Former Democratic People's Republic of Korea currency notes on display at a market in Xicheng district. The notes have become a favorite among collectors after the country announced it would issue new notes. [Mirror Evening News]

Pyongyang's first revamp of its currency, the won, in 17 years has become a cash bonanza for collectors of old won notes.

Commemorative albums that contain nine notes from 1 to 5,000 won now sell for about 100 yuan, up 25 percent, at the stamp and coins market in Madian in northern Beijing, the Mirror Evening News reported yesterday.

The collectors market has been abuzz this month with expectation that the Democratic People's Republic of Korea (DPRK) will revalue its currency. The exchange rate between the old and new bills was set at 100 to 1, the newspaper reported.

Collectors said that the old won notes had not been a popular item because of their low face value. However, they are now hot among collectors who see potential investment value.

Related readings:  China traders not won over by DPRK move  DPRK top leader meets visiting Chinese defense minister  US envoy in DPRK to push nuclear talks  US envoy reveals goals on upcoming US-DPRK talks

Wu Guohua, who specializes in the trade of foreign commemorative coins and currencies, said traders are now willing to pay a premium to buy the notes.

Zhang Licheng, a local collector, said he wanted to buy more old won notes as he believed they would appreciate in value in the future.

However, Li Jun, secretary general of the Beijing Collectors' Association, said he didn't expect a big increase in the value of the notes, because there had not been many won collectors and the market demand is small.

Li said collectors' interest was triggered whenever a nation revamped its currency.

However, only notes from popular currencies would appreciate in value after being withdrawn from circulation, Li told the Mirror Evening News.

Earlier, an anonymous Chinese trader in Hunchun, Jilin province, told China Daily that he has been collecting expired DPRK notes.

"I have no idea about the purchasing power of the new notes. I'm afraid the notes I have will become valueless paper," he said. Hunchun is a trade hub bordering China and the DPRK.

Xinhua News Agency reported that the exchange rate between the new won and foreign currencies has still not been determined.

METRO