The kingdom of Goryeo used various currencies during its almost five centuries of rule on the Korean Peninsula. Both commodity and metallic money were used, often concurrently, in a "hybrid currency system":[1] The metallic money consisted of coins, both Chinese and Korean, and silver currencies. Paper money was used during the late Goryeo period.
Goryeo was the first Korean state to mint its own coins.[2] Among the coins issued by Goryeo, such as the Dongguk Tongbo, Samhan Tongbo, and Haedong Tongbo, about a hundred variants are known.[3] Coins failed to gain widespread use, whereas silver currencies were used until the end of Goryeo. The ŭnbyŏng, a silver currency in the shape of the Korean Peninsula, was in circulation for around 300 years and, according to the Bank of Korea, occupies an important place in the history of Korean currency.[4] Goryeo enjoyed monetary stability until the late 13th century, but experienced monetary instability with the introduction of paper currency from the Yuan dynasty.[5]
The main currencies used in Goryeo after its founding were Chinese money, such as Tang and Song dynasty coins, and commodity money, such as cloth (포화;布貨).[6] Goryeo did not have a unified legal currency, and each region, ruled by the quasi-independent hojok (호족;豪族) regional lords,[7] used a different currency.[6]
Following the Khitan destruction of the kingdom of Balhae, which Goryeo had considered a country of kinship, Taejo of Goryeo proclaimed a ban on the circulation of all coins in 942.[8] This was to sanction trade with the hated Khitans, who used metallic money, and protect Goryeo's metal reserves.[5][8] In addition, Goryeo prepared itself for a conflict with the Khitan Empire.[9][10] Taejo's prohibition in 942 indicates that, to some degree, coins had been circulating in Goryeo.[1] Following the prohibition, rice and cloth were the medium of exchange.[11] Likewise, cloth was the medium of exchange for everyday transactions in the Liao dynasty and Jin dynasty.[12] During this period in Goryeo, agriculture achieved high productivity and living standards improved; rice and textile production enabled Goryeo to increase its military strength.[11] The ban on coins lasted until 996,[11] three years after Goryeo had resumed diplomatic relations with the Liao dynasty.[13]
In 996, Seongjong of Goryeo minted iron coins to trade with the Khitans, who used iron coins.[14] The coins may have been issued to promote centralization.[6] As far as can be established, the iron coins were not inscribed.[15] The government made many efforts to promote the use of coins instead of commodity money;[16] in 997, Mokjong of Goryeo prohibited the monetary use of hemp cloth,[17] which, at the time, was the most widely used currency for everyday transactions.[16] However, because of opposition, including from the nobility,[6] the government repealed the prohibition and shifted its policy in 1002: The distribution of the coins was stopped and the public was allowed to use any currency.[17][18] Meanwhile, coins continued to be used at tea and wine shops (茶酒店) and restaurants.[6][17][18]
The "Geonwon Jungbo", an iron coin inscribed with Geonwon Jungbo (건원중보;乾元重寶) on one side and Dongguk (동국;東國) on the other side, was excavated from a Goryeo tomb in the vicinity of Kaesong, the capital of Goryeo, in the early 1910s; it was unearthed along with bronze Geonwon Jungbo, Dongguk Tongbo, and Dongguk Jungbo coins.[18][19] However, its relation to Goryeo's iron coins minted in 996 is controversial.[20] Gary Ashkenazy of "Primal Trek" says that the Geonwon Jungbo is not mentioned in Korean historical sources and was not cataloged until 1938 in the Tōa senshi (東亞錢志) by Masahiro Okudaira, in which it is attributed to Goryeo.[21]
In Korea, the Geonwon Jungbo is considered a Goryeo coin.[6][18][19] The original coin, called the Qianyuan zhongbao in Chinese, dates to 759 during the Tang dynasty; the Geonwon Jungbo, in contrast, is inscribed with Dongguk on the reverse.[15]Dongguk was one of Goryeo's many names, along with Samhan, Haedong, Dongbang, and Cheonggu.[22] According to Jun Seong Ho of the Academy of Korean Studies: "Since cast coins cannot be altered, the coin cannot have been recast preserving the Tang inscription. Most probably, the coin was a heavy denomination cast by the [Goryeo] mint in the late tenth century."[15] Furthermore, Goryeo and Tang coins have a different metal composition.[15]
