THE COINS OF KOREA

AND AN OUTLINE OF EARLY CHINESE COINAGES

Copyright 195g by
ALAN if CRAIG
All rights reserved. The publisher's consent must be obtained to copy
any part of this book other than its numbering system or brief attributive
passages such as for review or auction catalog purposes.
Published by Alan D. Craig, P. O. Box 491, Berkeley 1, California, U.S.A.
Printed by Professional Press, 2434 Dwight Way, Berkeley 4, California
CONTENTS
An Outline of Early Chinese Coinages 4
Section I Ancient Korean Mediums of Exchange 21
Section II The Ancient Coins 26
Section III Medieval Coins 34
Section IV The Later Cast Coinages 40
Section V The Modern Struck Coinage 54
List of Mint Reports 87
Monetary Designations 88
Mint Standards on Size and Weight 88
Outline and Representative Collections 89
Contributors and Bibliography 91
List of Values 93
Vowel letters of Korean names in this book are phonetic, pronunciations
being as follows except in cases of diacritical marking:
a as in arch
e as in eddy
i as in police
o as in obey
u as in you
Pronunciation of diacritically marked letters is shown in a good dictionary.
The mark most often used herein is:
6 as in epoch
FOREWORD
Reasons, Research, and Scope
This book first has this to say:
criticism is wished. Mail comments
to the author whose name and ad-
dress are on the title page.
REASONS
On going to the Far East, the au-
thor, then a young collector of Lin-
coln Cents and Buffalo Nickels, was
asked for Far Eastern coins and coin
books by numismatist friends back
home. The Korean War had just
started; attention was on Korean
coins, and the author soon found that
there was no handbook on the coins
or even on any one group of them.
This void, the urging and urge to
get and explore them, and the fine
adventure in that numismatic "In
Rome-do-as-Romans-do" led him forth.
This book is one milestone of the
journey he started then.
RESEARCH
Even Korean books on Korean coins
are sparse. The project best resem-
bling a Korean coin book, Yu Ja-ho's
Korean Coinage Study, is quite good,
but almost illegible coin illustrations
which, as is the usual case, are tilted
every which-way with no regard to
tops and bottoms or even neatness
and chronological order, mar it. There
is nothing in English on Korean coins
but a few rare articles and append-
ings which are often densely populated
with errors. To arrive at this Korean
coin handbook, a path had to be cut
through a thick foliage of mistakes,
lackings, cross-investigations, trans-
lations, and other obstacles. The task
has taken nearly five years.
There must be access to the coins
to write a book on them. In this
access the writer had extreme good
luck; he has never seen the better
of the collection of Korean coins
around which this study began (the
Korean Section of the famed Tanaka
Collections in the Bank of Japan).
Both to show how hard it is even to
approach one part of that collection
(and to funnel in a word about his own
coins) the writer mentions that he has
specialized in modern Korean coins,
and having read "Old Cent Whist" in
Sheldon's Early American Cents, just
recently tried a hand at a game of
'Korean Coin Whist' with the Bank
of Japan. "Tried a hand"not really
played the game; with the bank pres-
ent to argue for itself he dared (and
dares) not. Of the known 53 modern
Korean coins, his own compared with
his color films and memory of the
bank'sunder scoring of zero for not
having one of each, two points for
having, and three vs. two for general
better conditionbrought the slightly
biased and unqualified finding that in
1955 the author scores 102 points to
the Bank of Japan's 114 in 1952. The
author knows it is naughty thus to
talk about his own coins in his book,
but he means it as a challenge to all
comersexcept the Bank of Japan
to play him a game of "Korean Coin
Whist" and try and confound his
supercilious ideas of his collection.
And they must be supercilious, for
un bel di vedremo he hopes to beat
even the Bank of Japan.
SCOPE
A full work on Chinese or Japanese
coins is a project for an encyclopedist.
This book, by starting with, then
branching from, early Chinese coins
to the small coin-realm of Korea, in-
tends to hold a large coin-history
in a small space; here is a story of
Far Eastern coins shown compactly
by early China, then Korea. The
part on early Chinese, unlike that
on Korean coins, is but an outline'
of a subject already well dealt with
very notably in American Numis-
matic Society Numismatic Notes &
Monographs No. 122.
This book's pointing out errors is
one thing that makes it worth writ-
ing. To correct in a purely remedial,
respectful, and unbiased manner has
been the aim. Wang* Yu-ch'iian has
said it well: "It is not intended to
discredit . . . predecessors. The schol-
arship of one man is bound to be limit-
ed, as are his physical energy and
the scholarly achievement of his age.
If, at the present, numismatists are
able to see more problems and pene-
trate more deeply into them, this is
largely owing to the advancement of
historical studies in general and . . .
numismatics in particular. Without
the effort of the numismatists of the
past in collecting the material and
preparing the preliminary studies,
any new and constructive contribu-
tions would be inconceivable."
This book is both a paraphrasing of
work done and an exploring. Its data
comes from discoveries, authorities,
interviews, computings, extracts, ar-
ticles, appendices, notes, banking and
finance reports, and miscellaneous
smatterings of information. Thick-
nesses, die adjustings, and many mint
reports on datings besides the usual
daia in works on modern coins have
been told of Korean modern coins;
extras such as this should show that
the writer has earnestly tried. In his
try he hopes he has also portrayed
some of the charm and life that be-
long to Korean coins. If the reader
is charmed and enlivened so that he
will come to know, then to judge this
book's arrangements, discoveries, and
penetrations for himself, its author
will be well pleased.
ALAN D. CRAIG
Berkeley, California
May, 1955
: Author, ANS Monograph No. 122.
3
AN OUTLINE OF EARLY CHINESE COINAGES
Refugees from China speeded the
Korean nation's emergence as a group
of people from a hodge-podge of le-
gion bands. At the decline and fall
of the Chinese dynasties of Chou and
Ch'in, circa 300-200 B.C., more than
10,000 fled from the Chinese states
of Yen, Ch'in, Chou and Ch'i, bringing
with them current Chinese exchange
media. In view of this early Chinese
hint to Korean money and the many
other things Korean which began as
things Chinese, it is not amiss to
begin a story of Korean coins with
China.
Life itself began in the sea. Much
philosophy can be built around the fact
that money, too, first came from it.
From the sea came the world's first
currencythe cowry shell; its use in
China as an ornament had extended
from neolithic times. Cowries became
adapted as Chinese currency in the
Shang Dynasty, 1766 to 1122 B.C. As
time went on, the cowry's form was
reproduced in substances such as bone,
stone, mother-of-pearl, jade, quartz,
lead, and bronze; some of the bronze
pieces were gold-plated. Following the
replicas came smaller inscribed cop-
per objects, solid instead of hollowed.
Agricultural tools were useful and
precious, so metal spades and knives
came to be inscribed monetarily. As
their dual use as money and manu-
al tool later separated, the spades
changed shape, lost the hollow socket,
acquired locality names, became small
and portable, and the knives grew
smaller and smaller. At the decline
of the Chou Dynasty, ca. 250 B.C.,
there circulated a welter of odd-shaped
coins from states, principalities, and
cities. The state of Ch'u issued in-
scribed gold cubes which were cut
apart from slabs like squares from a
bar of chocolate.
The Chinese brought a full gamut
of their coinage and quasi-coinage to
pastoral Korea where a barter econo-
my reigned. But Korean economics
had not grown to the monetary stage,
and since this advanced money concept
was left with emigrants and natives
largely illiterate, it was quick to with-
er and slow to grow again. Thus,
the use of Chinese monies in Korea
seems not to have sprouted well
for the best pait of a millenium. Of
the early Chinese coins, the piece most
often found by archeological expedi-
tions in Korea has been the Ming
Knife. Among Chinese round-style
later coins, the K'ai Yuan T'ung Pao
of the 618-907 A.D. Chinese Tang
Dynasty has been the most often un-
earthed. Prior to 1100 A.D., the few
coins in Korea were almost all Chi-
nese, and post-1100 monies comprised
a mixture of Chinese and Korean. To
this day, as a matter of fact, current
Chinese money is found in Korea.
The pictures in this section of some
early Chinese coins reduce sizes by one
third except where otherwise noted.
Vertical measurements are shown.
COWRYSHAPES
Cowries, Cowry-Replicas and Cowry-Derivatives
llllli
top ROW: Cowries.
* ECC #1 ECC #2 ECC #3 ECC #4
Four oceanic cowries from archaeological deposits, types in use from neo-
lithic times until as late as the Fourteenth Century A.D.
middle ROWS: Cowry-Replicas
ECC #5
In animal bone
and with single
drilled opening.
26 mm.
(Dorsal side)
ECC #6 ECC #7
Animal bone, Mother-of-
two openings. Pearl,
25 mm. 32 mm.
ECC #8
Baked red
clay,
21% mm.
ECC #9
Shell,
17 mm.
(Dorsal)
ECC #10
Speckled
pebble,
14y2 mm. ECC #17
ECC #11
Baked gray
clay,
33 mm.
ECC #12
ECC #13
Yellow-green Cordovan-color
ECC #14
Dark green
jade, 22 mm. bone, 21% mm. bone, 19 mm.
ECC #15 ECC #16
Tan Lead,
color, 22 mm.
29 mm. (Rare)
Gold-plated
copper
(gold-foil
bent over a
copper base)
23 mm., rare.
LOWER ROW: Cowry Derivatives
These have been called "Ant-Nose"and "Ghost-Head"money, terms which
seem to stem from the character which looks like an ant on #21 and from
the nose below eyes of a Chinese ghost on #19 and #20. Such names, of
course, are strictly appearance appendages and have nothing to do with the
original nomenclature, which is not known. (?) to about 300 B.C., all in copper.
ECC #18
The crudely carved ECC #19
conchoidal ventral Ch'u locality
(?)
(One) Chin
(?)
Thinner
slitting of the cow-
ry imitations, the
small opening at
the top, and the flat
dorsal surface put specimen,
this into a classifi- inscription
cation of transition duplicated on
between cowry imi- reverse.
tation and cowry 19 mm.,
derivative. 18 mm., very rare.
very rare.
ECC #20
Ch'u (?) ECC #21
(One) Chin Lo (?)
(?) (One) Chu
Thicker ( ?)
specimen. t4Ms mm.,
Inscr. scarce.
not dup-
licated
on rev.
16 mm.
ECC #22
Lo (?)
(One) Chu
(?)
In pale
ECC #23
State
unknown.
Legend:
green jade, (0ne) ch-in
Authentici- rare
ty unknown.
"ECC #'* Erly Cinese C'n number.
KNIFE COINAGE
Early Specimens of Knife-Shaped Coinage
ECC #24
State of Ch'i (N.
W. Honan) early
six character
knife (1079-950
B.C. ca.*).
Inscription reads,
"Everlasting Le-
gal Huo (Money)
of Ch'i at the Es-
tablishment of the
State".
This is perhaps
the world's ear-
liest known coin.
184 mm., very
rare.
ECC #25
State of Ch'i,
1000 B.C. ca.*
three-charac-
ter knife.
Inscr.:
"Legal Mon-
ey of Ch'i".
Later than
the piece at
left. Note the
"webbing"
caused by
leakage in a
damaged
mould. 180
mm.
ECC #26
State of Chi-
mo, 1000 B.C.
c a .*, five
characters:
"Legal Mon-
ey of Chi-mo"
(tip of Shan-
tungPeninsu-
la). 182 mm.,
scarce.
ECC #27
State of An-
yang, 1000
B.C. ca.*, five
characters:
"Legal Mon-
ey of An-
yang" (Shan-
tung Peninsu-
la). 185 mm.,
scarce.
Per ANS Monograph No. 122. pg. 153.
SMALLER KNIFE COINS
Chan-kuo Chou Period
ECC#28 ECC#29 ECC #30 ECC #31
Curved Similar Tapering: "Cutlass"
shape,
larger
size,
inscription
"Chai"
(-yang)
(N. Honan)
or possibly
"Chou"
<E.Shensi).
400-300
B.C. ca.,
162 mm.
to left, point, no shape, no
inscrip-
tion
"Shan".,
153 mm.
inscr.,
400-300
B.C. ca.
148 mm.
inscr.,
400-300
B.C. ca.
140 mm.
ECC #32
Ming Knife.
Extremely
wide-spread
circulation.
Apparently
the stand-
ard coin
of a large
and diffused
special
monetary
system in
much of
late Chou-
Dynasty
China.
141 mm.
ECC #33 ECC #34
Straight
backed
late
knife of
Po-jen
(W.
Shansi?)
300 B.C.
ca., 136
mm.
Scarce.
Small
knife
of city
of
Lin (W.
Shansi).
300 B.C.
ca., Ex-
tremely
rare
speci-
men.
