Korean won
圓 / 원 (Korean) | |
---|---|
Denominations | |
Subunit | |
1⁄100 | jeon (錢) |
Demographics | |
Date of introduction | 1900 |
Replaced | Korean yang |
Replaced by | Korean yen and Japanese yen |
User(s) | Korean Empire |
Valuation | |
Pegged with | Japanese yen = 1 won |
This infobox shows the latest status before this currency was rendered obsolete. |
The Korean Won (/wɒn/ won[1] Korean: 원; Hanja: 圓, Korean pronunciation: [wʌn]) or Korean Empire won (대한제국 원), was the official currency of the Korean Empire between 1900 and 1910. It was subdivided into 100 jeon (/dʒʌn/ jun;[2] 전; 錢, Korean pronunciation: [tɕʌn]).
Korean won | |
Hunminjeongeum | 원, 전 |
---|---|
Hanja | 圓, 錢 |
Revised Romanization | won, jeon |
McCune–Reischauer | wŏn, chŏn |
Etymology
Won is a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. It is derived from the hanja 圓 (원, won), meaning "round", which describes the shape of the silver dollar.
History
The Korean won,
On May 22, 1901 the Korean Empire adopted the gold standard in response to many other countries doing the same.[3] The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, "fun" ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper.[3] Another notable feature of these coins is that they, unlike the earlier yang coinage, contained no English inscriptions as they only contained Chinese and Hangul legends.[3]
As a part of the Russian influence in Korea at the time the Koreans introduced a small number of "Russified" coins between the years 1901 and 1902, but these coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.[4]
The disagreements between the Japanese and Russian Empires led to the
After the Japanese had pressured the Korean Mint Bureau, which had been striking coins for 20 years, to close in November of the year 1904,[3] all gold coins of the won were produced at the Japan Mint in Osaka (日本大阪造幣局).[3] In 1905 the Japan Mint began to produce the Korean won's new coinage, this entirely new series was modeled almost exactly on the patterns of contemporary Japanese coins and even used the same planchets.[4]
As the coins of the Korean won were being struck on the same planchets as the Japanese yen, when the Japanese would reduce the weight of the minor coinages of the yen in 1906, the weights and sizes of Korean coins were also reduced in 1907.[4] This was also because the Japanese and Korean coins were circulating as equivalents to each other in exchange at the time.[4]
In the year 1907 the imperial Korean government had designated the Japanese Dai-Ichi Bank to carry out the monetary reforms that were suggested by the Japanese adviser to Korea Baron Megata Tanetarō.
In the year 1908, Korea was hit by a panic when the value of nickel dropped significantly, this led to the Korean public quickly exchanging their cupronickel at the banks.[9] A staggering amount of 266.480,000 of cupronickel coins were exchanged during this panic.[9] This panic would lead to the demonetisation of the Korean cupronickel coinage in November 1908.[9] In the year 1909 there were supposedly 4,000,000 of 5 jeon nickel coins that were struck at the Japan Mint, however, most were melted down due to their demonetised status.[9] Copper coins during this period were not affected by the panic exchange. Older coins collected by the banks from July 1905 to October 1907 resulted to be more than 375 tonnes. If it assumed that only cupronickel 5 fun coins of 7 grams were collected by the banks, more than 53,000,000 would have been collected from general circulation.[9]
After 1908, circulation of the old cupronickel coins was outlawed by the imperial Korean government, while the cast copper-alloy cash coins remained to be legal tender in Korea at a value of 0.2 jeon, which meant that they had a nominal value of 1⁄500 won.[4]
Prince
The Bank of Korea assumed responsibility for the banknotes issued by the Dai-Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to an interest-free 20-year loan to the Dai-Ichi Bank.[4]
In the year 1910 the Japanese had formally annexed Korea, this meant that Korea's native currency system would become an arm of the Japanese currency system.[4] As a part of the reforms of Korea during the colonial period Korean coinage was suspended;[4] Japanese coinage was then introduced to the peninsula to replace it, although the Japanese created no "crash" program of recall,[4] nine years later in 1919 as much as 25% of all Korean won coins remained in circulation as only 75% of the Korean coinage had been withdrawn by the Japanese.[4]
The won was equivalent to the
and sen.Coins
Coins were minted in the denominations of 1⁄2, 1, 5, 10 and 20 jeon, 1⁄2, 5, 10 and 20 won.
