The Joseon Tongbo (
Hangul
The Korean alphabet, known as Hangul, . Hangul may also be written as following South Korea's standard Romanization. ( ) in South Korea and Chosŏn'gŭl in North Korea, is the modern official writing system for the Korean language. The le ...
: 조선통보;
Hanja
Hanja (Hangul: ; Hanja: , ), alternatively known as Hancha, are Chinese characters () used in the writing of Korean. Hanja was used as early as the Gojoseon period, the first ever Korean kingdom.
(, ) refers to Sino-Korean vocabulary, ...
: 朝鮮通寶) 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
Goryeo (; ) was a Korean kingdom founded in 918, during a time of national division called the Later Three Kingdoms period, that unified and ruled the Korean Peninsula until 1392. Goryeo achieved what has been called a "true national unificat ...
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 trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists disti ...
in Korean society. In the year 1633 the Stabilisation Office (常平廳, ''Sangpyeongchŏng'') introduced the ''
Sangpyeong Tongbo'' (상평통보, 常平通寶) cash coins whose popularity would cause the ''Joseon Tongbo'' inscription to be phased out.
In the year 1881 the Korean government experimented with producing high denomination ''Joseon Tongbo'' cash coins, however, these were never issued.
History
1423–1425
During the early years of the Joseon period cloth and grains would remain the most common forms of currency among the Korean people, during this time
cotton
Cotton is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus '' Gossypium'' in the mallow family Malvaceae. The fiber is almost pure cellulose, and can contain minor pe ...
was considered to be the most important medium of exchange.
The government of Joseon also recognised the prominent role that cotton played in the Korean economy and the highest quality specimens of cotton would be stamped with the text "Joseon Tongpyejiin", which could be seen as a government
seal of approval and meant that it could be used as currency throughout Korea.
Barter
In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists disti ...
would remain the norm in Joseon society for many generations before the reintroduction of cash coinage.
Bronze coins were cast starting in 1423 during the reign of king
Sejong the Great with the ''Joseon Tongbo'' (, ) cash coins.
The coins produced under Sejong were pegged to
copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
at 160 coins to one ''
Kŭn'' (, ) which is equal to 600 grams, though the actual market rates regularly fluctuated. But the monetary system proved to be unpopular as people resorted back to barter after a few years.
The Sejong era ''Joseon Tongbo'' cash coins were only issued in the years 1423 (Sejong 5), 1424 (Sejong 6), and 1425 (Sejong 7) and all of these cash coins distinctively use the
regular script
Regular script (; Hepburn: ''kaisho''), also called (), (''zhēnshū''), (''kǎitǐ'') and (''zhèngshū''), is the newest of the Chinese script styles (popularized from the Cao Wei dynasty c. 200 AD and maturing stylistically around the ...
font of Chinese characters which tended to be both clearly and distinctively inscribed while their reverse sides tend to be blank (blank reverses are known as "光背").
This first series of ''Joseon Tongbo'' are generally about 24 millimeters in diameter and tend to weigh between 3.2 and 4 grams.
These cash coins were modeled after the Chinese
Tang dynasty
The Tang dynasty (, ; zh, t= ), or Tang Empire, was an imperial dynasty of China that ruled from 618 to 907 AD, with an interregnum between 690 and 705. It was preceded by the Sui dynasty and followed by the Five Dynasties and Ten Kingdom ...
era
Kaiyuan Tongbao
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 prod ...
(開元通寶, ''Gaewon Tongbo'') cash coins.
National Museum of Korea
The National Museum of Korea is the flagship museum of Korean history and art in South Korea and is the cultural organization that represents Korea. Since its establishment in 1945, the museum has been committed to various studies and research ...
조선통보
Retrieved: 15 October 2019. (in Korean
Korean may refer to:
People and culture
* Koreans, ethnic group originating in the Korean Peninsula
* Korean cuisine
* Korean culture
* Korean language
**Korean alphabet, known as Hangul or Chosŏn'gŭl
**Korean dialects and the Jeju language
** ...
).
The first series of ''Joseon Tongbo'' cash coins ceased production only briefly after its introduction due to a lack of raw materials as well as the exchange rate having fallen to less than the intrinsic value of the coinage making them financially unattractive.
The Kings of Joseon were consistently creating new legislation aimed at promoting coins and promoted their manufacture to be widely used.
Through these measures, the monarchs hoped to dispel the general mistrust that the Korean people had towards coinage and they also hoped that these decrees would boost the value of Korean cash coins.