ECC #35 Metal Knife (value) Ten" ( ?) inscrip-
Prototype with solid handle, "Yuan, tions incuse. 115 mm., possibly unique.
(Royal Ontario Museum Collection)
SPADE COINAGE
Shovel Style Prototypes with Monetary Inscriptions
ECC #36 (Actual size) Shan". Large and ponderous, prior to
Bas-relief inscription, "Two (of) Chung 400 B.C., 116 mm. V. rare specimen.
(Rev. Arthur B. Coole Collection)
ECC #37
(Possibly not a prototype)
Incuse inscription,
"Wu City, Equal to Fifty Chin".
Locality either N. W. Honan, C.
Shansi or E. Shensi. 125 mm.
Possibly unique.
-'-*!**:-
w&t.
fffg
(Royal Ontario Museum Collection)
Uninscribed agricultural tools were plain specimens, being
models for these as well as serving pieces here illustrated,
for exchange media themselves. Such
like the large
are not shown.
ECC 37's large size does not mean that it is a prototype of the smaller
at least two reasons why it may be a multiple unit contemporaneous
the small hollow-socket spades there are only two types with this large
unit. Chin, and in the large type there are none; this Chin unit later on
by small spades. (2) The character Wu on other hollow-socket spades is
this large piece, but that character on the ca. 340-2">0 B.C. Wu-p'ing and
the same as on this large one.
However, epigraphy does not prove the dating of Chou coinages. It is a conjecture that
this large piece dates from 400 to 250 B.C.; it may well be older.
spades. There are
ith them. (1) Of
spade's monetary
was used chiefly
simpler than on
Wu-an spades is
9-
Hollow-Socket Spade Coins, Sizes Reduced
10
ECC #38
Pointed shoulders and
feet. Large and thin,
prior to 400 B.C. Small
mark to left not iden-
tified. 144 mm., rare.
ECC #40.
Similar to #39. Mint
of "Til", modern local-
ity W. Shensi. 96 mm.,
scarce.
ECC #42
Similar to #41,
inscription:
"(One) Chin of
San-ch'uan". 86 mm.,
scarce.
ECC #43
Similar to #41 and
#42, but size reduced.
Inscription:
"An Treasury" or pos-
sibly "An-yang" (in N.
Shansi). 73 mm.,
scarce.
ECC #39
Square-shouldered near-
ly square-footed spade
from mint of "Hou"
(modern locality N.
Honan). 400 B.C. circa,
95 mm., scarce.
ECC #41
Slope-shouldered and
pointed-foot specimen,
mint of "Wu". 400 B.C.
circa, 83 mm.,
scarce.
ECC #44
Smallest of
hollow-socket spades.
Inscription:
"Wen Ho"
(Wen Money), or
possibly from Wen-yang
in Lu (modern locale
C.Shantung). 66% mm.,
very rare.
II
The Flat Spades
Early Chan-kuo Chou Period
II
ECC#45
Shaped like no
known coin. While
its characters look
Chinese, they are
not translated.
This piece may
have evolved in a
locale bordering
on China where
the language was
a hybrid product.
Fromthe Chinese
standpoint one
character looks
like Sun and an-
other two like the
monetary units
ECC#46
Round-shoulder
Chu and Chin, square-foot early
Other characters flat spade of An-I
as well as these (S. W. Shansi).
have several pos-
sible translations;
Two Chin
425-344 B.C. circa,
the piece may 67% mm., scarce.
have been some-
thing along the
order of #53 to
#56 here, but
fromwhat is
known so far,
practically noth-
ing can be said of
it. 54 mm., pos-
sibly unique.
ECC# 47
Like
#46, (same
dating, etc.)
inser. inver-
ted. 66 % mm.,
scarce.
ECC#48
Like
#47, denomina-
tion of Half
Chin. Edge
rimadded.
48 mm., rare.
ECC#49
Similar to 48,
no edge rim
and smaller.
43 mm., rare.
ECC#50
Yu
(S. W. Shansi)
One Chin
425-344 B.C. ca.
Inscr. inverted
and reversed.
54 M mm., rare.
ECC#53
Special flat
spade of Liang
i(N. E. Honan)
area. Eight char-
acters: "Liang
Money to be Used
as Five Chin and
Equal to Twelve
Lieh". Ca. 362-344
B.C. A piece for
interstate com-
merce-the 'orig-
inal Trade Dollar'
for transactions
between peoples
in the wide area
served by the
State of Liang.
62'j mm., scarce.
ECC#51
#50 in
smaller size
50 mm., rare.
ECC#54
Like #53, eight
char.: "Liang
Money to be Used
as One Chin and
Equal to One
Lieh". 53 V* mm.,
scarce.
ECC#57
P'u-pan of Liang,
One Chin.
425-344 B.C. ca.,
52% mm., rare.
ECC#52
Yu
Half Chin,
edge rimadded.
45 Va mm., rare.
ECC#55
Like #53, six
characters only.
only. "Liang
Standard Super-
ior Money Equal
to One Lieh".
59 mm., scarce.
ECC#56
Sixcharacters:
"Liang Superior
Money Equal to
(One) Unit, Two
Equal to One
Lieh". Smallest
of the series.
45 mm., very
rare.
ECC#58
Ch'in (?) -yang
or Wen-yang of
C. Shantung,
One Chin.
425-344 B.C. ca.
Ex. rare, 55 mm.
13
Small Spades, 340-255 B.C. Circa
ECC #59 ECC #62
An-yang ECC #60 ECC #61 Lang-yeh
(N. Shansi) An-yang Hsiang-yuan (Western settle-
One Chin Half Chin (S. E. Shansi) ment on Shan-
or early 47% mm. 47 mm. tung coast)
Half Chin Half Chin
52 V2 mm. 48 mm.
ECC #63
Lin
(W. Shansi)
Half Chin
47 mm.
ECC #64
Lo-cheng
(E. Chihli)
Half Chin
44 mm.
ECC #65
P'i-shih
(S. W. Shansi)
Half Chin
46 mm.
ECC #66
Pei-ch'iu (?)
(N. W. Shantung)
Half Chin
47 mm.
ECC #67
Pei-ch'u
(S. W. Shansi)
Half Chin
46 mm.
ECC #68
Ma-shou-i
47% mm.
Very rars variety
with pointed feet.
ECC #69
P'ing-chou
(C. Shansi)
Half Chin
54 mm.
ECC #70
P'ing-chou
Half Chin
Epigraphical
variety of #69.
57 mm.
ECC #71
Shou-i
(Shantung)
Half Chin
54 mm., scarce.
ECC #72
Shou-i
Half Chin
Episraphical
variety of #71.
56 mm.
ECC #73
Shou
(W. Shantung)
(One) Fen
56 mm., scarce.
ECC #74
Yang
(N. W. Honan)
(One) Huo
Inscription
inverted and
reversed.
55 mm., rare.
-15
Small Spades of Curious Types
Round-Shouldered and Round-Footed
ECC #75
Lin
(W. Shansi)
One Chin
72 mm., scarce.
ECC #76
Variety
of #75.
68 mm.
ECC #77
Variety
of #75.
65% mm.
"Ear" Varieties
ECC #78
Ch'ui
(E. Honan)
53 mm., scarce.
ECC #79
Variety
of #78.
52% mm.
ECC #80
Kung
(N. Honan)
52 mm., scarce.
Thick* Specimens, Tiny Specimens
ECC #81 ECC #82 ECC #83
Kuo Tao-yang P'ing-yin
(E. Honan) (S.W. Shantung) (N. Honan)
Half Chin Half Chin Half Chin
52 mm. 47 mm. 39 mm.
ECC #84
Similar to #83,
horizontal
line above both
characters.
36 mm., very
rare.
Castings in Lead and a 'Slope Shape'
ECC #85
P'u Tzu
(W. Shansi)
Shape elongated;
cast in lead.
56% mm., ex. rare.
ECC #86
Tzu-shih
(Shansi)
Cast in lead
54 mm., ex. rare.
ECC #87**
"Chai-yang"
"(Half Chin)"
Peculiar sloped
shape. 45% mm.
Forgeries of Chou Dynasty Chinese
coins lack that patina which only
accrues with great age. Patina is,
as a result, often artificially, but
clumsily imparted to forgeries. Char-
acters 'too' perfectly executed (such
as on ECC #87) are also a sign of
forgery.
*Thicker than lVamni.
** Authenticity not determined.
-17
ROUND COINS, 2.',0-200 B. C. Circa
GOLD YUAN CHIN OF CH'U
ts
ft

.---
o
%A -.--SR.3
-18
ECC #88
Yuan
(S. W. Shansi)
One Chin
41 mm.
ECC #89
Chi-yin
(S. W. Shantung)
(Half) Chin
40 mm., rare.
ECC #90
Ch'ang-yuan
(S. Hopeh)
One Chin
44 mm., rare.
ECC #91
Kung
(N. Honan)
One Chin
45 mm., scarce.
ECC #92
Kung
Inscription:
Pure Red Money of Kung"
43 mm., very rare.
ECC #93
Variety
of #92.
Authenticity
undetermined.
45% mm.
ECC #94
I
(N. E. Shantung)
Six Huo
37 mm.
ECC #95
I
Four Huo
30 mm.
ECC #96
I
(One) Huo
22 mm.
ECC #97
Locality
not shown.
One Huo
23 mm.
ECC #98
Locality
not shown.
One Huo
18% mm.
ECC #99
Ming
(One) Huo
25 mm.
ECC #100
Imperial C h' i n
Dynasty, denomi-
nation of Half
Lianga coin of
wide-spread circu-
lation which mark-
ed the first govern-
ment assumption
of coinage author-
ity in China. 32
mm.
ECC #101
Variety
of #100.
22 mm.
ECC #102
Gold Yuan
Chin of
Ch'u. Ca.
740-243 B.C.
Ras-relief
inscription.
ECC #103
As above,
inscription
incuse, plain
reverse shown
below.
20 x 18 mm.
ECC #104
Yuan Chin
Plate of
multiple unit.
ECC 102 and 104 are from ANS Monograph 122; 103 is from collection in the Bank of Japan.
MOULDS
The moulds used for early Chinese
coinages are admirable. This 174 B.C.
coin mould is a time and motion-study
triumph. Contemporaneous minting
methods in the Mediterranean cradle
of culture consisted of such painful
processes as pounding out and trim-
ming edges of one coin at a time with
crude anvils, hammers, and cutters
but with this mould Chinese were able
to cast 64 coins at one fell swoop
each coin correct in size and weight
and able to do so at a rate that
would challenge even the methods of
modern machinery. A great inspira-
tion of Chinese culture is that such
mass-producing of coins started with
the knife of 1000 B.C. circa.
In this slab of talc-stone there are
32 obverses carved on each side. A
double sprue extends to coins and con-
nects at the top of the mould. Facing
reverse impressions had nubs of stone
fitting the central holes in these ob-
verses to fit faces to backs precisely.
These coins are a Former Han Dyn-
asty casting of ECC #100 and #101.
Approx. 290 x 121 mm., thickness
16-22 mm.
About 2/5 actual size.
20
SECTION I
ANCIENT KOREAN MEDIUMS OF EXCHANGE
To 900 A. D. Circa
The objects in this section are of a nature which lends itself to
forgery.
Pieces purporting to be genuine should have with them reliable signed
details about their discovery. When that data is not available, reasons
for authenticity from a responsible, reliable source should accompany.
Objects such as these are worthless unless properly authenticated.
When once found and dug up and then disassociated from site of discovery
and things accompanying, they are again 'lost'. Both from the point of
view of archaeological and historical reward as well as far greater re-
munerative reward to the finder, such ancient things newly discovered
should (1) be left alone, (2) reported at once to people whose authority,
scholarship and signed authentication means the difference between worth
and worthlessness.
Pictures from this point on show actual size except where otherwise
noted.
Early Korean writings tell of speci-
men currency objects imported from
China as early as the beginning of
the Kija Dynasty of Korea, ca. 1100
E.C., and that pieces were patterned
from these by the Koreans and kept
in th? governmental treasury "to be
taken out and admired from time to
time". Due to the lack of identifiable
objects, no definite description is
available.
The objects below seem to have been
used as an early Korean money. The
larger bears the carved inscription
"Sang Mun" meaning "Upper (Class ?)
(Unit of) Money". The reverse and
sides are plain, and the small specimen
bears the separating line with no
inscription.
SANG MUN
"Upper (Class?) (Unit of) Money"
Date not known.
*AME #1 Copper, ex. rare,
49 x 12 x 5% mm.
Inscribed.
AME #2 Copper, ex. rare,
34 x 14 x 3 mm.
No inscription.