In 1906 Korea's first gold coinage was created, in denominations of 5 won, 10 won, and 20 won.[4] These coins were also of identical weight and fineness to their Japanese counterparts, but used a dragon which was similar to the previous generation of Japanese yen gold coins in their designs.[4]
The dragon symbol was replaced by the phoenix on the 1⁄2 jeon, 1 jeon, and 5 jeon coins when these coins started being produced by the Japan Mint.[3]
List of coins of the Korean won:[3]
Korean Won Coins | |||||||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Denomination | Composition | Diameter (in millimeters) |
Weight (in grams) |
Thickness (in millimeters) |
Years of production |
1⁄2 jeon (半錢)[10] |
95% copper, 4% tin, 1% zinc |
21.9 (1906) 19.1 (1907–1910) |
3.4 (1906) 2.1 (1907–1910) |
1.5 (1906) 1 (1907–1910) |
1906–1910 | ||
1 jeon (一錢) |
98% copper, 1% tin, 1% zinc |
28 (1905–1906) 22.5 (1907–1910) |
7.1 (1905–1906) 4.1 (1907–1910) |
1.5 (1905–1906) 1 (1907–1910) |
1905–1910 | ||
5 jeon (五錢) |
Cupronickel (75% copper and 25% nickel) |
20.8 | 4 | 2 | 1905, 1907, and 1909 | ||
10 jeon (十錢)[11][12][13] |
800‰ silver, 200‰ copper |
17.6 | 2.5, 2.25 (1907 only) |
1.5 | 1906–1910 | ||
20 jeon (二十錢)[14][15][16] |
22.8 (1905–1906) 20.3 (1907–1910) |
5.4 (1905–1906) 4 (1907–1910) |
1.5 | 1905–1910 | |||
1⁄2 won (半圜)[17][18][19] |
31 (1905–1906) 27.5 (1907–1908) |
13.5 (1905–1906) 10.13 (1907–1908) |
2 | 1905–1908 | |||
5 won (五圜)[20] |
900‰ gold, 100‰ copper |
17 | 4.1666 | 1 | 1908–1909 | ||
10 won (十圜)[21][22] |
21.2 | 8.3 | 1.5 | 1906 and 1909 | |||
20 won (二十圜)[23][24] |
28.8 | 16.667 | 2 | 1906, 1908, and 1909 |
Rare coins
- There is some question as to whether or not any 1⁄2 jeon coins were minted in the year Gwangmu 11.[3]
- The 1⁄2 jeon coins minted in the years 1907 (隆熙元年) and 1910 (隆熙四年) are known to be very scarce.[3]
- In September 2011 a 5 jeon coin from 1909 was at auction for $138,000.[3]
- The 5 won gold coins are dated to have been produced in the years 1908 (隆熙二年) and 1909 (隆熙三年).[3] Only two known pieces of the 1909 version of the 5 won are known to be extent, one of these pieces was sold at an auction for $460,000 in September 2011.[3]
- The 10 won gold coins are dated to have been produced in the years 1906 (光武十年) and 1909 (隆熙三年).[3] Only two known pieces of the 1909 version of the coin are known to be extent with one specimen of this series being sold at an auction for $299,000 in September 2011.[3]
- The 20 won gold coins are dated to have been produced in the years 1906 (光武十年), 1908 (隆熙二年), and 1909 (隆熙三年).[3] Only two specimens of the 1909 coin are known to be extent with one specimen of this series being sold at an auction for $632,500 in September 2011.[3]
Banknotes
No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai-Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行). The Dai-Ichi Bank's role as treasury bank for the imperial Korean government, its responsibility for recalling the old cupronickel and Korean cash coinage, and the fact that this bank issued the only banknotes that ever gained universal acceptance in Korea at the time emphasised the fact that the Dai-Ichi Bank held a status of being the de facto "Central Bank of Korea" until the founding of the Bank of Korea.[4]
Both local banks and quasi-governmental firms had tried to establish a paper money system in Korea during this era, but none of their issues seemed to have been readily accepted by the public.[4] The Dai-Ichi Bank had petitioned the imperial Japanese government to be granted permission to issue banknotes in Korea, to augment the demonetised Japanese yen coins that it was importing, this was because in the year 1885 the imperial government had monopolised the issuing of banknotes and prohibited banks from doing this in Japan.[4]
After the imperial Japanese government has granted this permission, the Dai-Ichi Bank released banknotes in the year 1902 that were printed by the Japanese Finance Ministry Printing Bureau.
