Many South Koreans use online secondhand trading platforms to sell unwanted items or find bargains, but selling North Korean currency on these platforms is a risky venture that could lead to legal consequences. According to South Korea’s SBS news agency, police have begun investigating reports of North Korean banknotes being sold on online marketplaces.
One now-deleted listing on Karrot Market showed a user from Jeju offering 5,000 and 2,000 North Korean won notes for 15,000 South Korean won. These notes feature Kim Il Iung’s portrait and bear the inscription of the Central Bank of the Democratic People’s Republic of Korea. The seller claimed to have exchanged them with a North Korean at a Chinese airport. While police investigation determined this particular seller had no suspicious connections to North Korea, similar listings can be found across various regions.
What many casual sellers don’t realize is that such transactions violate South Korean law. The Inter-Korean Exchange and Cooperation Act restricts contact with North Koreans and requires approval from the Minister of Unification to bring North Korean goods into the country. When the imported items are currency, additional criminal laws come into play. According to Article 211 of the South Korean Criminal Code, importing or exporting currency with the intent to sell can result in imprisonment for up to three years or fines of up to 7 million won ($5,004).
North Korea has implemented currency reforms five times since liberation, yet interestingly, banknotes bearing Kim Jong Un’s image have not yet appeared. This historical context highlights how North Korean currency serves not just as legal tender but as political symbolism, making its unauthorized possession and trade particularly sensitive from a national security perspective.
Most people selling North Korean currency online probably don’t realize what they’re getting into. They’re simply passing along a souvenir that seemed interesting at the time. It’s a bit unfortunate that something seemingly innocent could potentially cause problems with authorities. The 15,000 won profit these sellers might make pales in comparison to the potential fines that could follow – fines that would far exceed any money from the sale.
