5 Won

North Korea's first independent currency series, issued in 1947, replaced the Soviet occupation-issue won that had circulated since 1945. The Soviet military had previously controlled monetary policy in the northern zone through the Red Army's own notes, so this issue marked a genuine transfer of financial authority to the nascent DPRK administration — though Soviet influence over the printing and design process remained considerable.

Printing was handled in the Soviet Union. Specimens with Russian-language cancellations surface occasionally, confirming the USSR's direct involvement in production.