It has recently been reported that the North Korea 100-won note dated 1992 (Pick 43) is available with three different watermark varieties: small Arch of Triumph at angle, large Arch of Triumph straight on, and no watermark. The color scheme and printing on the note with the bigger arch watermark is slightly lighter than the others.
In reality, the watermark isn’t missing from the rightmost example, it’s just misplaced. Document security expert Rudolf L. van Renesse has sent a detailed examination of these notes which proves conclusively that there are watermarks in the wrong positions which can be seen under the proper viewing angles.
Collectors are encouraged to examine their North Korean notes carefully and report any other denominations which have different watermark varieties.
Courtesy of Ömer Yalçinkaya (omeryalcinkayacollectionshop on eBay) and Rudolf L. van Renesse.