Following the
Japanese invasions of Korea
Japanese may refer to:
* Something from or related to Japan, an island country in East Asia
* Japanese language, spoken mainly in Japan
* Japanese people, the ethnic group that identifies with Japan through ancestry or culture
** Japanese diaspor ...
it had become more necessary for there to be circulating coinage in Korea, this was needed in order to both procure military supplies and secure the national finances.
1625–1633
In 1625 under the reign of king
Injo of Joseon
Injo of Joseon (7 December 1595 – 17 June 1649), born Yi Jong, was the sixteenth ruler of the Joseon Dynasty of Korea. He was the grandson of King Seonjo and son of Prince Jeongwon. He was the king during the Later Jin invasion of Joseon, i ...
a new series of cash coins with the same inscription as under Sejong the Great were minted.
In order to promote the circulation of the new coinage, King Injo tried to rent out vacant rooms for the opening of new restaurants which would accept these cash coins, these rooms were situated in front of
Gyeongbok Palace
Gyeongbokgung (), also known as Gyeongbokgung Palace or Gyeongbok Palace, was the main royal palace of the Joseon dynasty. Built in 1395, it is located in northern Seoul, South Korea. The largest of the '' Five Grand Palaces'' built by the Joseo ...
.
This was an attempt to encourage the circulation of the new coinage and the King hoped to open the eyes of the Korean people to the value of using coinage over barter.
The government soon enacted new national laws to stimulate the usage of coinage, for instance a law that allowed for people to pay their taxes using coins. Government officials were now also required to use cash coins to pay for their expenses when they would travel as a means to help promote their circulation.
Another factor that led to the more widely adoption of coinage by the Korean people this time around was the fact seasonal problems such as droughts or less productive harvests made it more difficult to manufacture grains and cloth causing them to decrease in circulation.
The second series of the ''Joseon Tongbo'' came roughly two centuries after the first and the first issues were made in the year 1625 (Injo 3), these cash coins had their inscriptions written in "official style" script or ''palbun'' (八分, "eight part (script)").
During this era the government wasn't the only manufacturer as private minting was allowed to take place and as such these cash coins tend to be very diverse.
The second series of ''Joseon Tongbo'' cash coins tend to have a rather yellow-brown colour and the Hanja characters depicted on them were not very standardised. The character strokes can be either thin or thick and either small or large.
Some varieties of this series have broad rims while others tend to have very narrow rims. Unlike with the first series of the ''Joseon Tongbo'' cash coins, ''Joseon Tongbo'' cash coins with inscriptions written using the
clerical script
The clerical script (; Japanese: 隷書体, ''reishotai''; Korean: 예서 (old spelling 례서); Vietnamese: lệ thư), sometimes also chancery script, is a style of Chinese writing which evolved from the late Warring States period to the Qi ...
(隸書) typeface are much more scarce.
In the year 1651,
King Hyojong issued a royal decree which ordered the people of Joseon to use the ''Joseon Tongbo'' cash coins and it also prohibited the usage of cloth as a currency.
During this era the private production of cash coins was also allowed.
A sudden and major increase in agricultural production during the reign of
King Sukjong paved the way for the opening of about 1,000 markets across Korea, this led to the development of commerce and industry in the country which in turn gave a more favourable market for the circulation of coinage. The brisk production of goods to be traded and the subsequent development of commerce led to there being a relatively stable currency system during this era.
These new markets and the merchants that they brought with them substantially raised the importance of currency, cash coins were now highly valued due to their ease of transportation and storage.
This second series of ''Joseon Tongbo'' coins became the inspiration for the following ''Sangpyeong Tongbo'' series, though later these coins would be suspended due to the
Later Jin, and the
Qing invasions of Joseon. After those wars Korea would become dependent on importing
copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
from
Japan in order to sustain the production of coinage.
1881
A number of different 10 mun and 1 jeon versions of the ''Joseon Tongbo'' cash coins were also created around the year 1881, these cash coins were experimental and therefore quite rare and not many contemporary records were written about them.
These cash coins tend to have a diameter of 45 millimetres and tend to weigh around 30 grams and according to some reports they were 48.2 millimetres in diameter and had a weight of 29 grams.
Some of them have blank reverse sides, these can be found in two different types which is dependent on whether the Chinese characters on the obverse side are written in a "small script" (小字) or a "large script" (大字), while others have the Hanja character "十" (십, "ten") located right above the square centre hole on the back.