The Dai-Ichi Bank had enough fiscal and economic strength to redeem every banknote that was presented to them when they were banned from circulating, later the Dai-Ichi Bank was able to withstand yet another run on its banknotes, this meant that public confidence in the issues of the Dai-Ichi Bank grew in Korea which helped the bank succeed.[4]
In the year 1905 the Dai-Ichi Bank had been designated the "treasury bank" for the Korean government, which meant that it served as the Korean government's agent for depositories and disbursing finances.[4]
The Dai-Ichi Bank would issue fractional denomination banknotes (banknotes with denominations smaller than 1 yen) for the Imperial Japanese Army soldiers that were operating in
Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable "in gold or Nippon Ginko notes."[4] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.[4]
Korean "Eagle" coins
Following the Japanese victory during the
These coins are known as the Korean "Eagle" coins because the fact that instead of having a
The Russo-Korean bank also created a set of experimental coins (or "trial coins") that were produced but never saw any circulation. This unissued coin series included a copper 10 won (十圜), a copper 20 won (二十圜), and a silver "half dollar" (半圜, "half won").[3] While all of these unissued Korean "Eagle" coins were reportedly minted in the year 1901, the coins display various other dates such as 1899, 1901, 1902, or 1903.[3]
Following the Japanese victory during the Russo-Japanese War and Korea becoming a Japanese protectorate under the Eulsa Treaty, the Japanese would confiscate and destroy almost all Korean "Eagle" coins.[3] Because of this, surviving Korean "Eagle" coins are extremely rare.[3]
List of issued Korean "Eagle" coins:[3]
Korean "Eagle" Coins Issued by the Russo-Korean Bank | |||||||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Denomination | Composition | Diameter (in millimeters) |
Weight (in grams) |
Thickness (in millimeters) |
Years of production |
1 jeon (一錢)[25] |
98% copper, 1% tin, 1% zinc |
28 | 8 | 1902 (光武六年) | |||
5 jeon (五錢)[26] |
Cupronickel (75% copper, 25% nickel) |
20.5 | 5.4 | 1902 (光武六年) | |||
1⁄2 won (半圜)[27] |
90% silver, 10% copper |
30.9 | 13.5 | 2 | 1901 (光武五年) |
List of unissued Korean "Eagle" pattern coins:[3]
Unissued Korean "Eagle" pattern coins created by the Russo-Korean Bank | |||||||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Denomination | Composition | Diameter (in millimeters) |
Weight (in grams) |
Thickness (in millimeters) |
Dates on the coins |
10 won (十圜)[28] |
Copper | 1903 (光武七年) | |||||
20 won (二十圜)[29] |
Copper | 1902 (光武六年) |
Rare Korean "Eagle" coins
- A specimen of a 1 jeon Korean "Eagle" coin dated 1902 (光武六年) sold at an auction for $149,500 in September 2011.[3]
- A specimen of a 20 won Korean "Eagle" coin dated 1902 (光武六年) sold at the same auction as the coin above for $115,000 in September 2011.[3]
See also
References
- OxfordDictionaries.com. Oxford University Press. Archived from the originalon September 28, 2016. Retrieved 8 January 2017.
- OxfordDictionaries.com. Oxford University Press. Archived from the originalon January 9, 2017. Retrieved 8 January 2017.
