The Cipher Code Ledger in MW4 DMZ is an Epic valuable, not a code you type anywhere: its item card says it can be extracted and sold at the FOB, and community databases list it at 5,000 DMZ Cash. You find it in locked containers such as the Gun Store Weapons Lockers and the Hanex Bank branch vaults, and one item database also lists it as an ingredient for a high tier Bank upgrade, so check your 3D Printer before you sell it. Everything below reflects the game as of November 2026.
We checked this against Activision's FOB guide, the Season 1 patch notes, and community item databases and location walkthroughs published between October 21 and October 30, 2026.
What the Cipher Code Ledger Actually Is
The name trips people up. It sounds like the answer to a keypad, so players pick one up expecting it to open a vault or reveal a combination. It does neither. The ledger sits in the Valuables category, and valuables in DMZ are loot you convert into DMZ Cash or spend on FOB upgrades. Activision's FOB guide explains that valuables carry a gem icon, can be sold for DMZ Cash straight away, and are also used for FOB upgrades at the 3D Printer.
Community databases list the ledger at Epic rarity with a value of 5,000. A walkthrough that photographed the item card quotes it as an Epic valuable worth 5,000 that "can be extracted and sold in the FOB for cash." That wording matters: the ledger is worth nothing while it sits in your backpack in Hajin. It only becomes money, or upgrade material, once you exfil with it.
If you came here because of a code, you are probably thinking of the Hanex Bank branch vaults, where the keypad combination is split between a paper note and a guessed final digit. That is covered further down, and in more depth in our guide to finding safes in MW4 DMZ.
Where to Find a Cipher Code Ledger
Like most high value documents, the ledger turns up in locked or protected containers rather than loose on shelves. Two sources are documented.
- Gun Store Weapons Lockers. The Gun Store Weapons Locker key is a Rare key whose card says it unlocks the weapons lockers in Gun Stores in Western Cheongun Village and Northern Songdo Wharf. One walkthrough opened a locker and found a KG-7 Vulcan, a Cipher Code Ledger, a Control Unit and a Zip Gun inside, while stressing that the contents vary. Each key opens one locker and is used up.
- Hanex Bank branch vaults. A vault guide lists Cipher Code Ledgers and Nuclear Program Files among the documents that can appear in the branch vaults, alongside safes and loose cash. It notes that Gold Bars and Gold Skulls are possible but not certain.
The key itself is cheap to risk. Its card lists a value of 100, and the same walkthrough reports that unlocking a locker pays 375 XP and shows a Door Unlocked message, while the other lockers in that store stay shut. That means one key equals one roll of the dice, so if you find two keys, plan to visit both stores in a single run rather than reopening the same room.
Both Gun Stores sit in Low threat areas, which makes the locker route friendly for solo players. The western Cheongun store is around grid E4, with the lockers in a back room reached by a stairwell, and the Songdo Wharf store is a low commercial building beside a fuel station with a yellow canopy. Low threat refers to the AI, not to other squads, so expect company near the Cheongun bank and casino.
Opening the Hanex Bank Branch Vaults
The bank vaults are the more involved route, and the payout is broader because you get a shot at safes and cash as well as documents. A vault guide published on October 30 lists three requirements:
- A Car Battery. Bring one or find one at a Gas Station. It powers the branch's electrical panel. The Season 1 patch on November 5 reduced Battery spawn rates at Banks, so carrying one in is now the more reliable plan.
- The Bank Branch Vault Access keycard. It is inside the branch. At Cheongun Village it may be on the floor behind the teller windows; at Wolves Stadium it may be on the teller counter.
- The code note. Also inside the branch, it gives the first three digits of the vault code. The fourth digit is not on the note, so you try 1 through 9 for the last number, changing only the final digit between attempts.
The guide places the Cheongun Village branch east of the Clinic, with the panel down the stairs in the basement parking garage, and the Wolves Stadium branch to the left of the Gas Station, with the panel through the doors behind reception. Codes differ between matches, so a combination you saw in a video belongs to someone else's server. The same guide ties the branch vault to the "Find a Way Inside the Vault" objective on DMZ Orders page 20, so you may be sent here anyway.
One warning: the Hanex Guard Station key opens a guard room in the Hanex Bank tower inside The Grid, which is a different place from the branch vaults. The Grid is rated Critical by Activision, so do not confuse the two on a low gear run.
Should You Sell It or Keep It?
