Goryeo coinage

Currency used in Goryeo

Two Dongguk Tongbo (동국통보; 東國通寶) cash coins

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]

## History

[edit]

See also: Korean currency § History

### Early period

[edit]

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]

Inscription | Hangul | McCune–Reischauer | Revised Romanization | Obverse image | Reverse image

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乾元重寶[a]
東國 | 건원중보
동국 | Kŏnwŏn Chungbo
Tongguk | Geonwon Jungbo
Dongguk |  |

### Middle period

[edit]

Samhan Jungbo and Samhan Tongbo

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

[edit]

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,[b] 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]

## List of Goryeo cash coins by inscription

[edit]

Inscription | Hangul | McCune–Reischauer | Revised Romanization | Script(s) | Date of casting | Diameter
(in millimeters) | Weight
(in grams) | Image

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東國通寶 | 동국통보 | Tongguk T'ongbo | Dongguk Tongbo | Seal script (篆書), clerical script (隸書), regular script (楷書), running script (行書) | 998–1097 AD | 23–25 | 2.4–3 |
東國重寶 | 동국중보 | Tongguk Chungbo | Dongguk Jungbo | Regular script (楷書) | 998–1097 AD | 24–25 | 2.8–4.2 |
三韓通寶 | 삼한통보 | Samhan T'ongbo | Samhan Tongbo | Seal script (篆書), clerical script (隸書), running script (行書) | 1097–1105 AD | 23–25 | 2.1–3.4 |
叁韓通寶[c] | 삼한통보 | Samhan T'ongbo | Samhan Tongbo | "Official script" | 1097–1105 AD |  |  |
三韓重寶 | 삼한중보 | Samhan Chungbo | Samhan Jungbo | Regular script (楷書) | 1097–1105 AD | 25 | 4 |
海東通寶 | 해동통보 | Haedong T'ongbo | Haedong Tongbo | Seal script (篆書), clerical script (隸書), regular script (楷書), running script (行書) | 1097–1105 AD | 25 | 2.9 |
海東重寶 | 해동중보 | Haedong Chungbo | Haedong Jungbo | Regular script (楷書) | 1097–1105 AD | 25 | 3.1–4 |
海東元寶[d] | 해동원보 | Haedong Wŏnbo | Haedong Wonbo | Regular script (楷書) | 1097–1105 AD |  |  |

[21]

## Notes

[edit]

1. ^ Geonwon Jungbo coins have mostly been found in Northeast China (e.g., Kaiyuan, Liaoning)[26] and North Korea.[21] Currently, only about ten have been found; more iron coins have been found than bronze coins.[27]
2. ^ The ŭnbyŏng was originally composed of 80% silver and 20% copper.[32]
3. ^ 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]
4. ^ 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]

## References

[edit]

### Citations

[edit]

1. ^ a b c Jun 2014, p. 269.
2. ^ a b c "Korean Currency". History Net. National Institute of Korean History. Retrieved 7 December 2019.
3. ^ a b c d 김동철. 3) 화폐 및 차대법. History Net (in Korean). National Institute of Korean History. Retrieved 29 December 2019.
4. ^ a b c d 오경섭. 독특한 형태를 지닌 은병(銀甁)화폐. Bank of Korea (in Korean). Retrieved 3 October 2019.
5. ^ a b c Jun 2014, p. 276.
6. ^ a b c d e f 원유한. 철전(鐵錢). Encyclopedia of Korean Culture (in Korean). Academy of Korean Studies. Retrieved 13 October 2019.
7. ^ Kim 2012, p. 122.
8. ^ a b Jun 2014, pp. 261–262.
9. ^ Kim 2012, pp. 141–142.
10. ^ Lee 1984, p. 125.
11. ^ a b c Jun 2014, p. 262.
12. ^ Jun 2014, p. 268.
13. ^ a b Jun 2014, p. 270.
14. ^ Jun 2014, pp. 270–271.
15. ^ a b c d Jun 2014, p. 271.
16. ^ a b c 화폐의 사용. History Net (in Korean). National Institute of Korean History. Retrieved 4 November 2019.
17. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae Lee, Hun-Chang. 고려시대 은화·지폐의 제한적 유통. History Net (in Korean). National Institute of Korean History. Retrieved 4 November 2019.
18. ^ a b c d 김재명. 건원중보(乾元重寶). Encyclopedia of Korean Culture (in Korean). Academy of Korean Studies. Retrieved 15 October 2019.
19. ^ a b 건원중보. History Net (in Korean). National Institute of Korean History. Retrieved 15 October 2019.
20. ^ a b Boling 1988, p. 1.
21. ^ a b c d e Ashkenazy, Gary. "Korean Coins". Primal Trek. Retrieved 16 October 2019.
22. ^ Breuker 2010, pp. 36–37.
23. ^ a b c 王祖远 (19 September 2017). 乾元重宝背东国. Chinese Social Sciences Net (in Chinese). Retrieved 15 October 2019.
24. ^ a b c Kim 2008, p. 304.
25. ^ 陶短房. 古渤海国是否发行铸币?出土开泰元宝或为舶来品. chinanews.com (in Chinese). 广州日报. Retrieved 22 October 2019.
26. ^ 秦慧颖; 杨君; 黄维; 赵云峰 (2012). "2011年中国钱币学研究综述". China Numismatics (in Chinese) (2): 76–80. Retrieved 28 April 2020.
27. ^ 赵承 (2012). ""乾元重宝·东国"钱是高丽钱吗?". 收藏 (in Chinese) (5). Retrieved 28 April 2020.
28. ^ a b c d 표정훈. 의천. Naver Encyclopedia of Knowledge (in Korean). Retrieved 14 November 2019.
29. ^ a b c 민병하. 은병(銀甁). Encyclopedia of Korean Culture (in Korean). Academy of Korean Studies. Retrieved 28 November 2019.
30. ^ Jun 2014, pp. 271–272.
31. ^ Ledyard 1995, p. 295.
32. ^ a b c d e f Jun 2014, p. 273.
33. ^ a b Ledyard 1995, p. 240.
34. ^ Kim 2012, p. 138.
35. ^ Jun 2014, p. 275.
36. ^ "Refining Silver: "Haifuki Cupellation Method"". Iwami Ginzan World Heritage Center. Shimane Prefectural Government. Archived from the original on 7 February 2017. Retrieved 29 December 2019.
37. ^ Carlson 2012, p. 157.
38. ^ Lee 2017, p. 52.
39. ^ a b c Jun 2014, p. 274.
40. ^ Lee 2017, p. 64.
41. ^ Jun 2014, pp. 274–275.
42. ^ a b "은과 동을 섞어 주조하는 일을 금지하다". Korean History Database (in Korean). National Institute of Korean History. Retrieved 15 February 2020.
43. ^ Jun 2014, pp. 275–276.
44. ^ von Glahn 2014, p. 272.
45. ^ a b c 권인혁. 저화(楮貨). Encyclopedia of Korean Culture (in Korean). Academy of Korean Studies. Retrieved 1 April 2020.

