular won for much of the 1990s, serving the privileged class while ordinary citizens used notes like this one for state-priced goods.

The watermark is among the few concessions to anti-counterfeiting technology in this series; North Korean domestic notes of the period are not known for sophisticated security printing.