- ^ 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 af ag "Korean Coins – 韓國錢幣 - History of Korean Coinage". Gary Ashkenazy / גארי אשכנזי (Primaltrek – a journey through Chinese culture). 16 November 2016. Retrieved 18 October 2019.
- ^ 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 af ag ah ai Joseph E. Boling, NLG (1988). "Korea - A Numismatic Survey. (This article has been transposed to this format from a July 1988 supplement issue included with Coin World. Its original title was: Beyond Cash - A Numismatic Survey of Korea.)" (PDF). Moneta-Coins.com. Retrieved 3 October 2019.
- ^ Michael Schiltz (a Kluge Fellow in the John W. Kluge Center and a professor at the University of Leuven in Belgium) (5 December 2007). "A Money Doctor from Japan: Megata Tanetaro in Korea, 1904-1907". Library of Congress. Retrieved 16 October 2019.
- ^ (Blank) (11 July 2010). "Gojong's Korea caught in international power struggles". The Korea Herald. Retrieved 16 October 2019.
- . Retrieved 16 October 2019.
- University of California at Berkeley. Retrieved 16 October 2019.
- ^ a b c d e GXSeries.com - Korean coin type set (1888 - 1910). Retrieved: 17 October 2019.
- ^ Numista - 1⁄2 Chon (Gwang Mu) 11 (1907). Retrieved: 16 October 2019.
- ^ Numista - 10 Chon (Gwang Mu) 10 (1906). Retrieved: 16 October 2019.
- ^ Numista - 10 Chon (Gwang Mu) 11 (1907). Retrieved: 16 October 2019.
- ^ Numista - 10 Chon (Yung Hee) 2-4 (1908-1910). Retrieved: 16 October 2019.
- ^ Numista - 20 Chon (Gwang Mu) 9-10 (1905-1906). Retrieved: 16 October 2019.
- ^ Numista - 20 Chon (Gwang Mu) 11 (1907). Retrieved: 16 October 2019.
- ^ Numista - 20 Chon (Yung Hee) 2-4 (1908-1910). Retrieved: 16 October 2019.
- ^ Numista - 1⁄2 Won (Gwang Mu) 9-10 (1905-1906). Retrieved: 16 October 2019.
- ^ Numista - 1⁄2 Won (Gwang Mu) 11 (1907). Retrieved: 16 October 2019.
- ^ Numista - 1⁄2 Won (Yung Hee) 2 (1908). Retrieved: 16 October 2019.
- ^ Numista - 5 Won (Yung Hee) 2-3 (1908-1909). Retrieved: 16 October 2019.
- ^ Numista - 10 Won (Gwang Mu) 10 (1906). Retrieved: 16 October 2019.
- ^ Numista - 10 Won (Yung Hee) 3 (1909). Retrieved: 16 October 2019.
- ^ Numista - 20 Won (Gwang Mu) 10 (1906). Retrieved: 16 October 2019.
- ^ Numista - 20 Won (Yung Hee) 2-3 (1908-1909). Retrieved: 16 October 2019.
- ^ Numista - 1 Chon (Gwang Mu - Russian Occupation). Retrieved: 17 October 2019.
- ^ Numista - 5 Chon (Gwang Mu - Russian Occupation). Retrieved: 17 October 2019.
- ^ Numista - 1⁄2 Won (Gwang Mu - Russian Occupation). Retrieved: 17 October 2019.
- ^ Numista - 10 Won (Gwang Mu - Russian Occupation). Retrieved: 17 October 2019.
- ^ Numista - 20 Won (Gwang Mu - Russian Occupation). Retrieved: 17 October 2019.
Further reading
- Schuler, Kurt. "Tables of Modern Monetary History: Asia". Retrieved 2004-02-29.
- Krause, Chester L.; Clifford Mishler (2003). 2004 ISBN 0873495934.
- Krause, Chester L.; Clifford Mishler (2004). ISBN 0873497988.
Preceded by: Korean yang Reason: heavier influence by Japan Ratio: 1 won = 10 yang |
Currency of Korea 1902 – 1910 Concurrent with: Korean yen |
Succeeded by: complete annexation by Japan Ratio: at par |