In China, the Geonwon Jungbo is viewed as a Goryeo coin or a Balhae coin.[23] The "Goryeo coin" viewpoint is represented by the Tōa senshi, published in 1938.[23] Wang Zuyuan, a proponent of the more recent "Balhae coin" viewpoint, says that Balhae always had close relations with and was strongly supported politically, economically, culturally, and militarily by the Tang dynasty; therefore, he concludes that Balhae, also known as "Haidong Shengguo" (海東盛國), minted the Geonwon Jungbo to show its loyalty to the Tang dynasty during the reign of Emperor Suzong (r.756–762).[23] However, Balhae coins have not been excavated.[24][25] Alexander Alexeyvich Kim says, "One of the arguments the Chinese frequently use when they describe [Balhae] as 'provincial power of the Tang Empire' is the absence of [Balhae] coins."[24] Russian archaeologists argue that Balhae may have used foreign currency, as many independent and developed states did.[24]
Goryeo issued new currencies during the reign of Sukjong of Goryeo (r.1095–1105) based on proposals by the Buddhist monk Uichon and the military officer Yun Kwan.[28] Uichon, who was a younger brother of Sukjong, argued for the implementation of a monetary economy, having experienced its convenience and efficiency in the Song dynasty.[28] Moreover, his proposed reform was intended to centralize the commerce and economy, which were dominated by the nobility.[28] Uichon established a mint bureau in 1097;[13] coins, named after sobriquets of Goryeo, such as the Dongguk Tongbo, Samhan Tongbo, and Haedong Tongbo were subsequently minted and circulated. Beginning in 1101, a uniquely shaped silver currency called the ŭnbyŏng (은병;銀甁), meaning "silver vase" in Korean, was cast and circulated.[29]
Goryeo bronze coins resembled standard East Asian coins of the time, but differed in that they were inscribed with a national name instead of an era name.[30] Sukjong actively promoted the use of coins.[16] After a five-year delay because of opposition,[3] 15,000 gwan (or 15 million pieces) of the Haedong Tongbo were minted in 1102.[17][20][29] Goryeo had circulated coins in the past, but this was the first full-scale circulation.[28] The Sikhwaji (식화지;食貨志;lit.Treatise on Food and Money) in the History of Goryeo says: "There is nothing more important than coinage, which may benefit our country and enrich the people ... It is only now that we have issued decrees about the minting of metal coinage."[2] To promote their use, the newly minted coins were distributed to government officials and soldiers, and new shops were installed in the capital; in 1104, the states and prefectures were ordered to open new wine shops and restaurants.[17] Sukjong died in 1105. In the following year, his monetary policy was met with stiff resistance from officials in both the central and provincial governments.[17] Despite the opposition, Yejong of Goryeo doubled down on Sukjong's monetary policy in 1112.[17] However, coins ultimately failed to gain widespread use in Goryeo.[2][17] Silver currency, on the other hand, was used continuously until the end of the dynasty.[17] Xu Jing, a Song dynasty envoy who visited Goryeo in 1123, observed the use of the ŭnbyŏng, but not coins, as a currency.[17]
The ŭnbyŏng "silver vase", popularly called the hwalgu (활구;闊口) for its broad mouth,[31] was imprinted with a government seal and first issued in 1101.[17][32] It was made with one geun (근;斤) of silver and designed to resemble the cartographic outline of the Korean Peninsula.[29][33] The ŭnbyŏng was made because of the illegal manufacture of silver currency;[17] all other silver currencies were prohibited by the government.[32] As a stable, standardized currency, the ŭnbyŏng was used throughout the kingdom in both public finance and private trade; it was also used to pay taxes.[32] The ŭnbyŏng was widely used as a currency by the nobility, whereas grain and cloth were used by the common people.[34] Furthermore, the ŭnbyŏng was used mainly in large transactions.[17][33] According to Jun Seong Ho: "For roughly 150 years from the early twelfth to the mid thirteenth century, silver was the main currency of [Goryeo]."[32] Silver had been used as a currency before the ŭnbyŏng was made.[17] Korean silver metallurgy was advanced, and Koreans exported silver, possibly in the form of ingots, to the Jurchens in the mid 10th century;[1] Korean silver metallurgy was exported to the Jurchens in 1102.[32] The ŭnbyŏng remained the only standardized silver currency in East Asia until the 16th century with the start of a silver mining boom in Japan,[35] enabled by the introduction of cupellation from Korea in 1533.[36][37]