Ancient- Medium-of- Exchange number
52 A.D. is the date recorded for a
gold currency ingot in the State of
Silla. In supplement to this, there
were silver and copper flat plate
squares and after the passage of
about 300 years, giant iron weights in
plate form also were introduced and
circulated. The giant iron plates av-
eraged about 350 x 50 x 5 mm. in size.
An account of the use of these types
of money is recorded on an old (Koryo)
Korean temple stone.* The Silla Dy-
nasty was the "Shangri-la" of Korea.
Culture which sprung up in this local-
ity and time rivalled that of China
herself. The state (and dynasty) of
Silla lasted about a thousand years.
Besides Kuroda's 52 A.D. dating**
are other reports, varying in dating,
of uninscribed gold and silver wife
of similar currency objects used in
noteworthy instances. Yu Ja-ho tells f
buying money in the principality of
Tongok-cho, N. E. Korea, which prin-
cipality existed for about three cen-
turies to the beginning of the Chris-
tian area. He also tells ft of Kim
Tae-bi, a monk, bribed with 2000 plain
two-sizes pieces of gold and silver in
722 A.D.
Ancient Gold Ingots
AME #3
Flat Plates
AME #4
AME #5
AME #6
silver
copper
iron
*S6n Bong Sa Temple, Kyongsang Province.
** Kainichi Kuroda (printed essay) On Originals Among Korean Coins (Japan, liMlij,
t Yu Ja-ho, Korean Coinage Study (Seoul, 1940) pp. 41-2.
tt Ibid., pp. 4 6-7.
23
These copper and iron objects, the
first to resemble coins, are said to
have been made sometime during the
2nd Century, A.D.* The illustrated
objects, having been obtained from
areheological deposits, are thought to
be genuine specimens.
Discs
AME #7, 25 mm., copper
AME #8, 26Vi mm., iron
* Per Kuroda (op. cit.)
24
Between 300 and 500 A.D., Japan's
influence resulted in the introduction
of a foreign trade piece; a Japanese
gold-plated Ring "Money", which
served exchange between Japan and
Korea. For convenience these pieces
are divided into three general sizes,
as none seem to have made in ac-
cordance with any specific size or
weight standard. The gold is battered
and has flaked on most specimens.
"Rare" pertains to pieces in fine
condition with at least half the
gold-plate still present, as per the
photographed specimens.
Japanese-Korean Ring "Money"
300-500 A.D.
AME #9, gold-plated copper, 41 mm.
very rare
AME #10, gold-plated copper,
general size 34 mm., rare
AME #11 similar, general size
25 mm., rare
AME #12 similar, general size
15 mm., rare
The author has seen a lightweight tubular object similar to AME 10 obtained from
Japan. On its exposed iron-like (not copper) surface where the plating was missing,
he saw no heavy patina. Thinking that its neat and thin tubular machining scarcely can be
from mid-Silla Korea and remembering that many imitation sets of early Japanese gold
and silver coins have been made for display, the writer is led to the opinion that the tubular
object is a modern imitation of AME 10.
SECTION II
THE ANCIENT COINS
Period of the Koryo Dynasty,
918 to 1392 A.D.
There is evidence that in 948 A.D.,
the third year of King: Chong-jong,
silver utensils also became a currency
with the following equations of worth
set for them:
1 first class horse =
1 silver pitcher + 1 bundle of silk;
1 second class horse =
1 silver bowl + 1 bundle of silk;
1 third class horse = 1 bundle of silk.
26
Trade between China and Korea
had begun to flourish. Silk and other
fineries had come to be known in the
Eastern Country. It was in this
period that Korea began to come
into her own and along with this,
the many troubles of devising a
national coinage arose rapidly.
The first coin of Korea was a
ponderous piece in iron which was
cast to the order of King Song
jong in 996 A.D., the 15th year
of his reign. The king decreed that
these pieces would be issued for cir-
culation "on an auspicious day." The
obverse is the same as that of a
Chinese coin minted in the Southern
Shansi Province of China between 756
and 762 A.D. The obverse characters
read Kon Won Chung Bo, (Ch'ien
Y(ian Chung Pao in Chinese), both
translatable as "(Emperor) Ken
Won's Heavy Treasure." This obverse
inscription had no Korean bearing
other, perhaps, than a close feeling
of affiliation with China. The crude-
ness of this iron piece, especially the
reverse die, shows that the art of
die-making and casting coins was
indeed new to the Koreans. When
minting started, a few Chinese K'ai
Yuan coins were still circulating in
Korea, but only in cities and other
commercial centers. Korea's original
coin followed suit to this usage.
This piece is of very small issue.
The difference in color and texture
of its iron patina, its "jumbo" size,
rudeness, precedent and exceptional
rarity combine to give it great charm
as an outstanding collector's item.
Few are known.
TONG GUK KON WON CHUNG BO
Eastern Country(Emperor) Kon Won's [King Song-jong's] Heavy Treasure
(996 A.D.)
AC #1 iron, regular-issue 26-27 mm.
ex. rare
Copper castings of the above type
(both probably unique)
AC #2 large size 26% mm.
characters read:
1
4 3
2
Kon
Bo Chung
Won
1
2
Tong
Guk
AC #3
small size
23 mm.
As the use of the Tong Guk Kon piace. In the period of only a few
Sed^er^nfook $*& ~ **. of coins comparable
and kept its old popularity until the m quality to that of China herself
1100's, when a great upheaval took was developed.
(AC #4)
In 1101, (6th year of King Suk
jong), a Silver Jar piece was cir-
culated. This is described as being
"like a jar with a wide mouth, shaped
after the land of Korea herself." It
had a definite weight of one Kin,
(a Chinese Catty-weight of the per-
iod), which was a hyperbolism, as
this actual weight measurement was
far heavier than the piece could have
been. The piece was called Un Byong.
No specimen has remained in exist-
ence. It was commonly known as
"Wal Ko" meaning "large aperture"
and it was composed of about two
square inches of silver.
(No photograph available.)
Continuing from the beginning of
the 1100's, a vast coinage of copper
pieces of a total value of about 15,000
Chinese Kwan (15 million coins)
were cast by the Koreans. Work-
manship and quality was developed
which stood up well in comparison
with Chinese and Japanese pieces,
although many Koreans complained of
their coinage. Many people felt that
usage of coin was an encroachment
upon the law of the founder of the
Koryo Dynasty, which law provided
that foreign customs could not be
imitated. In approximately 1112,
King Ye-jong issued a decree read-
ing about like this:
"Money was the means which ancient kings
and emperors used to enrich their country
and accommodate their people, so it was not
to serve his own interest that our Father
adapted it to this country. A new law is
always followed by public slanders, which
slanders attest the wisdom of the saying of
the ancients that the people should not be
consulted in the beginning. Our subjects,
in their opposition to money, refer to the
testament left by our great ancestor, the
founder of this dynasty. It is true that he-
has forbidden us to imitate fore:gn customs,
but what he has forbidden is luxurious cus-
oms. As to laws and institutions, where
shall we seek a model if not in the Middle
Kingdom (China)?"
In this series of coins many differ-
ing types with further sub-varieties
within each of the types appeared.
Circulation was slowed down some-
what by the introduction of Chinese
grain-silver from traders not very
long after issue had started. Along
with this vast and hitherto un-
dreamed-of manufacture of coins, the
art of casting them, which was
known as Ko-ju, was introduced.
In the 19th Century, this casting
process was as follows:
An attendant standing astride the smelt-
ing furnace, a dugout in the ground, used
a long, flat implement to tip the cauldron,
pouring the molten metal into a mould*. Each
linked by a small rod of metal, the coin-
impressions therefrom formed a "tree" of
coins (a coin-tree is a rare collector's item).
Broken from the trees, the coins were next
slid onto a square metal bar fitting through
their centers so that their edges could be
mass-smoothed by a giant file. Removed and
dumped into a trough with sand and water,
the coins were then slid about by attendants'
feet for final polish. Finished, the coins
were strung on a straw rope knotted at each
hundred pieces.
Very rare specimens in silver are
known of the circa-1100 coppers. The
sub-varieties within each of the
types illustrated are determined
principally by styles of writing, by
die, etc. Use of coin in those times
was chiefly in tea houses, taverns
and restaurants. In hard times and
with this idea in mind, the govern-
ment sometimes went so far as to
establish such places to enhance the
circulation of new coins.
*See the mould-plate to each side of which
a reverses-plate fitted (p. 20).
ISSUES CIRCA 1100 A.D.
All are in copper and of regular
issue, with characters in sequence of
4 3 unless noted as otherwise.
TONG GUK T'ONG BO
Eastern Country's Current Treasure
AC #5 23 mm.
Finest-engraved
of Tong Guk
series.
AC #7 25 mm.
Large Clerkly
characters.
AC #9 24 mm.
Cursive
("running hand")
characters.
AC #6 24 mm.
Small Clerkly
(fine calligraphic)
characters.
AC #8 24 mm.
Flattened
Clerkly
characters.
AC #10 24 mm.
Seal
(monogram-like)
characters, cap
of character
#4 long.
AC #11 24 mm.
Seal characters, cap of character
#4 short.
AC #12 rare 25 mm.
P'albun (Chin. Han Dynasty Clerkly)
characters.
AC #13 very rare 25 mm.
Characters placed clockwise:
1
4 2
3

TONG GUK T'ONG BO

(Cont'd.)
AC #14 Perhaps unique 28 Vt mm.
Large-size coin; Cursive
characters, character #4
short-capped.
AC #15 Perhaps unique 29 mm.
Large-size coin; Seal
characters, character #4
long-capped.
TONG GUK CHUNG BO
Eastern Country's Heavy Treasure
t
AC #16 24 mm. [AC #17 24 mm.
Small characters. I Large characters.
AC #18 ex. rare 25 mm.
Clockwise characters:
1
4 2
3
HAE DONG T'ONG BO
(Land of the) Eastern Sea, Current Treasure
AC #19 rare 22 mm.
Clerkly characters.
AC #19 in silver ex. rare 23 mm.
Some of the other varieties are also
known in silver.
AC #20 23 mm.
Small Clerkly
characters,
clockwise.
1
4 2
3
AC #22 23 mm.
Small Cursive
characters,
clockwise.
AC #21 24 mm.
Large Clerkly
characters,
clockwise.
1
4 2
3
AC #23 23 mm.
Large Cursive
characters,
clockwise.
AC #24 rare 23 mm.
P'albun clockwise char.
AC #25 24 mm.
Seal characters,
cap of character
#4 short.
AC #26 25 mm.
Seal characters,
cap of character
#4 long.
HAE DONG CHUNG BO
(Land of the) Eastern Sea. Heavy Treasure
AC #27 25 mm.
scarce
(Not
photographed)
AC #28 24 mm.
Smaller charac-
ters than the
preceding, similar.
HAE DONG WON BO
(Land of the) Eastern Sea,
Original Treasure
AC #29 Perhaps unique 23 mm.
SAM HAN T'ONG BO
Three States' Current Treasure*
1
Characters read: 4 3
2
AC #30 ex. rare 23 mm.
Cursive characters.
AC #31 24 mm.
Finest engraved
of Sam Han
series.
AC #33 24 mm.
Cap of character
#4 shortened.
AC #32 24 mm.
Cap of character
#4 lengthened.
AC #34 24 mm.
Two upper strokes
of character
#1 shortened.
AC #35 25 mm.
Seal characters.
AC #36 rare 23 mm.
Character #1 varied.
*Silla, Koguryg and Paekche were the three provinces of the latter Silla Dynasty which
were amalgamated with the coming of the Koryo Dynasty, hence the representation, "Money
of (all) three states".
32
SAM HAN CHUNG BO
Three States' Heavy Treasure
AC #37 ex. rare 24 mm.
Clockwise characters.
1
4 2
3
AC #38 scarce 24 mm.
Characters not clockwise.
(AC #39)
In 1339, Small-Sized Silver Jar
pieces similar to the issue of 1101
were introduced to supplement the
tew larger silver jars left in circu-
lation. The larger pieces were
thought too valuable by the govern-
ment, hence the reduction in size.
The people felt that the small pieces
were a debasement in order to in-
crease governmental revenue. Coun-
terfeiting, debasement and re-coining
which had been the previous evils
were only spurred on by this,
silver use by foreign traders in-
creased, and circulation of copper
coins fell as the counterfeiting began
also to spread to them.
No specimens of Small Silver Jars
have survived.
Korea was invaded by Mongols in
the 13th Century. Among other
things, Korea was required to pay
tribute to Kublai Khan and cease
to mint money of her own. Great
strife developed at this junction, re-
sulting finally in the fall of the Ko
ryo Dynasty, and the great coinage
system that had been built up fell
back and decomposed, and was once
more replaced by bartering, the old
stand-by. At the dynasty's close, an
advisor to the king's court was
obliged to refer to Chinese books to
prove the existence of a Korean
coinage less than 75 years previously.
