100 Won Mandarin Ducks

North Korea's foreign currency commemorative program, active through the 1990s, was never intended for domestic circulation — these pieces were produced specifically to generate hard currency from overseas collectors, a pragmatic revenue stream for a state under tightening international sanctions. The Mandarin Duck series sits within a broader run of wildlife-themed issues from this period aimed squarely at the Asian export market.

KM#104 is occasionally found in sealed original packaging, which meaningfully affects secondary market pricing given how rarely the issuing authority's documentation survives intact.