Goryeo was a period of flourishing commerce, and Goryeo actively engaged in commercial activity with the Song dynasty during the 11th and 12th centuries.[38] Song dynasty coins circulated in many parts of Asia.[3] Goryeo, too, imported coins from the Song dynasty; more Song dynasty coins have been excavated than Goryeo coins in Korea.[17] However, they were not necessarily used as a currency, but rather as a religious offering or grave good.[17] In 1199, the Song government prohibited the export of coins to Goryeo and Japan.[3][17]
Late period
Goryeo experienced a silver famine in the 13th century because of Mongol invasions.[39][40] By the late 13th century, Goryeo was depleted of most of its silver by the Yuan dynasty.[39] Beginning with the reign of Chungnyeol of Goryeo, the Yuan dynasty assumed control of Goryeo's monetary system and imposed its paper money; thus, Goryeo lost its monetary sovereignty.[41] The destabilizing introduction of a new currency demonetized the economy.[5]
The shortage of silver in Goryeo led to the debasement and counterfeiting of silver currency; the Goryeo government experienced problems with the ŭnbyŏng.[17] Goryeo's "Bureau of Capital City Markets" (경시서;京市署) adjusted the value of the ŭnbyŏng annually according to the harvest; in 1282, the value of one ŭnbyŏng was set at 15 to 16 seok (석;石) of rice in the capital and 18 to 19 seok of rice in the provinces.[4][17] The high value of the ŭnbyŏng led to the use of silver ingots called "swaeŭn" (쇄은;碎銀;lit.broken silver) as a currency, which were valued based on weight.[17] However, they were prohibited in 1287 because of the appearance of counterfeits mixed with copper.[17][42] The ŭnbyŏng was also counterfeited, and had been since its inception; as the ŭnbyŏng became increasingly debased with copper,[lower-alpha 2] its value decreased, and by 1328 the value of one ŭnbyŏng of the highest quality dropped to 10 bolts of cloth.[17] In 1331, the Goryeo government abolished the ŭnbyŏng and replaced it with the miniaturized "so ŭnbyŏng" (소은병;小銀甁;lit.small ŭnbyŏng), which was valued at 15 bolts of cloth.[43]
Yuan paper money was introduced to Goryeo in 1270.[17] In 1287, the Yuan dynasty decreed the use of the Zhiyuan baochao (지원보초;至元寶鈔) and Zhongtong baochao (중통보초;中統寶鈔) in Goryeo.[17][42] Approximately 100,000 jeong (정;錠) of baochao were circulated in Goryeo.[17] The baochao was used extensively in trade with the Yuan dynasty.[17] During its invasions of Japan, the Yuan dynasty paid for ships and soldiers in Goryeo with baochao paper money.[17] According to Hun-Chang Lee of Korea University's Department of Economics, the inflow of paper currency and outflow of silver currency harmed the development of currency in Korea.[17] Meanwhile, the Yuan dynasty exported large quantities of coin to Japan, which had not minted its own coins since the late 10th century.[17][39] In the Sinan shipwreck of 1323, approximately 28 tons of coin were being transported by ship from China to Japan before sinking off the coast of the Korean Peninsula.[44]
Yuan paper money was abolished in 1356 with Goryeo's independence from the Yuan dynasty.[17] Instead, silver currency and hemp cloth stamped with a government seal were used as currencies.[17] During the end of the Goryeo period, the monetary system was in a state of disarray, and various currencies were debased.[45] Thus, in 1391, the Korean government introduced a new monetary system, consisting of both metallic currency (전화;錢貨;Jeonhwa) and paper currency (저화;楮貨;Jeohwa).[45] The Goryeo dynasty transitioned into the Joseon dynasty in 1392. Jeohwa paper money continued to be used during the early Joseon period.[45] Meanwhile, the ŭnbyŏng finally came to an end in 1408 after 300 years.[4] A specimen of the miniaturized "so ŭnbyŏng", presumably dating to the late Goryeo period, has been discovered and currently resides in the Bank of Korea Money Museum, but a specimen of the larger original ŭnbyŏng has yet to be found.[4]
↑ The ŭnbyŏng was originally composed of 80% silver and 20% copper.[32]
↑ This is an extremely rare variant of the Samhan Tongbo that is inscribed with 叁 in "official script" instead of 三; only one or two specimens have been found.[21]
↑ This is an extremely rare variant of the Haedong Jungbo that is inscribed with 元 instead of 重; recent specimens have been found near Kaesong, North Korea.[21]
Related Research Articles
Tael, also known as the tahil and by other names, can refer to any one of several weight measures used in East and Southeast Asia. It usually refers to the Chinese tael, a part of the Chinese system of weights and currency. The Chinese tael was standardized to 50 grams in 1959.