SECTION III
MEDIEVAL COINS
EARLIER YI DYNASTY
Period of 1392 to 1625 A.D.
A strong entente with China
marked the beginning of medieval
Korea. The two countries warred
against Japan periodically while Ja-
panese pirates raided both Korean
and Chinese coasts. The islands of
Goto and Tchushima with a few other
possessions were lost by Japan as
time proceeded, and an attempt by
the Japanese to throw off a Korean
yoke in the early 1500's resulted in
the massacre of a large number of
Japanese but when the Ming Dy-
nasty of China began to fall dur-
ing the waning years of the 1500's,
Korea fell with it. Japan's suppres-
sion welled up in the war of 1592-
1608 under Toyotomi Hideoyoshi. At
war's end Korea was required to pay
tribute to Japan and give possession
of the city of Pusan to the Japanese.
Korea was then invaded and devas-
tated once again by a Manchu Army
in 1636. The previous Korean king,
in siding with the interests of the
falling Ming Dynasty, had evoked the
displeasure of the Manchus who were
fighting for supremacy in China. Af-
ter invasion and devastation from
the other end of the land, Korea paid
tribute to the Manchu emperors, and
she continued year after year to pay
tribute to both Japan and Chinato
Japan until 1790 and to China until
1895.
The next two sections will deal
with the coinages surrounding this
history.
34
A series of coins which have been
attributed by Y. Koga as "probably
minted ... in the beginning of the
15th century"* is next. The year 1392
marks the establishment of the Korean
Dynasty of Yi by Yi T'ae-jo. With the
coming of the new era, much pressure
was being put forth in economic and
*In his "Notes on Korean Mints and Coin-
ages'', Numismatic and Philatelic Journal of
Japan, Vol. IV, No. 3 (September, 1914).
social reformation. Issue and circula-
tion of the new pieces does not seem
to have succeeded well, however.
Large to small makes an interesting
pattern of photographed inflation.
The uncirculated specimen (MC
#2) is from a cache of early coins
discovered in an old stronghold of
the Korean Treasury in 1905. Note
the file markings of hand-finishing.
SIP CHON T'ONG BO
Ten-Cent Current Treasure
Dating uncertain
Size reduced.
Regular-issue coppers; printed style
characters in sequence of
1
4 3
2
MC #1 ex. rare 41 mm.
MC #2 scarce 38 mm.
MC #3 rare 34 mm.
MC #4 rare 29 mm.
MC #5 rare 26 mm.
MC #6 rare 23% mm.
Heavily alloyed copper
Counterfeit issue (?)
35
In 1401, King T'ae-jong ordered
the premier of Korea to issue a paper
money bearing the inscription "Yuan
Dynasty Currency,"and prohibited
the use of the remaining few Koryo
Dynasty Silver Jars in circulation.
Plans for this paper issue had actual-
ly been formulated as early as 1339
in imitation of a Chinese paper note
introduced in 1287, which accounts
for the out-of-place inscription. The
issue of this paper money plodded
along for 291 years until the invasion
of Korea by Japan in 1592. The in-
vasion and war demolished the paper
money system.
In 1464, the 9th year of King
Se-jo, a strange throwback to one
of the ancient forms of exchange
mediums occurred. One of the most
outlandish instruments of exchange
recorded in the history of the world,
it was made as a supplement to the
paper money. It was an arrowhead
with a long stem and was called
Chon-pe (Arrow Money). The piece
was made exchangeable for four pieces
of the paper money. Along the stem
were the characters:
a jt m. jf
translatable to "Currency in Eight Di-
rections."This bears reference to the
Eight Trigrams, symbols of Taoism.
"From the Great Absolute comes
the T'ae Guk*, from the T'ae Guk come
the Four Secondary Figures and from
those, the Eight Trigrams."These
Eight Trigrams are likened to a family
of human beings and to eight direc-
tions (four of the directions in half
combination such as southwest, north-
east, etc.). This information illustrates
the denotation, "Currency for every-
body everywhere."Notwithstanding
this and the philosophical mechanism
in it to make a person think twice
before sacrificing peace and har-
(* Chinese Yin Yanjr; Japanese Tai Kyoku)
mony it was rejected by the people
as soon as it was minted and placed
for issue as it too was inflationary,
besides being a prickly thing to carry
around. There was no exact alignment
existing of the value of paper money
as compared with other coins, since
coins were rarely used at that time.
The Korean people could not under-
stand, reasonably enough, why just an-
other piece of money should be worth
the multiple value of an older -iece of
money since both were seldom seen,
especially so if there was no differ-
ence in intrinsic value. Alaw that
"an arrow will henceforth be worth
four pieces of paper"could not arbi-
trarily take root. It was necessary to
show reasons, and further, the lay-
man had to be shown that it circu-
lated from one to another person
without argument. To promulgate
news of that type to every corner
of the kingdom was impossible, as the
Korean government had neither the
facilities, the expenses, the employ-
ees, the time nor the inclination to
accomplish these things. So it was no
wonder that their money did not cir-
culate with initial success. Only when
it had time to pass from hand to
hand and news of its existence from
person to person could it gain im-
petusyet by the time all this had
the chance to happen, the coin was
no longer good for what it had been
worth originally.
When Japan's invasion occurred
in 1592, her armies were repelled by
forces from China after long struggl-
ing. The Chinese armies brought sil-
ver in a granular form with them
to use as money in Korea. This grain-
silver along with the few remaining
older copper coins and a few Chinese
pieces were used for a thirty-year
period following the war's onslaught.
Barter became almost sovereign once
again when the paper money system
expired.
3t
CHON PE (Arrow Money), 1464
MC #7;
Point
55 mm.
Stem
52 mm.
No specimen remains in existence.
(The illustration is formulated from a description in the Munhon Pi go, an encyclopedia
of Korea historically compiled by kindly order.)
In 1603 the Korean king Son-jo
expressed his wish to have some form
of money minted in order to aid re-
covery. A council of national officials
resolved that "Our country uses but
rice and cloth, so agriculture wanes
and the country is impoverished. It
is advisable that money should be
used and both government and people
oe enriched." Easily damageable
foodstuffs and cloth suffered by bar-
ter from hand to hand and could not
be stored for any length of time with-
out ill effects. One of the officials at
the council, however, spoke of the
fact that Korea had no workable
copper or iron mines due to the war,
and metal would have to be imported
at great cost. Korea's poverty could
not bear any added load, so the
idea for a coinage was dropped until
1625, the 3rd year of King In-jo, at
which time recovery had become com-
plete enough for coining the Cho Son
T'ong Bo.
CHO SON T'ONG BO
(Korea's Current Treasure)
Circa 1625.
Characters in sequence of 4 3
2
MC #8 very rare 26% mm.
Round center hole.
MC #9 ex. rare 26 mm.
Cho Son T'ong Bo in iron.
MC #10* rare 25 mm.
Cursive-Clerkly characters.
MC #11
24% mm.
MC #12 rare 24% mm.
"Error" varietythird char-
acter placed very high up.
MC #13 rare 23 mm.
"Accident" varietycoin
slightly oblong.
MC #14 rare 20% mm.
Smallest Cho Son T'ong Bo.
* Only the thin rimmed variety is photographed. The same with rim 1 and 2 mm. wider
(27 and 28 mm. coin) is very rare.
38
LARGE CHO SON COPPERS
(Above) MC #15 very rare
(Below) MC #16 very rare
48 mm. Reverse plain.
46 mm. "Ten" added to reverse.
Size reduced.
A. Forgery of MC #15.
B. Forgery of LCC #2.
(See Section IV.)
(From a rubbing)
39
SECTION IV
THE LATER CAST COINAGES
1033 - 1883
In 1633 (11th year of King In-jo)
the first issue of that type which
later entered into coinage by the
millions appeared. It is said that
this first issue was used only near
the city of Kaesong where manu-
factured (Kaesong, scene of one-
time truce negotiations, was then a
flourishing commercial center). The
government had established a Fam-
ine Relief Office to provide for
storing of crops. That office cast this
issue with the inscription Sang P'yong
T'ong Bo (Stabilized Currency). Sang
P'yong T'ong Bo is from the name
Sang P'yong Ch'ong "Always-Even
Office", deriven from its function of
storing crops of fruitful years for use
in times of hardship. This first of the
Sang P'yong pieces bore no reverse in-
scriptions as did the following issues.
SANG P'YONG T'ONG BO
(Stabilized Currency)
1633
Reverse not inscribed.
LCC #1 scarce 21 mm.
All coins in this section are with
printed style characters. Obverses
read
1
4 3
2
In 1651 (2nd year of King Hyo-
jong), a precedent - setting decree
was issued by which the people were
prohibited to use cloth as money. One
political party was opposed to coin-
ages and since the new law had re-
sulted in counterfeiting and the in-
troduction of Chinese Liao Tung
coins, there was enough public de-
mand to result in the revocation of
the law of 1651 in 1656. Coins were
decreed illegal with cloth and rice
being elevated to the position of sole
medium of exchange. The popularity
of coins had spread to such an ex-
tent, however, that an uproar was
created in the other direction. People
continued to use metallic money il-
legally, and a few years later the
monetary system was reinstated.
Before getting into detail on Yop- this period are illustrated. The
chon issues (Yopchon was the col- photographed specimens have been
loquial name for Sang P yong Tone v 6 v
Bo pieces) two giant-size items of used as coin charms (see p. 50).
(Above) CHO SON T'ONG BO
Value of 1 Chon (decuple-value)
Post - 1678
Treasury Department's Mint.
LCC #2 very rare 48% mm.
A forgery of this is illustrated at
the end at Section III.
(Below) SANG P'YONG T'ONG BO
Post - 1678
Treasury Department's Mint.
LCC #3 very rare 48 Ms mm.
42
Seven other agencies besides the
Sang P'yong Ch'ong were given the
ri,2;ht of coinage in 1678. A scale of
monetary designations was fixed; each
piece was one Mun, 100 Mun was one
Yang and 10 Yang one Hwan. Coin-
ing agencies began to put their marks
on the coins. These reverse markings
of Yopchon may be found as follows:
i
Mint Mark
Furnace Group
I
Mint Mark
Furnace
Die
Index No. of issue
:
Mint Mark
Date
In
Sexagenary
Cycle
Branch of mint
where executed
Except for the mint marks staying
at the top and sometimes top with
bottom, other characters, in the course
of other mints and castings, may be
seen to interchange the arrangements
shown above. Variety is legionmint
marks, represented by the first char-
acter abbreviated from the minting
agency's name, during later issues
were sometimes shown by other than
the first character.*
Numbers on the sides and bottom
did not necessarily indicate that the
coins were of larger value. This is
an idea which got started as a result
* Such as LCC 21.
of shrinking sizes and consequent
better value of large pieces. It is
possible that large sizes were made
with multiple value in mind with an
indiscriminate lack of special mark-
ing, but no record authenticating this
idea has been seen seen by this writer.
He makes special note of the fact
that later five- and hundred-value
coins bore an extra character for in-
dication of the word "value" with
extra value and the fact that con-
temporary coins of large size (LCC
numbers 2 and 3) as well as even
some earlier coins, had special mone-
tary designations for extra value.
The furnace - group and furnace
markings are a fascinating sidelight
in the study of these coinages. In
latter coinages, furnaces and furnace
groups were n arly always represent-
ed by a high-flown symbolical charac-
ter. The source of choice was cither
from quotations in the Ch'cn Ja Mun
ths Chinese "Thousand - Character
Classic' or from the O-haeng, a Far
Eastern grouping of "the five nat-ral
elements". Ths O-haeng" consists of:
* <K

*
Mok Hwa T'o Kfim Su
(wood) (fire) (earth) (metal) (water)
The first four quatrains from the
Thousand-Character Classic originally
were as follows:
J10
M % V^r 7C
(Reading from top to bottom and
from right to left.)
IV
III
II
I
13
9
5
1
14
10
6
2
15
11
7
3
16
12
8
4
Transposing this order to give a
literal translation:
Heaven
Earth
Primeval Black
and Yellow
II
Space
Time
Flood
Desolation
III
Sun
Moon
Wax
Wane
IV
Starry
Heavens
Scatter
and Arrange
A further translation into some-
thing of an occidental line of thinking
might go:
When Heaven and Earth were in
primeval gloom,
From space and time in flood and
desolation,
Engendered Sun and waxing-waning
moon,
And scattered out the stars into
relation . . .
Not unlike the Biblical story of
Genesis, the classic continues in its
poetical course to say "clouds rise",
"rain falls", "rice 'harvests' ", "win-
ter goes", "summer comes" and so
forth. Thus the Koreans, when adopt-
ing an index number for furnace
groups in their mints, gave allusion
to a mottoa quasi-religious motto
from a series in neat categorical
order. Here was mechanical A-B-C-D
cataloguing with the gravity and de-
corum of religious belief; here repre-
sented were many concepts of the "In
God We Trust" on coinages of our
United States.
