Today, the North Korean authorities began

to replace all 5000 KPW bills in the country with a new note. The move does not

represent a currency redenomination of the sort implemented in November 2009.

Rather, it is a currency replacement, and for the time being only one bill, the

5000 KPW, is being replaced.

The most surprising news is that Kim Il

Sung’s likeness has been deleted from the new bill.

For a number of decades, the highest

denomination bill in circulation has featured an image of Kim Il Sung, most

recently the benevolent, smiling portrait in use since his death in 1994. Now,

however, the front of the bill features an image of the house at Mankyungdae

where official propaganda says Kim was born, and the back contains an image of

the International Friendship Exhibition at Mt. Myohang.

Removing theportrait of Kim Il Sung at

this time may seem particularly obtuse. After all, Kim Jong Eun has been

deliberately mimicking Kim Il Sung since the beginning of his rule. From his

walk to his laugh, his hairstyle and even his speech, Kim has sought to follow

in his grandfather’s footsteps. This has been done to enhance the younger man’s

legitimacy and inspire nostalgia for the time before Kim Jong Il came

officially to power, when life was better for most people in the country.

However, it may be designed to indicate to

the population that Kim Jong Eun is now in a position to rule in his own right,

having seized control of the armed forces, administration and Party alike,

settling his ruling system into position. In such circumstances, the change makes more sense.

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