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians c. 3000 BC until 1873. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosí, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins played the role of an international trading currency for nearly four hundred years.
The history of Chinese currency spans more than 3000 years. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. Cowry shells are believed to have been the earliest form of currency used in Central China, and were used during the Neolithic period.
The Yuan is the base unit of a number of former and present-day currencies in Chinese.
The earliest coinage of Asia is also the oldest coinage of the world. Coins were invented several times independently of each other. The earliest coins from the Mediterranean region are from the kingdom of Lydia, and are now dated ca. 600 BCE. The dating of the earliest coins of China and India is difficult and the subject of debate. Nevertheless, the first coins of China are at least as old as the earliest Lydian coins and possibly older, while the earliest coins of India seems to have appeared at a later stage.
The yang (양/兩) was the currency of the Korean states Joseon and the Korean Empire between 1892 and 1902. It was subdivided into 10 jeon (전/錢) or 100 bun (분/分); and 5 yang = 1 hwan (환/圜).
The mun was introduced as the main currency of Korea in 1625 and stayed in use until 1892. Prior to the mun, cash coins with the inscriptions tongbo (通寶) and jungbo (重寶) and silver vases called ŭnbyŏng were used as currency in the Goryeo Dynasty (918–1392), as well as imported Chinese currency. The mun resembled and was derived from the Chinese wén. Coins denominated in mun were cast in copper-alloys such as brass or bronze and were round with square holes. From the 17th century until the end of the 19th century, coins denominated in mun bearing the inscription Sangpyeong Tongbo, introduced in 1633, were the most widely circulated currency. In 1888, coins were struck in small numbers denominated in mun and won. The mun was replaced in 1892 when the yang was introduced.
Yejong of Goryeo, personal name Wang U, was the 16th king of the Korean Goryeo dynasty. He was the eldest son of King Sukjong and Queen Myeongui, and succeeded to the throne upon his father's death. His reign is usually described as one of the most splendid periods of Goryeo, during which the arts and philosophy flourished, and military strengthening policies were implemented to ensure border security.
Japanese currency has a history covering the period from the 8th century AD to the present. After the traditional usage of rice as a currency medium, Japan adopted currency systems and designs from China before developing a separate system of its own.
Korean currency dates back as far as the Goryeo dynasty (918–1392) when the first coins were minted. The coins, cast in both bronze and iron, were called tongbo and jungbo. Additionally, silver vases called ŭnbyŏng were widely used and circulated as a currency among the aristocracy of Goryeo.
The cash or qian was a type of coin of China and the Sinosphere, used from the 4th century BC until the 20th century AD, characterised by their round outer shape and a square center hole. Originally cast during the Warring States period, these coins continued to be used for the entirety of Imperial China. The last Chinese cash coins were cast in the first year of the Republic of China. Generally most cash coins were made from copper or bronze alloys, with iron, lead, and zinc coins occasionally used less often throughout Chinese history. Rare silver and gold cash coins were also produced. During most of their production, cash coins were cast, but during the late Qing dynasty, machine-struck cash coins began to be made. As the cash coins produced over Chinese history were similar, thousand year old cash coins produced during the Northern Song dynasty continued to circulate as valid currency well into the early twentieth century.