This is where sources disagree, so it is worth being careful. One item database lists the Cipher Code Ledger as a requirement for a Bank Upgrade, ten of them at Tier VIII. Another guide's value table lists no upgrade use for it at all, while flagging that a different document, Degraded Execution Footage, is needed ten at a time for a Tier 5 Bank Upgrade. Upgrade recipes have also been adjusted since launch: the November 5 patch notes say FOB vendors, recipes and assembly requirements were updated to reflect the latest items and crafting rules.
The practical answer is to open the 3D Printer, go to the Upgrades tab, and look at the Bank upgrade you are working toward. If the ledger is listed, track it and stockpile. If it is not, and you are short on cash, selling is reasonable. Bank upgrades raise the cash cap, and a community guide warns that selling past the cap gives no warning and the extra cash is simply lost, so check your headroom before you sell a stack. Our valuables and selling guide covers the rest of the document family.
Keep the scale in mind too. If the Tier VIII listing is right, you would need ten ledgers for that single upgrade, and Activision's FOB guide says your Stash starts with only 40 item slots shared by every Active Duty Operator. Hoarding ten Epic documents early can crowd out ingredients you need sooner. A sensible middle path is to keep ledgers once your Bank upgrades are close to that tier and sell them before then, because 5,000 DMZ Cash per ledger buys real progress at the Gunsmith in the early levels.
| Valuable | Listed value (DMZ Cash) |
|---|---|
| Ballistic Flight Logs | 1,000 |
| Infantry Invasion Plans | 1,000 |
| Nuclear Program Files | 2,000 |
| Degraded Execution Footage | 2,000 |
| Cipher Code Ledger | 5,000 |
| W.M.D. Manifest | 5,000 |
| Sanctioned Assassination List | 10,000 |
| Gold Bar | 25,000 |
| Gold Skull | 25,000 |
Getting the Ledger Out Alive
A 5,000 value document is not worth dying for on its own, but a locker or vault run rarely yields only one item. A few habits keep the haul intact:
- Secure the best item. If your backpack has a Secure Slot, put the single most valuable thing there before you leave the building. Our Secure Slots guide explains which packs have them.
- Clear the room first. Vault guides recommend clearing the bank before trying keypad digits, since the attempts take time and you are standing still.
- Watch the radiation timer. Activision's HUD guide says the Time Remaining counter shows when the radiation storm intensifies, and a long vault puzzle can eat into it.
- Plan the next stop. Chaining the Cheongun gun store, the Cheongun bank and a nearby exfil is efficient. For more routes, see our best loot locations breakdown.
Common Mix-Ups
- Operation Silent Ledger is not the Cipher Code Ledger. Silent Ledger is the story mission that has you breach the Heavenly Luck Casino vault in Cheongun Village. The shared word is a coincidence.
- Keypad codes are per match. The ledger does not contain a reusable code, and neither does any guide. Read the note in your own server.
- Selling from the backpack in Hajin is not a thing. The card's wording is clear that you extract first and sell at the FOB.
Skipping the Valuables Hunt
If you need ledgers or other upgrade materials in bulk, the store's DMZ materials and valuables drop covers 38 items, from 3D Printer ingredients like Biomaterials and Reactive Metals up to Military Composites and the Prototype RF Module, plus valuables including Gold Bars, Gold Skulls and the Cipher Code Ledger. You join the team's squad in Hajin, pick the items up and exfil, and anything you extract lands in your Stash, so you never share a login. It works on PlayStation 5, Xbox Series X|S and PC.
Other Modern Warfare 4 services are listed on the MW4 hub.
Frequently Asked Questions
What is the Cipher Code Ledger used for in DMZ?
It is a valuable you extract and sell at the FOB. One database also lists it for a high tier Bank upgrade, so check the 3D Printer Upgrades tab before selling.
How much is the Cipher Code Ledger worth?
Community databases and guides list it at 5,000 DMZ Cash, at Epic rarity, as of November 2026.
Does the Cipher Code Ledger give you a vault code?
No. Vault codes come from notes inside the bank branches and change each match. The ledger is only a valuable.
Where is the Gun Store in MW4 DMZ?
The Gun Store Weapons Locker key card names two stores: Western Cheongun Village and Northern Songdo Wharf. The lockers are in a back room downstairs.
What is the Hanex Bank code in DMZ?
There is no fixed code. A note in the branch gives the first three digits, and you try 1 to 9 for the last digit. Codes differ between matches.
Is it better to sell valuables or keep them for upgrades?
Keep anything your next FOB upgrade lists, and sell the rest when you need cash, as long as your Bank is not at its cap.