Quotations from the Thousand
Character Classic on Yopchon coin-
ages number only up to the 44th
character. The reason for some
usually missing in between in a given
series is apparent to choose "flood"
or "desolation" would of course be an
ill-omen. There are some but not
many "bad-word" quotes to be found.
In later years the largest and oldest
mints would add a mark for the indi-
vidual die such as a dot, circle, dou-
ble-circle, curve, etc., and occasion-
ally a numeral. (Some of these marks
are representations of secondary
phases of the T'ae Guk.*) In the case
of small mints or when the large
mints themselves were small, ordi-
* See p. 36 for further data on T'ae Guk
symbol.
nary numerals were customary for
furnace-group or furnace marks in-
stead of characters from the literary
sources. On top of all this, placement
of the furnace mark to the right or
left side of the coin's reverse often
indicated the furnace's geographical
location within the mint's furnace
group. Occasionally a numeral would
stand as index number in a series of
issues from a given mint. Sometimes
dates in the Chinese Sexagenary
Cycle were indicated, and there are
cases in which one of the Thousand
Character Classic or 5-Element
characters are the same as a mint's
mark. The Bank of Korea once pos-
sessed 3,137 different specimens of
the Sang P'yong Yopchon pieces. It
is unnecessary to comment upon the
amount of ramification and confusion
amassed in 205 years of issue from
what concluded as a total of about
forty mints!
In the planning of the late Yopchon
issues, the master die-carver executed
a sample of the coin-to-be in soft
wood for the inspection of the agency
planning to manufacture it. If satis-
factory, a few other trial speci-
mens were cast in copper and in rare
instances in pewter or silver. When
the manufacturer inspected the
product and was satisfied, a mat shed
(as described on page 28) was hoist-
ed and minting began.
(Reduced from actual size.)
Large size (30-32 mm.), 1678-1800
Early issue from 6 Yong Ch'ong
mint.
Medium size (27-29 mm.), 1800-1850.
6 Yong Ch'ong mint (LCC #5).
Small size (24-26 mm.), post-1850.
LCC #19. A proof of larger-than-
ordinary small size.
"Proof" in this context refers to
carefully made specimens with high
points of the coin smooth and glossy.
Small size late issue from 6 Song
Ch'ong. Proof of ordinary size.
Test in wood from Hullyon Togam
mint (LCC #6). Considered as
being from an individual furnace,
it is probably unique.
Korea's policy of delegating the re-
sponsibility of national coinages con-
tinued on and on. In the beginnings
of Yopchon issues, use of this money
had been forbidden at trading posts
in order to keep out foreign pieces.
Yopchon was made with minute care
and surveillance, but lack of true
unity in the monetary system(such
as quotations often differing for
"local" and "out-of-district" coin-
ages) crudeness, cheapness in manu-
facture, public unfamiliarity and slow
communication and transportation
could not preclude extensive counter-
feiting (e.g., minting of coins without
permit for individual benefit) as well
as unauthorized provincial issues.
Moreover, the fact that metallic
money had finally become a funda-
mental need of the people made
money-minting an ever-profitable en-
terprise. It became standard pro-
cedure for any governmental or other
agency or office needing funds to se-
cure a permit and cast an issue of
coins. The minting of Yopchon soon
grew into a torrent of coinage after
coinage of different sizes, mints,
groups, metals, markings, issues and
quality. As time drew on it was
found that the size of the coins could
be encroached upon with impunity, so
fromabout 1800 the pieces were re-
duced froman original weight-stand-
ard of approximately 147 grains per
piece to the final result of a 70-grain
miniature. Needless to say, the cost
of living jumped as Korea's "Always
Even", "Stabilized" coins shrank.
Following is a list of mint marks
found on Sang P'yong T'ong Bo Yop-
chon coppers. Excluding the first
seven, only the marks of the mint
and general sizes of coins therefrom
are listed in this work. Here there is
neither space nor possibility to list
the thousands of minor variations.
The places listed were not necessar-
ily mints; they were offices granted
the right of coinage. Their mints
were located at spots convenient for
minting.
Mark
Sizes
Thous. Char.
Classic quotes
LCC#4
Hojo
Treasury
Department
lg., med.,
sm.
1-31
LCC#5
6 Yong Ch'cng
Hullyon Togam
A special
(odd job)
army unit
lg., med.,
sm.
1-20. Also 5-Element
markings
LCC#6
Military
Training
Command
lg., med.,
sm.
1-20
il
P'yongan
KamYong
P'yongan
Provincial
Office
lg., med.,
sm.
1-10
LCC#7
Y-
Cholla
KamYong
Cholla
lg., med.,
sm.
1-25
LCC#8
Provincial
Office
Jin Hyul
Ch'ong
Charity
Office'
in Seoul
LCC#9
m
lg., med.,
sm.
none
LCC#10 Sa Bok Si
Bureau of
Royal
lg., med.,
sm.
none
Transporta-
tion
4
6
Ch'ung Ch'ong
LCC #11 Provincial Office
Py'ongjo
LCC #12 Ministry of Defense
LCC #13 Above two mints in contract
Tae Dong Ch'ong
LCC #14 Supplementary Land Tax Office
Kongjo
LCC #15 Ministry of Civil Construction
The Military Command
LCC #16 in Cholla Province
The Military Command
LCC #17 in P'yongan Province
LCC #18 Food Supply Office
Kyun Yck Ch'ong
LCC #19 Gov't Tithe Office
Son He Ch'ong
LCC #20 Rice & Cloth Dep't of LCC #14
LCC #21 Same as above
large
m
x
.*&
Mu Bi Sa
LCC #22 Office of Armaments
Kum Wi Yong
LCC #23 Court Guard Military Unit
- Kaesong Bu Kwalli Yong
LCC #24 Kaesong Township Military Office
Ch'ong Yung Ch'ong
LCC #25 General Military Office
LCC #26 Same as above
T'ong Wi Yong
LCC #27 Military Headquarters
Kyongsang Kam Yong
LCC #28 Kyongsang Provincial Office
Kyonggi Kam Yong
LCC #29 Kyonggi Provincial Office
Kang Hwa Sim Yong
LCC #30 Kang Hwa Island Fort
LCC #31 Same as LCC #29
LCC #32 Same as LCC #29
Hamgyong Kam Yong
LCC #33 Hamgyong Provincial Office
Hwanghae Kam Yong
LCC #34 Hwanghae Provincial Office
fro
A
lg., med.,
sin.
med.
lg.,
sm.
lg..
sm.
'
7TC
Ik
'
H
sm.
lg.,
sm.
lg., med.,
sm.
lg-,
sm.
lg., med.,
sm.
lg., med.,
sm.
lg., med.,
sm.
lg.,
sm.
lg., med..
sm.
lg., med.,
sm.
lg., med.,
sm.
sm.
(unknown)
lg., med.,
sm.
lg., med.,
sm.
lg., med.,
sm.
47
LCC #35
Same as LCC #34
LCC #36
Kangwon Kam Yong
Provincial Office
LCC #37
Same as above*
LCC #38
I-chon Township
Chun Ch'cn Sa
LCC #39
Seoul Construction Office
LCC #40
Ch'un Ch'cn Township
LCC #41
Kycng Ri Ch'ong
Treasury Office
LCC #42
Same as above
LCC #43
Ch'ang Dck Kung
Ch'ang Dok Palace Mint
LCC #44
Su 6 Ch'ong Seoul Defense Port
(Nam Han San Song Defense Unit)
LCC #45
Pi Byon Sa
National Defense Committee
LCC #46
Chong Ch'o Ch'~n-
The 'Corrmando' Military Unit
LCC #47
Suwon Township
LCC #48
Same as LCC #45
LCC #49
Kwangju Township
LCC #50
Same as LCC #48
LCC #51
Unknown (Corps of Engineers?)
LCC #52
Same as LCC #35
LCC #53
Same as LCC #38
LCC #54
Same as LCC #27
LCC #55
Same as LCC #37
LCC #56
Same as LCC #30
LCC #57
Same as LCC #36
/ V.
lg.,
sm.
* Not to be confused with LCC 15.
M.
lg., med.,
sm.
U.
lg.,
sm.
u
sm.
M
(unknown)

(unknown)
&
(unknown)
JKX
sm.
O
S
sm.
if
lg.,
sm.
ffl
lg-
sm.
&
lg., med.,
sm.
*.
lg.,
med.
ifr
lg-
sm.
fSJ
med.,
sm.
k
lg- .
Sfe
lg.
M.
sm.
'&
,
At this point an interlude from
Korea's definitive coinages will be
appropriate. In place, a few of the
coin-like objects which comprise an
interesting part and a colorful flair
in the life and history of the Koreans
will be described.
This interesting specimen is Mili-
tary Plate "Money" in silver. Finances
either in the form of silver bars or in
a form such as this is said to have
been held in regimental treasuries of
MILITARY PLATE "MONEY'
the Korean military services for na-
tional defense. The hole is said to
have been for a cord for the piece
to be hung from the neck of the com-
mander "with grand armor on state
occasions" hence the naming, fin
Kwan (Silver Punched Through). A
variety is inscribed "New Regiment*
Weight 5 Yang 8 Chon 5 Pun. Other
types seen by the writer show values
of 5 and 10 Yang.
* A repiment activated and trained under
Japanese auspices in 1882.
Inscription: "Military Division Weight 5 Yang 9 Chon'
(Reverse is Plain.) 132 mm.
Beware of forgeries. See note on page 21.
4?
Coins had come to be used in Ko-
rean religious ceremonies and as tok-
ens and charms, and with these pur-
poses in mind, special amulet-pieces
along the design of coins made their
appearance. Placing a coin or charm
with ceremony on the new baby for
its future well-being, hanging of
strings of attached coins and amulets,
use as pocket souvenirs and any num-
ber of other quaint relationships in-
volving coin-objects had taken a stout
place indeed in the heart of Korean
life and lore. The pungency of the
inscriptions needs no comment.
(See H. A. Ramsden's Corean Coin Charms
and Amulets, Yokohama, 1913 and Frederick
Starr's supplement thereto appearing in the
Korea Branch of the Royal Asiatic Society
of Japan, 1917, or more complete information
on this subject).
(Reduced from actual size)
LARGE COIN CHARM
For eloquent and auspicious occasions
(marriage, etc.)
Smaller-size charms of this type were
made by punching holes in large-size
coins and using them as a base. (See
LCC #2 and #3).
Father, Mother, Brothers, Sisters;
East, West, North, South
on two sides of one coin
"Fish
Flip"
(when)
"DRAGONS
ASCEND"
(It behooves one to be a 'dragon'
in one's endeavors).
"May the Prince of the East Live
Ten Thousand Years: May the Sun
and Moon Shine Brilliantly and Over-
flow the Universe; the Earth and
Heavens are Full of Glorious Vir-
tues; Long Life 'a Million'."
"May You Have Descendants for
Ten Thousand Years: Ten Thousand
Years of Peace in Heaven and Earth
Without Having to Work, Ever."
50
To return to coinages . . .
In 1866, the 3rd year of Regent
Tae Won Gun, a spectacular Yop-
chon piece came out. To finance re-
building of the Kyong Bok Palace,
the royal Summer Palace which was
destroyed in the War of 1592, this
coin was made a "Great Hundred-
Value". It was unacceptable to the
public because of this high over-
valuing.
On rare occasions, specimens thick-
er than 4V-, mm. are encountered.
TANG PAEK (CHON)
(Great Hundred-Value), 1866
LCC #58 39-40 mm.
(Above) proof.
(Below) pewter cast (ex. rare).
Characters read:
Sang
Bo T'ong
P'yong
Ho
Paek Tang
Tae
"Tae" also indicates the "Great" Fur-
nace in the "Ho" (Treasury Depart-
ment) mint.
SI
Silver coins were made in the 19th
year of Tae Won Gun (1882) from a
supply of Chinese Sycee (tub-shaped
silver ingots). In the center of the
reverse is the Treasury Department's
mint mark embellished with cloisonne
enamel, usually blue or green. These
pieces have crude reeding. The high
cost of the enamel prohibited mass
manufacture, and minting stopped in
June, 1883.
Castings in copper without the en-
amelapparently trial piecesexist.
Characters read:
Tae
Chon
n
Yi
Sam
Dong
TAE DONG IL CHON
(Great Eastern 1 Chon) 1882
LCC #59 20-22 mm.
TAE DONG YI CHON
(Great Eastern 2 Chon) 1882
LCC #60 26-28 mm.