The history of Sino-Korean relations dates back to prehistoric times.
The Yuan dynasty was a Mongol-ruled Chinese dynasty which existed from 1271 to 1368. After the conquest of the Western Xia, Western Liao, and Jin dynasties they allowed for the continuation of locally minted copper currency, as well as allowing for the continued use of previously created and older forms of currency, while they immediately abolished the Jin dynasty's paper money as it suffered heavily from inflation due to the wars with the Mongols. After the conquest of the Song dynasty was completed, the Yuan dynasty started issuing their own copper coins largely based on older Jin dynasty models, though eventually the preferred Yuan currency became the Jiaochao and silver sycees, as coins would eventually fall largely into disuse. Although the Mongols at first preferred to have every banknote backed up by gold and silver, high government expenditures forced the Yuan to create fiat money in order to sustain government spending.
The Liao dynasty was a Khitan-led dynasty of China that ruled over parts of Northern China, Manchuria, the Mongolian Plateau, northern Korean Peninsula, and what is modern-day Russian Far East from 916 until 1125 when it was conquered by the Jin dynasty. Remnants of the Liao court fled westward and created the Western Liao dynasty which in turn was annexed by the Mongol Empire in 1218.
Qing dynasty coinage was based on a bimetallic standard of copper and silver coinage. The Manchu-led Qing dynasty was proclaimed in 1636 and ruled over China proper from 1644 until it was overthrown by the Xinhai Revolution in 1912. The Qing dynasty saw the transformation of a traditional cash coin-based cast coinage monetary system into a modern currency system with machine-struck coins, while the old traditional silver ingots would slowly be replaced by silver coins based on those of the Mexican peso. After the Qing dynasty was abolished, its currency was replaced by the Chinese yuan of the Republic of China.
The Kaiyuan Tongbao, sometimes romanised as Kai Yuan Tong Bao or using the archaic Wade-Giles spelling K'ai Yuan T'ung Pao, was a Tang dynasty cash coin that was produced from 621 under the reign of Emperor Gaozu and remained in production for most of the Tang dynasty until 907. The Kaiyuan Tongbao was notably the first cash coin to use the inscription tōng bǎo (通寶) and an era title as opposed to have an inscription based on the weight of the coin as was the case with Ban Liang, Wu Zhu and many other earlier types of Chinese cash coins. The Kaiyuan Tongbao's calligraphy and inscription inspired subsequent Central Asian, Japanese, Korean, Ryūkyūan, and Vietnamese cash coins and became the standard until the last cash coin to use the inscription "通寶" was cast until the early 1940s in French Indochina.
The Dangojeon refers to the 5 mun denomination of the Sangpyeong Tongbo (常平通寶) Korean cash coins introduced in February 1883 following the disastrous introduction of the earlier Dangbaekjeon (當百錢) two decades earlier. The Dangojeon had a nominal value that was five times higher than that of the regular yeopjeon, but its purchasing power was just twice as high, like the previous series of high denomination Sangpyeong Tongbo cash coins, this would prove to be a major cause of inflation and disrupted the Korean economy.
The Joseon Tongbo was an inscription used on Korean cash coins during the Joseon period first from 1423 until 1425 and later again from 1625 until 1633. Initially the attempt to introduce coinage to Korea proved unsuccessful as had been the case when the Goryeo state had attempted to issue its own coinage centuries earlier. But during the second attempt the Korean economy had evolved to become more reliant on trade and the need for coinage began to challenge the prevalence of barter in Korean society. In the year 1633 the Stabilisation Office introduced the Sangpyeong Tongbo cash coins whose popularity would cause the Joseon Tongbo inscription to be phased out.
Bingqian, or Bingxingqian, is a term, which translates into English as "biscuit coins", "pie coins", or "cake coins", used by mainland Chinese and Taiwanese coin collectors to refer to cash coins with an extremely broad rim as, these cash coins can also be very thick. While the earliest versions of the Bingqian did not extraordinarily broad rims.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
