20 Won Year of the Horse

North Korea's commemorative output from this period was produced almost entirely for foreign collectors and currency dealers, not domestic circulation — hard currency earned through numismatic exports was a meaningful revenue stream for a state operating under severe international sanctions. These pieces were typically struck by foreign mints under contract, with Pyongyang exercising design approval while the actual production happened elsewhere.

The Chinese zodiac series to which this belongs ran across multiple metals and denominations simultaneously, a deliberate strategy to maximize collector sales across different price points.