TAE DONG SAM CHON
(Great Eastern 3 Chon) 1882
LCC #61 scarce 32-34 mm.
52
The last Yopchon variety in 1883
was made a quintuple value piece.
Once in circulation, the pieces were
given the same value, save in the vi-
cinity of Seoul, as the large size Yop-
chon of older issue. Ten offices were
authorized to have these coins cast.
In the large size, specimens 3 mm.
or more thick are encountered on rare
occasions.
TANG O (CHON)
(Quintuple-Value), 1883
(Above) Proof.
(32 mm.)
(Below) Inferior casting of Tang 0.
(28% mm.)
Tang O Yopchon mint marks . . .
LCC #62 Chon Hwan Kuk
LCC #63 Hojo
P'yongan
LCC #64
LCC #65
LCC #66
LCC #67
Kam Yong
Kyun Yok
Ch'ong
T'ong Wi
Yong
Kang Hwa
Sim Yong
Kyonggi
Kam Yong
Seoul Mint of the
Central Govt.
Treasury
Department
P'yongan Prov-
incial Office
Government
Tithe Office
Military
Headauartsrs
Kang Hwa
Island Fort
Kyonggi Prov-
incial Office
Seoul Construc-
tion Office
LCC #68
LCC #69 Chun Ch'on Sa
LCC #70 Ch'un Ch'on Township
Ch'ang Ch'ang Dok
LCC #71 Dok Kung Palace Mint
Mark
m
V'L>
M
iM
1 1
(Same as LCC # 4)
(Same as LCC # 7)
(Same as LCC #19)
(Same as LCC #27)
(Same as LCC #30)
(Same as LCC #32)
(Same as LCC #39)
(Same as LCC #40)
(Same as LCC #43)
The year 1883, which marks the start of planning for the modern mint,
ends the period in which Yopchon was the principal monetary intention
of the government. However, Yopchon castings went beyond 1883
probably until close to 1900.
SECTION V
THE MODERN STRUCK COINAGE
1884 - 1910
THE COIN ILLUSTRATIONS IN SECTION V ARE PLACED TO IMITATE
THE DIE POSITIONINGS.
The term "test coin" herein is loosely descriptive of both essay, a striking
from dies made but not accepted, and of pattern, an essay coin whose design
was copied very closely on an issued type.
The first struck coins discussed,
the Haikwan (Kwan P'ing) Tael essay
pieces, are controversial. They are
thought by some to be Sino-Korean
and by others to be strictly Chinese,
but there is no solid evidence for
either view.
From Japanese sources comes the
general ideawith some details con-
tradictorythat the Haikwan essays
were planned for Sino-Korean use and
designed in about 1884 (1) to be a
fit modern currency for Korean unity
and foreign trade, (2) to get China
financial control of Korea, (3) to gain
for China profits of the Trade Dollar
kind, and (4) to build up the Chinese
Customs through which they would
have been issued. (There are also less
likely views that these essays came
from Hong Kong in 1865 or that they
are of 1891 Formosan origin.)
Against the Sino-Korean theory and
for the Chinese, this has been said:
1. Calling the coins Korean and not Chi-
nese at all probably stems from the Yin
Yang, Trigrams, and dragons, a Chinese sym-
bol borrowed by Korea.
2. Since Korea was under Japan's control
for 40 years, the Japanese ought to know
about the Kwan P'ing Tael, but they seem
not to.
3. Chinese-Korean trade in the early '80s
was insignificant and could not have been
helped by Sino-Korean coins.
4. No "German merchant of Shanghai"
(the Japanese probably refer to P. G. von
Moellendorf) could have gotten Korea to
adopt a Sino-Korean currency.
5. The coins are Chinese because KWAN
PING TAEL is Chinese.
6. The fractional coins show a Chinese,
not a Korean plant.
7. Since China's Haikwan Tael unit was
seven times the Korean Tael (Yang) no silver
coins could have fit to such a difference.
In 1856. partly as an aid for paying cus-
toms dues in the tub-shaped Chinese silver
ingots called Sycee, crude silver Tael and
half-Tael "cakes"' were made by Chinese
silver merchants by order of bankers and
doubtless the government as well. Due to
counterfeiting, "cake"Taels were being with-
drawn after about six months of issue. In
1858, it seems that the Inspector-General of
Chinese customs. H. N. Lay, had essays for new
coins made abroad, most likely in Britain.
This set of coins, then orientally counter-
feit-proof, eliminated the poorness of silver
merchant coins. But the Imperial Manchu
Government, which had not been consulted,
seems to have had both essay coins and dies
destroyedno date was put on them and
the Trigrams on the Tael are in wrong order.
The Taiping rebellion then quickly drew at-
tention away from the matter.
Abook on Korean coins would be
concerned with Sino-Korean coins,
but investigating these arguments
from the Sino-Korean point of view
is not done with hope to wedge in
five more modern coins for Korea. It
is because of this: while the Chinese
and Sino-Korean schools of thought
may later be proved wrong, and while
they are most likely both right, the
present correct attribution of the Hai-
kwan Tael essay coins is not Sino-
Korean, nor Chinese, but unknown;
authorities all agree. The possibilities
and probabilities from the Sino-Korean
point of view are as follows:
China traditionally had named her-
self "The Center of the World"and
had laid passive claim to Korea. 1884
China was an empire whose tribute
paying areas were pulling away, and
to - mend her fraying empire, China
got up mending schemes for which
Sino-Korean Haikwan Taels would
have made a good yarn. If real rea-
sons for dominating Korea were lack-
ingand they weresynthetic ones
such as that scheme could be produced.
The inscription of the Tael is:
* Shanghai Maritime Customs
** Currency
Such a coin for Chinese hegemony
only in Korea would be a Sino-Korean
Customs Tael. If ascribed only to 1858
(if planned only for the Chinese cus-
toms' international business) it would
be a Chinese Customs Tael. If ascribed
both to 1858 and 1884, it would be a
Sino-Korean Chinese Customs Tael.
Under the 1884 theory, the wording
"China-International" would be need-
ed; such a proper identity as 'Sino
Korean Currency' would need to be
disguised. A Sino-Korean Currency
disguised as "China-International"
answers the question, "Why, if Sino
Korean, had the coins no Sino-Korean
inscription?", a point not raised by
the Chinese side which might be. The
coins' inscriptions (recognizable to
Koreans) are basically Chinese, but
when the coins may be Chinese and/or
Sino-Korean, they cannot be called
either until one theory is disproved
or both proved.
Though the archives of the Chinese
Customs are voluminous, there is no
account of these Haikwan essays, ob-
viously customs coins (the question
being, "For the Chinese customs
and/or for the Chinese and Chinese
Korean customs?). Were the coins
concsaled? The faults in design and
the seeming lack of permission for
them likely would have damaged any-
one responsible. Even if Chinese au-
thority were aware, plans for Korea
would still rate "top secret" classifi-
cation with records possibly having
been destroyed later.
Already the maze of moot questions
tells that an "unknown" attribution
is bsst for now. However, seven rea-
sons for thinking the coins irreconcil-
ably Chinese remain to be answered.
The answers are:
1. Reliable Japanese sources neither
have called the coins only Korean, nor
Chinese not at all, nor have they used,
nor would they use, Yin Yang, Tri-
grams, and dragons as proof for doing
so.
2. Korea and Korean finance were
under Japan officially for 35 years
and semi-officially for half again
longer. The opinions of redoubtable
Japanese scholars should not be sum-
marily dismissed.
3. The claim that Korean trade was
insignificant in the early 1880's is
wrong. There were foreign-trade
expansion treaties with Japan in 1875
and with China, the United States,
Britain, and Germany in the early
'80s, at which time a treaty with
France was also in the offing, and
at which time these and other nations
were clamoring for the "most-favored
nation clause" regarding Korean trade.
4. Something to replace Korea's
bulky and debased Yopchon hole-cop-
pers had become a prompt and vital
need. Through this means of prying
open Korea's door came appointment
of Paul George von Mollendorf to di-
rectorship of a new Korean mint for a
Chinese-sponsored currency. Command
responsibility for this project was
with the powerful Chinese throne con-
sultant, the Viceroy Li Hung-chang,
Special Adviser on Korean Affairs.
Point four seems good. The seeming
Japanese misnomer "Shanghai Ger-
man merchant" might tentatively be
replaced by the name of von M. How-
ever, since the coins would appear
from Hart rather than from von M.
in 1884, his name might better be
tentatively replaced by that of Hart.
Part of Vy. Li Hung-chang's job
was to aid the Chinese foothold in
Korea; financial control was a step.
And to "protect China's interests"
(to monopolize the Korean coast trade
for his China Merchant Steam Navi-
gation Company) he drew up regula-
tions to control the overland and sea
borne Chinese-Korean trade, a point
further attesting significance of the
Korean trade.
5. The words "Kwan P'ing Tael"
with the perhaps meaningly mislead-
ing "China International" might not
only fool the people of those times,
but also numismatists of years later
trying to attribute the coins. While
KWAN PING TAELis, by all means,
Chinese, one merely reads further on
the Tael to see "China-International"
(or Sino-Foreign, whichever transla-
tion is preferred) which inscription
must convey the idea of a Chinese
foreign, not strictly a Chinese, cur-
rencyfor the Chinese customs and/or
Chinese hegemony.
6; The Tael's four fractional pieces
show their value within fruiting
branches of Thea sinensis L. (a tea
plant) with the ripe capsule dehis-
cent.* If the coins were for Chinese
Korea, a plant of Korea coupled with
*So says the Head Curator of the New
York Botanical Garden. Specimens of this
plant in the Botanical Garden's herbarium
were compared wih a double-enlarged photo
of the Five Chien.
Yin Yang and Trigrams, the National
Symbol of Korea, would have made
the coins smack very muchperhaps
too muchof Korea. A strictly Chi-
nese plant is a good solution to such
a problem.
7. Under the 1884 hypothesis, the
coins would have been planned
simply for Sino-Korean use toward
Chinese financial rule, for rule over
Korea proper, and for profiting the
hard-pressed and spreading Chinese
Customs organ. In a case of China's
foisting Chinese-ish coins upon "Chi-
nese" Korea, any difference between
the Chinese and Korean idea of a
Tael's value would not have matter-
edthe more Chinese the Tael, the
better for China.
Regardless of their logic, these re-
plies lead more readily to the fact
that conjecture gets too complicated.
However, so that the illustration of
good sense in the 1884 view may be
rounded out well, the likelihood of
whether the coins were Hart's or von
Mollendorf's in 1884 shall conclude.
It should be remembered that this
is a Customs Tael. The 1884 Inspec-
tor General of Chinese Customs, Sir
Robert Hart, wanted a Korean Cus-
toms built similar to and responsible
to his Chinese service; in October,
1885, his Korean Customs came into
being. Hart was coinage-minded; he
had been thwarted in his view of
founding a Chinese national mint, a
proposal which he offered at the Chefu
Convention of 1875. Were the coins
Hart's in 1884? Perhaps. His guid-
ance was in demand; his influence
and power were at their peak. As
the long-time and brilliant leader of
the Customs of China, he had carried
China through many excursions,
alarms, and disasters which sapped
revenues of all kinds. Best of reve-
nue-getters was the customs which
gained fame and popularity under
him. Profitable Sino-Korean customs
coins would have made good sense for
him and his customs.
Were the coins von Mollendorf's?
It does not seem likely. As director
of the new Korean mint, von M. was
known at the Korean Court. He had
just been employed with Hart's Chi-
nese Customs at Tientsin. It would
have behooved von M. to induce the
Korean sanction of a Sino-Korean
currency but for one thing: he was
at personal odds with Hart. In his
official posts von M. had become
supercilious and imprudent. Hamper-
ing his office with the Chinese Cus-
toms and with the newly-formed Ko-
rean Customs and mint, this flaw was
to be politically fatal during his Vice
Ministership to Internal & Military
Affairs, to Foreign Affairs & Trade
of Korea, and Foreign Advisership
to the King of Korea. Von M. was
not shy in flaunting his posts as mere
stepping-stoneshe had come to the
orient with the promised award from
the Wilhelmstrasse of a station in the
German consular service. Now von
Mollendorf obtained the German strik-
ing of two other essay coins dated 1885
which are wholly Korean. If Hart,
his antagonist, got out a bad set of
1884 Sino-Korean coins, such 1885
coins by von M. (the improved edition
of a good move at which his antagon-
ist had failed?) may mirror likely
responsibility for the Haikwans back
to Hart.
Known Haikwan essays are in sil-
ver and are extremely rare. A forgery
of the Tael is noted by the major dif-
ference that its diameter is about 40
instead of 41 millimeters.