### Sources

[edit]

* Boling, Joseph E. (July 1988), "Beyond Cash - A Numismatic Survey of Korea" (PDF), Coin World
* Breuker, Remco E. (2010), Establishing a Pluralist Society in Medieval Korea, 918-1170: History, Ideology and Identity in the Koryŏ Dynasty, BRILL, ISBN 978-90-04-18325-4
* Carlson, Jon D. (January 2012), Myths, State Expansion, and the Birth of Globalization: A Comparative Perspective (1st ed.), Palgrave Macmillan, ISBN 978-1-137-01045-2
* Jun, Seong Ho (22 December 2014), "Monetary authority independence and stability in medieval Korea: the Koryŏ monetary system through four centuries of East Asian transformations, 918-1392", Financial History Review, 21 (3), Cambridge University Press: 259–280, doi:10.1017/S0968565014000213, S2CID 232176038
* Kim, Alexander Alexeyvich (2008), "Archeological Studies of Bohai in Russia", Oriens Extremus, 47, Harrassowitz Verlag: 302–312, ISSN 0030-5197, JSTOR 24048057
* Kim, Jinwung (2012), A History of Korea: From "Land of the Morning Calm" to States in Conflict, Indiana University Press, ISBN 978-0-253-00024-8
* Ledyard, Gari (February 1995), "Chapter 10: Cartography in Korea", in Harley, J. B.; Woodward, David (eds.), The History of Cartography, Volume 2, Book 2, University of Chicago Press, ISBN 9780226316376, archived from the original on 2019-12-19, retrieved 2019-12-19
* Lee, Kang Hahn (2017), "Koryŏ's Trade with the Outer World", Korean Studies, 41 (1), University of Hawai'i Press: 52–74, doi:10.1353/ks.2017.0018, S2CID 164898987
* Lee, Ki-Baik (1984), A New History of Korea, Harvard University Press, ISBN 978-0-674-61576-2
* von Glahn, Richard (2014), "The Ningbo-Hakata Merchant Network and the Reorientation of East Asian Maritime Trade, 1150–1350", Harvard Journal of Asiatic Studies, 74 (2), Harvard-Yenching Institute: 249–279, doi:10.1353/jas.2014.0029, S2CID 201783900

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* v
* t
* e

Historical currencies of Korea

| Mun
998–1105,
1423–1425,
1625–1892 | Yang
1892–1902 | Won
1902–1910 | Yen
1902–1945 |  |  | Won (Red Army)
1945–1947 | North Korean old won
1947–1959 | North Korean new won
1959–2009 | North Korean third won
since 2009

|
|
|

| South Korean old won
1945–1953 | South Korean hwan
1953–1962 | South Korean new won
since 1962

|
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Etymology and history of the Korean currencies

* v
* t
* e

Korean cash coins by inscription

Goryeo|

* Dongguk Tongbo (東國通寶)
* Dongguk Jungbo (東國重寶)
* Samhan Tongbo [ko] (三韓通寶)
* Samhan Tongbo (叁韓通寶)
* Samhan Jungbo (三韓重寶)
* Haedong Tongbo (海東通寶)
* Haedong Jungbo (海東重寶)
* Haedong Wonbo (海東元寶)

Joseon|

* Joseon Tongbo (朝鮮通寶)
* Shibjeon Tongbo (十錢通寶)
* Sangpyeong Tongbo [ko] (常平通寶)

| Sangpyeong Tongbo denominations|

* 1 mun
* 2 mun
* 5 mun
* 100 mun

|

Commemorative coins|

* Geonyang Tongbo (建陽通寶)

Manufacturing and
casting process|

* Mother coin (母錢)

Concepts|

* Hwacheonjeon (花穿錢)
* String of cash coins (貫)

Influenced|

* Cash coins in art
* Jeoncha (錢茶)
* Korean numismatic charm

See also: Korean currency

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Goryeo topics

History|

* Goryeo–Khitan War
* First conflict
* Second conflict
* Third conflict
* Korean–Jurchen border conflicts
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* Sambyeolcho Rebellion
* Wihwado Retreat
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Government|

* Monarchs
* Family tree
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Economy|

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* Tripitaka Koreana
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Portals:

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