The ''Joseon Tongbo'' cash coins with the denomination of 1 jeon were also only minted as an experimental issue and tend to have the mint mark of the Joseon Treasury Department on their reverse right above the square centre hole, this character was usually depicted as "戸", but can also sometimes be found as "户".
On the right side of the square centre hole were the Chinese characters "一錢" (일전, ''il jeon''), indicating its nominal value. The 1 jeon ''Joseon Tongbo'' cash coins was possibly 47.6 millimeters in diameter and allegedly had a weight of 31 grams.
During the time when the 1 jeon ''Joseon Tongbo'' cash coins were issued 400 mun (or 400 small cash coins of 1 mun) were valued as being worth 1
(兩, 양 or 냥) of silver.
So in the new system planned for these ''Joseon Tongbo'' cash coins one coin of 1 jeon would have been worth forty coins of 10 mun and were themselves of a tael.
Other variants of the 1 jeon ''Joseon Tongbo'' cash coins can have some slight variations in the method that the "head" (or top part) of the Chinese character ''Tong'' (通) is written.
Furthermore, there can be variations in how the Chinese character ''Seon'' (鮮) is written as well, there can be slight differences in the way that the 4 bottom strokes (or "dots") of the "魚" are written as well as the method that the top part (or "head") of the "羊" is inscribed.
References
Sources
*
Bank of Korea
The Bank of Korea (BOK; ) is the central bank of the Republic of Korea and issuer of Korean Republic won. It was established on 12 June 1950 in Seoul, South Korea.
The bank's primary purpose is price stability. For that, the bank targets in ...
(韓國銀行) - '
韓國의 貨幣 / Korean Money' (in
Korean
Korean may refer to:
People and culture
* Koreans, ethnic group originating in the Korean Peninsula
* Korean cuisine
* Korean culture
* Korean language
**Korean alphabet, known as Hangul or Chosŏn'gŭl
**Korean dialects and the Jeju language
** ...
using
mixed script and
English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
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). Publisher: Bank of Korea Publishing (韓國銀行 發券部),
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 of ...
(1982).
*
Bank of Korea
The Bank of Korea (BOK; ) is the central bank of the Republic of Korea and issuer of Korean Republic won. It was established on 12 June 1950 in Seoul, South Korea.
The bank's primary purpose is price stability. For that, the bank targets in ...
(韓國銀行) -
韓國의 貨幣 / Korean Currency' (in
Korean
Korean may refer to:
People and culture
* Koreans, ethnic group originating in the Korean Peninsula
* Korean cuisine
* Korean culture
* Korean language
**Korean alphabet, known as Hangul or Chosŏn'gŭl
**Korean dialects and the Jeju language
** ...
using
mixed script and
English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
** English national ide ...
). Publisher: Bank of Korea Publishing (韓國銀行 發券部),
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 of ...
(1994).
* C.T. Gardner - ''The Coinage of Corea and their Values''. ASIN B0007JDTW0, 60 pages (1 January 1963).
* Won Yoo Han (원유한), 한국화폐사-고대부터 대한제국시대까지『Korean Currency - From Ancient to Korean Empire』, 한국은행 발권국 (
Bank of Korea
The Bank of Korea (BOK; ) is the central bank of the Republic of Korea and issuer of Korean Republic won. It was established on 12 June 1950 in Seoul, South Korea.
The bank's primary purpose is price stability. For that, the bank targets in ...
), 2006.
* Kwon In-hyuk (권인혁), 「Sejong University Coin Distribution Plan」(세종대의 동전유통책), 『Jeju National University Proceedings』(제주대학교 논문집) 19,
Cheju National University
Jeju National University is one of ten Flagship Korean National Universities. founded in 1952 in Jeju City, the provincial capital of Jeju, South Korea. In 2008 Cheju National University and the Jeju National University of Education merged int ...
(제주대학교), 1984.
* Park Pyeong-sik (박평식), 「The Early Monetary Policy and Saturation Distribution」(조선초기의 화폐정책과 포화유통), 『Oriental Journal』(동방학지) 158,
Yonsei University
Yonsei University (; ) is a private research university in Seoul, South Korea. As a member of the " SKY" universities, Yonsei University is deemed one of the three most prestigious institutions in the country. It is particularly respected in th ...
Institute of Korean Studies (연세대학교 국학연구원), 2012.
{{Korean cash coin
Joseon dynasty
Coins of Korea
Cash coins by inscription