Taking part in a debate can be an uncomfortable job. However firm his writer may seem,
the purpose is purely respectful, remedial and unbiased. To have it thought that heavy
handedness is meant here would be as wrong as it would be distressing to him. It is hoped
that the sources from which these views are taken will appreciate this discussion.
Haikwan "Sino-Foreign" Essay Coins
Five Fen (Fun)
16, not 14% mm
One Chien (Chon)
20 mm.
Two Chien (Chon)
25, not 21V2 mm.
Five Chien (Chon)
34 mm.
One Tael (Yang)
41 mm.
These are the obscurest of all mod-
ern Korean coins (their inscriptions
mark them as Korean coins). They
are struck, not cast; #1 among them
copies LCC #62, an 1883 Yopchon
cast at the Seoul Mint of the Central
Government, and #3 bears the mark of
the Ch'ung Ch'ong Provincial Office.
The coins' rude striking with metal
clung to or clogged in the dies, their
extreme rarity, and their lack of data
are points which together mark them
as test, not issue pieces.
There is a remark in Yu Ja-ho's
book* which apparently refers to these
coins, placing an 1884 dating on them
and therewith authenticating them.
The remark is that because of von
M's 1884 mission to Japan, die carv-
ing was rough. This remark cannot
concern the 1885 Essays; they were
expertly made in Germany. These
coins' unique crudity, von M's 1885
Korean demise, and the fine execu-
tion of later coins are facts which
point the remark to these coins.
Yu Ja-ho, Korean Coinage Study (Seoul.
1940) pp. 528-31.
Struck Quintuple Yopchon
# 1 Value of Five (Mun)
Copper, 8 to 8 y2 Grams
Possibly unique,
31 x 1V4+ mm.
Struck Decuple Yopchon
#2 Value of Ten (Mun)
No mint mark.
Copper, 9 Grams.
Possibly unique,
31 x 1+ mm.
#3 Value of Ten (Mun)
Mint mark of LCC 11
Copper, 6 Grams.
Possibly unique.
31 x IV2+ mm.
The Unknowns
TEST COINS
Dies adjusted f T -
5?
Kim Yun-sik, a pro-Chinese Korean
politician favoring modern coinage,
was acquainted with Li Hung-chang.
Li, quick to see how nice it would be
for China and for him to run a
modern mint of Korea, charged his
man von Mollendorf to get mint ma-
chinery from Germany. The machin-
ery procured was three coining press-
es, two pairs of rollers, one screw
press, an automatic scale, an eight
horsepower engine and a Lancashire
Boiler.
Two essay coins also were supplied;
they were designed by H. Kraus, a
former Mint Director of Germany's
Grand Duchy of Hesse. These essays,
dated in the Chinese Sexagenary
Cycle*, were struck in Germany from
dies made by Held, the Court En-
graver of Magdeburg.
The side of these coins with the
traditional Far Eastern value is the
obverse; these obverses show such
values circled values meaning in
Chinese five Cash and one Tael, in
Korean five Mun and one Yang, and
in Japanese five Mon and one Ryo.
The Korean king's authority seal, a
modified T'ae Guk, is above, and a
*Characters set in a 60-year-cycle chart,
the vertical divisions of characters in which
are "The Ten Celestial Stems" and the hori-
zontal "The Twelve Terrestrial Branches."
One character from each division depicts a
given year.
wreath of blossoming Prunus triflora
(plum) encompasses (the Korean
king's dynastic surname, Yi, was
depicted by a character which in
Chinese depicts Prunus triflora).
The symbol of heraldic dragons
striving for a marvelous glowing pearl
is also ex-Chinese. In Bhuddism, this
pearl is seen as the sacred Pearl of
Perfection and in Taoism as the sacred
Yueh Pearl which grants all desires.
It also was seen as, as well as actually
being replaced by elsewhere, other
things such as the sun and the Yin
Yang thus the sun's glory or the
paradise of the Yin Yang's harmony
were sought by the dragons, too; mar-
vels manifold were seen to be sought.
Adopted as the National Symbol of
the Manchu Empire, the dragon ex-
pressly portrayed the emperor. Dual
dragons seeking their pearl of achieve-
ments the better to serve their peo-
ple not quintuple-talon Chinese
dragons, but tri-talon "vassal" Ko-
rean ones portrayed rulers in the
dynasty perpetually following one an-
other in this sublime quest. The de-
sign's theme was empire, dynasty and
emperors (Korean kingdom, dynasty
and kings) seeking greatness of a
Holy and transcendant kind.
1885 Chinese-German Korean Essays
TEST COINS
#4 5 MUN
Value of Va Yang given
disregarding the lc Ko-
rean value of Five Mun.
Struck in tin alloy. 1M; + Grams, ex. rare,
diameter 17 mm., thickness 1 Vi mm.
Edge plain.
#5 1 YANG
A la von Moeltendorf and
German Mark, a value of
24-e u. s.
In tin alloy, 3 V. -f gm., ex. rare, 24 x 1 *
Edge reeded.
Dies adjusted T T -
READING DATES
1 YANG
Great Korea
1885 .
. One Yang
In the tri-lingual circle of inscription, left of the romanized value are three characters
meaning Great Korea. They are read from right to left while the coin is being turned to
be read. After "Great Korea" and the period are three more characters depicting the datein
this case, 1885. When this date is right side up, the romanizations are upside down. Turn-
ing the piece further around brings to view Korean Qnmun characters for the value.
Von Mollendorf also made up a plan
for building a mint with the follow-
ing appraisal in Mexican silver: ship-
ping of material 23,000 Hwan; build-
ing 5000; total of monthly salaries of
Korean and Japanese laborers 2000;
of foreign technicians 1000 plus 1500
for the latters' travel, and miscel-
laneous 500. But von M's discharge
from service with the Korean govern-
ment was soon brought on by his
entente with the bellicose Czarist-
Russian Minister to Korea, Karl Wae-
ber, and by von M's own supercilious-
ness. His support of Russia in Korea
was based on nothing less than his
opinion that a Czarist Korea was the
best sort of a Korea. His views made
into law without the sanction of his
employer, the Korean government, or
his sponsor, Li Hung-Chang, were his
undoing. Min Y6ng-ik took over von
M's directorship, and Chung Rak-
ycng, a Korean Commander-of-the
Guard, became the Acting Director in
charge of C. Diedricht and Krauntena*,
German technicians holding the hu-
morous mint posts of "Mechanic" and
"Experimental Expert". The tempor-
ary mint office which had been set
up in the vicinity of Nam Dae Mun
(near the king's palace) being now
too small, soon gave way to a mint.
The building of this mint was begun
near the South Grand Gate of Seoul
in February, 1885.
Tho> Korean king had sent word to
the U. S. Legation's Korean inter-
preter, Yun Ch'i-ho, to consult with
the U. S. Legation on a course for the
modern mint to take. The U. S. Lega-
tion's advice was (1) that if Korea
produces ample silver, she should have
a mint and that there should be a slow
change from the Yopchon but (2)
under a slow change, few new coins
would come out at first, so (3) the
coins should be foreign-made at 1/3
the cost of (1) building the mint. On
getting this amusing* reply via Yun,
the Korean king laughed, and during
that audience the king showed Yun
designs for a new st of test coins,
having him write in the romanization.
Yun romanized what before had been
VANG a" NTANG and romanized
Hwan as WARN.
This new and large set of test coins
followed Kraus' 1885 design fairly
closely, but with these changes: the
date was changed to 1886, and instead
of being in the Chinese Sexagenary
Cycle, it was rendered in the Korean
dynastic dating, reading right to left
"Great Korean Opening- National 495th
Year", it being the 495th year since
the founding of Korea's Yi Dynasty
in 1392.** The period left of the
romanized value was changed to a
Prunus triflora blossom, and other
periods became small circles. Yang
was reduced to 10c U. S.
* The spelling of the latter name is
phoneticizing from characters.
*By taking this advice. Korea would have
been a long time indeed getting her mint built.
The U. S. Minister gave this advice angrily
to Yun ch'i-ho (per Yu Ja-ho (op. cit) pp.
540-552Yu's interview with Yun). If Yun
had not thought the advice angrily given,
it might have been interpreted in a way
whereby Korea's first regular-issue modern
coins would have been made by the U. S.
**The date 1392 is the origin (first) year
of that dynasty.
41-
The Seoul South-Grand-Gate Mint
was finished in November, 1886, and
some work began in December. Chung
Rak-ycng became Mint Director; there
wera now three German technicians:
P. Kraus, Manager; C. Reidt, Assay-
er, and C. Diedricht, Engineer. These
costly German technicians were re-
placed in 1887 by three Japanese from
the Osaka Mint: Mitani Kokuzo with
die-engravers Ikeda Takao and Ina-
gawa Hikotaro. By November, 1887,
23 Japanese had come to work in the
Korean Mint.
1886 Test Coins
(Reading right to left) 188G 5^. 2 "T* jh W P9
T
Arrows point to key character distinguishing #8 and #14 from 1888 coins.
TEST COINS
#6 1 MUN (1/54 US)
Copper .980 fine.
1+ Grams, possibly unique,
15 x 1 mm.
#7 2 MUN
Copper .980,
2 gm., ex. rare,
IS x 1 mm.
3 Mun (?)
Recorded as a questionable.
This one is an extremely
doubtful "questionable".
5 Mun (?)
One contributor claims to
have seen it. Though he
is reliable, no numbering is
made. The writer does ex-
pect a 5 MUN of 1886 to
come to light. It seems
unlikely that it was never
made..
#8 10 MUN
Copper .980,
7+ gm., v. rare.
27% x 1M.+ mm.
#9 20 MUN
Copper .980.
11 xk + fifni., v. rare,
32 x 2 mm.
62
1886 Test Coins, cont'd.
TEST COINS
Edges reeded.
#10 y2 NIANG (Yang)
In tin alloy,
gm., v. rare.
x r/2 + mm.
1-
15
(5<f US)
#11 1 NIANG
In tin alloy,
1 %~- Km., v. rare,
18 x 1 mm.
#12 2 NIANG
In tin alloy,
3+ gm., v. rare,
24 x 1V2 mm.
#13 5 NIANG
In tin alloy,
7^+ Km., v. rare,
32 x 1%+ mm.
#14 1 WARN (Hwan)
In tin alloy,
Km., v. rare,
c 2 Mi mm.
ld-
3X
($1 US)
43
1886 Test Coins, cont'd.
Edges plain.
TEST COINS
#15 1 WARN
In prilt- copper,
1 Km., v. rare,
13 Mi x 1 mm.
#16 2 WARN
In gilt copper,
2+ Em., v. rare,
IK x 1 mm.
#17 5 WARN
In silt copper,
3V4-t- Km., v. rare,
24 x 1+ mm.
#18 10 WARN
In nilt copper,
7 % + Km., v. rare,
29 x \xk mm.
#19 20 WARN
In Kilt copper,
14Mi+ gm.. v. rare,
36 x 2+ mm.
Dies of 1886 Tests adjusted T T . There seems to have been (I) carelessness or (2)
experimenting for seemly die positioning in these pieces. The blossom or circle flanking the
romanization is often made the base of the reverse side as well as the romanizations. In the
1888 coins following these designs, the flanking blossom is made the base.
An Hyong-su, a Korean politician,
in 1890-91 tried to get the government
to stop the plans for modern style
coins and to resume hole-copper
issues, and went to Japan for advice
on the matter. A small amount of
five-value brass Yopchon was struck
off and issued in about 1890.
Punched out after striking the coin,
the hole is enclosed by a round rim.
The characters on this milestonethe
first issue of modern Korean coins
are tilted and rather untidy.
FIRST ISSUE
Issue of About 1890
(Undated)
Seoul South-Grand-Gate Mint
r ^i^S
r'W'i
t^Sl
ftk, ^M
^^^_^^^j
#20 Value of Five (Mun) (l<f US)
Brass, 6 Grams.
31 x 1+ mm.
Very rare.
Round-rimmed central opening.
Dies adjusted T T.
In the Spring: of 1891 the Korean
commissioner ordered a neater-looking
struck-Yopchon; dies were carved by
the Chief Engraver of Japan's Osaka
Mint, T. Masuda.
The design of this strike repeats
that of the precursor except for hav-
ing a square instead of a round rim
about the hole. A proof of this coin
struck in extra thickness weighing
7% Grams is shown here.* In the
juxtaposed case of #20 and #21,
the pattern follows instead of preced-
ing the issued coin.
TEST COIN
1891 Pattern
(Undated)
#21 Value of Five (Mun)
Brass, 6 y2 gm.,
v. rare, 30 x l1/^ mm.
Square-rimmed central opening.
Dies adjusted T T .
The 6V2 Gram type usually seen is not proofed, and its hole is 6, not 5 mm.
