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Money, Money, Money. Korea’s History Through Its Banknotes

Lecturer: Rev. Steven L. Shields
Date: Tuesday. July 27, 2021. 7:30PM (Seoul)
Venue: Online Zoom

Summary:

From base metals to printed paper, coins and banknotes have been a form of exchange on the Korean peninsula since at least the reign of King Seong Jong, of Koryeo. The issuance of a base metal coin, Mu Mun Jeon (no legend coin), is recorded in the Koryeo annals as having been issued in 996. Over the next several hundred years, various coins of cast metal were issued and used as a means of exchange. In the final years of Koryeo, certificates of exchange written or printed on mulberry paper (hanji) were used from 1391 until the early years of Joseon. Cast metal coins continued to be issued through the centuries, until 1884 when precious metal, modern stamped coinage was issued. Copper, silver, and gold coins were minted and used for large denomination transactions.

Korea’s modern, printed banknotes first appeared late in Joseon, as trade at Chemulpo (modern Incheon) began to increase, requiring forms of easy exchange for unusually large transactions. The “hojo” (or finance ministry), notes were fully exchangeable in specie. Printed in 1893, the notes were never issued, because the specie supply had been co-opted by the Japanese military. In the years that followed, Japan’s Dai Ichi Ginko, began issuing its own currency in Korea (without authorization from the Imperial Korean government). The Korean Imperial Bank of Korea issued notes, until finally annexation change the bank to Bank of Chosen. The bank’s name was finally change in the early years of the Republic of Korea.

Throughout the past 100 years, Korean banknotes of various denominations, sizes, colors, and design have appeared in the economic history of the nation. Some were short-lived, others have had long, familiar lives. This talk will share some of the unique stories of Korea’s banknotes, fully illustrated with photos.

Bio:

Rev. Steven L. Shields is the current president of Royal Asiatic Society Korea. He first came to Korea in 1975, and has served in various role in RAS Korea for many years. His childhood hobby of coin and banknote collecting has continued into adulthood.

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Zoom Meeting Link:
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Meeting ID: 814 0965 9113
Passcode: 677706
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