The mint, however, had been rebuilt issue these 5 and 10 MUN copper and
and refurbished for modern struck 1 WARN (Hwan) silver pieces,
coins without holes. Dies dated 1888 Hardly had the Issue of 1891 corn-
were now on hand for an issue of menced when control of the Korean
modern style machine-made coins, and mint passed from Chinese to Japanese
order was given in 1891 to strike and hands.
SECOND ISSUE
Issue of 1891
Issued at 500 Mun to 1 Hwan
Dated 1888 . -fc -f* fa "g" |7Ej . . .(reads riKht to left).
T
Seoul South-Grand-Gate Mint
Arrows point to key character distinguishing these from 1886 Tests.
#22 5 MUN
.980 copper, 3% Grams
22 x H4 mm.,
somewhat scarce.
#23 10 MUN
.980 copper, 6% Grams
27 Vi x 1%+ mm.,
somewhat scarce.
#24 1 WARN (Hwan)
Edge reeded.
.900 silver, 416 Grains,
38 x 2Ms+ mm.,
very rare.
The "W in "WARN" or
adjacent spots on # 24
often are not well struck
Dies adjusted T i .
The epoch of Japanese-Korean coins Osaka Mint. Two coining presses
was now at hand. The President of from the now-defunct Seoul South
Japan's Osaka Copper Works saught Grand-Gate Mint were joined by six
out the Korean commissioner and more bought from Osaka in October,
"with characteristic tact and elo- 1892. On the Chemul'po Mint's finish,
quence"* proposed a reform of a machinists were lent from Osaka to
new world of modern Korean coins. act as foremen; in December, coining
Korea's national coinage done by his began. The new mint had no rolling
firm would be a feat for him, as would or melting machines of its own, and
his patriotic help to bring Korea a11 the flans for a11 its coins came
under Japan's benevolent wing. Plans from the 0saka Copper Works and
were forthwith drawn for a mint at Mint- The new coin issue> on a silver
the port city of Chemul'po (Inch'on) standard, was assigned this exchange
where supplies could be received easi- with the hole-coppers:
ly. Getting a 20,700-Yen loan through
the Japanese Minister of Finance, 1/U t Fun 1 Y6pchon
Count Matsukata, the Osaka Copper
Works' President himself also invest- l<f 5 Fun 5 Yopchon
5<f lA Yang (two Chon*
five Fun) 25 Yopchon
ed, and the Chemul'po Mint was begun
in May, 1892. He was made its super-
intendent, An Hyong-su over-director,
and Song Ki-un director (until Dec. 20<f 1 Yang 100 Yopchon
24, 1892, when Yi Sang-je became
director. Korean workmen-students $1 5 Yang 500 Yopchon
went to Japan's Osaka Mint for a
nine-month training while first dies Much change went into this new
for the new money were carved by series. Mun changed to Fun; 10<f-
T. Masuda, Chief Engraver of the Niang became 20<i-Yang and One
* Y. Koga. "Notes on Korean Mints and * Chon was worth two Cents U. S. with this
CoinaKes", Numismatic and Philatelic Jour- issue. 10 years previously it was 7.2<f and
nal of Japan, Vol. IV, Nos. 4-6 (Oct.-Dec, 10 years later it was to be l<t
1914) p. 140.
Hwan Five Yang, then One Won. Each alert for excuses for her Korean
of the dragons became like the one "suzerainty", and when Yuan noticed
on Japan's coins; the pearl, its glow the legend "Great Korea" on these
put out, became clutched in the talons new coins, he lost no time claiming
of a Japanese dragon. The Korean it an affront to China. "Great" ^
king's seal became a Prunus triflora was forthwith banished from Korea's
blossom* and the wreath's left frond coins.
Hibiscus syracus. By tradition, when
King Yi Tae-jo founded the dynasty
in 1392, a scholar likened the glorious
new kingdom to the "eternal flower"
of Hibiscus syracus. Charmed, the
king decreed that "Land of Eternal
Flower" would be another name for
Korea. A coin with these blossoms
thus would show that it came from
a happy "Land of Eternal Flower."
According to a Japanese source**,
the left-frond change also symbolized
Korea's "taking its place". in t?k,. 10ni * ,,
K In February, 1894, trouble came
Though minting the new coins start-
ed in 1892, the "New-Style Coinage
Regulations" as they were called did
not come out until August, 1894. This
delay was due to the "Great" matter
and to the gathering Sino-Japanese
War. After the war began in 1894,
however, the stock of "Great" coins
was released, and as China met de-
feat in 1895, "Great" was restored
to the coins.
China's Yuan Shih-k'ai (Emperor between the Korean and Japanese
and President of China in 1916) who governments. A 150,000-Yen Korean
was then in charge of several thou- mint investment was refunded to Ja-
sand troops in Korea to steady the pan- and a11 Japanese workmen left
shaky government, had become the the mint which was then taken over
Chinese "Imperial Resident" in Seoul by Koreans. An American with the
after quelling an uprising. China was Korean customs and the Japanese
Mint Superintendent were the only
* The significance of Prunus triflora on Ko-
rean coins is explained on p. 60. foreigners remaining?
** NPJJ. ibid., p. 141
THIRD ISSUE
Issue Commencing in 1894
100 FUN to 1 YANG
Chemul'po (Inch'on) Mint and Yongsan (Seoul Suburb) Mint, 1892 to 1902
Year - expressions:
(right to left)
1892
* W ...
J 893
%L ZL 0 -fi
1894
^ = If 3l
1895
* VM W 2
1896
^ H. "S* 2 . . .
1897
^ 7C 3K ete
- r it *
1898 -
Continuation of year-expressions follows on page 79.
_EMPTY_
#25 1 FUN Brass, 3V4 Grams, 23 x 1+ mm.
Two Types
TYPE I
Legend: Great Korea
(three characters).
Yr. 501 (1892).
Yr. 504 (1895).
Yr. 505(1896)somewhat scarce
TYPE II
Korea, two characters.
Yr. 502 (1893).
Yr. 504 (1895).
(Obverse)
#26 5 FUN .980 copper, 7 gm., 27% x 1%+ mm.
Four Types
type I
Great Korea,
three characters.
Yr. 501 (1892).
Yr. 505 (1896).
TYPE III
Great Korea . . .
nine characters.
Yr 504 (1895).
Yr. 505 (1896).
TYPE II
Korea, two characters,
varieties of large and
small characters.
Yr. 502 (1893) lg. & sm.
Yr. 503 (1894) lg. only.
Yr. 504 (1895) lg. only.
Yr. 505 (1896) lg. & sm.
TYPE IV
T& gm.. 27% x 2 mm.
Great State (of Korea)
2 char., var. lg. & sm.
Kuang Mu 2 (1898) lg. & sn
Kuang Mu 3 (1899) rare.
Kuang Mu 6 (1902).
(Obverse)
#27 % YANG
.7S0/.2SO cupro-nickel, 4V2 + and
S gm., 20 y2 x 2 and 2 mm.
TYPE I G. K.
Yr. 501 (1892).
Five Types
TYPE II K.
Yr. 502 (1893).
Yr. 503 (1894).
Yr. 504 (1895). Yr 505 (189g)
TYPE III G. S. (of K.)
Kuang Mu 1 (1897) scarce
Kuang Mu 2 (1898) ch. lg. & sm.
K. M. 3 (1899) scarce, ch. lg. & sm.
Kuang Mu 4 (1900) scarce.
Kuang Mu 5 (1901) scarce.
TYPE IV
"Class A" counterfeit.
"Mint sport"
striking from
unfinished die.
TYPE V
"Class B" counterfeit.
71
#28 1 YANG .800 silver, S'A Grams, 22V2 x 1*4+ mm.
Three Types
deleted from
Type I.
Edges reeded.
Type I Great Korea
501st year (1892).
Writer has a copper
striking of year 501.
Type II Korea
502nd year (1893).
Type III Great State...*
Kuang Mu 2 (1898)
closely spaced YANG.
Kuans Mu 2 (1898)
wide YANG.
#29 5 YANG
.900 silver, 416 Grains,
38 x 2'/2 + mm.
Reeded.
501st year (1892) somewhat
scarce.
( ?) 502nd yearin the same
category as the "3 Mun" of
1886an extremely doubtful
"questionable".
#30 1 WHAN (Won)
.900 silver, 416 Grains,
38 x 2%+ mm.
Reeded.
502nd year (1893) only.
Very rare.
Dies t I -
1 WHAN retired the archaic Yang
unit and sot rid of the offending
"Great" from 5 YANG's "Great Ko-
era" legend. It is curious that onmun
characters for "Five Yang" were left
on the WHAN.
* The name adopted for Korea in 1897
bearing reference to her great unification
and achievement in the time of unified Silla,
Paekche and KoguryQ.
72-
MINT WRAPPING
This is a roll of fifty 5 FUNs in their
original mint wrapper. The author
noticed tiny flakes of bright copper
falling out on his first inspection of
this roll (the roll had been opened
before). The paper, from pulp, is yel-
lowing white, and the inscription on
the side and end is as follows:
This black-ink lettering seems to
have been put on with a hand-inked
manual stamper, possibly of rubber.
Sealing one end of the roll is the char-
acter Chon ( iflL ) the mint name's
abbreviation, in red cinnabar color.
A few of the coins have streaks and
splotches of a gun-metal blue color
crystallized oil from the mint ma-
chinery.
The coins, dated 1896, differ in re-
Copper
Money
Two
Yang
5
Chon
(Mint seal)
verse (dragon) dies. One die shows
feeble imprint while the other was
harder struck into the flan as well as
the 5 in its 5 FUN having been re-
engraved. This heavy-struck reverse,
however, was "married" with an ob-
verse die not as sharp as that used
with the feeble-print reverse. Except
for some streaks, all the coins are in
a toned but still bright and "frost un-
circulated" state.
Though these coins are not rare (or common either in uncirculated state) an original
mint wrapping of them is an extreme rarity. As a collector's item such a roll is, of course,
tremendous. Just as a person would not chop an extremely rare coin to pieces, so he would
keep together this kind of old mint roll.
-73-
But Korea was not to percolate into
the complex brew of modern eco-
nomics by concocting modern coins.
Had there been nothing else wrong,
fate was in the fact that making
money in Korea remained too much
a money-making concern, and from
that fateful fact was to parade a fi-
nancial spectacle supreme. In time
past, hole-coppers had come from
around 40 different mint agencies;
like hairs on the corpse of those
outlived hole-coppers, this sort of
coinage-responsibility delegating could
sprout yst lively growth. There was
now a profitable and popular %
YANG nickel coin, so while spare
commissions of other coins appeared,
nickels belched forth. In that nickel
pis the king's finger consisted of
legalizing nickel coining for "patent
fee" payers. The O.K.-counterfeits
were to be of mint quality, but there
was no enforcing that provision, nor
did the king trouble much about more
than his fee. But if the king's ideals
be contorted, what shall be said when
officials could secretly rent dies from
the government mint? If there were
something lacking to truly beatify
such monstrous monetary malapro-
pisms, there was lack no more when
came "illicit" import of fake nickels.
If there could be one thing left to do
to complete the confusion, installing
foreign monies to serve the foreign
trade did it. Such was the make of
rationalized Korean-nickel nihilism.
Nickels, nickels, nickels- alas
and alackaday they geysered into
the hapless community in a sprawling?
deluge! It was as if the nation's
traditionally unstable economy had
detonated like some coin bomb Brob-
dingnagian. And from the immense
blast, to what could the nickels fall
back? To the ocean of fluctuating
bullion-coinage beneath; to the eco-
nomic hodge podge of Southern and
Northeastern Korea keeping to Yop-
chon and Central and Northwestern-
ites clamoring for nickels while North-
ern Koreans used a mix-up of Czarist
and Chinese coins with Yopchon and
nickels both. The compounded con-
fusion was now concatenated. Trans-
porting this financial rubble often
cost more than the very coins; on top
of that, a "money handler" was need-
ed for examining each and every piece
to tell counterfeits and O.K.-counter-
feits from genuine. The victimized
Koreans took refuge in credit devices
such as this: to pay tax from out-
lying districts to the capital, taxes
were collected by district governors
and used by them, or lent to local
merchants, to buy local produce which
was sent to the capital. The proceeds,
minus applicable merchant fee, were
paid the government on behalf of the
governors. (The converse was gover-
nors or merchants loaning money to
the government on security of taxes
forthcoming!) Astonishing? The un-
gainly specie simply cost too much
to handle like ordinary money.
The nickel brontosaurus galloped
free for years; steps for control were
futile. Yi Yong-ik, Minister of the
Army, was given control of the mint
and the military authorized to arrest
counterfeiters, but the request to the
Japanese Legation to stop import of
Japanese Korean-nickel fakes ended
in stamping them aboard ship at sea
and import of hand-coining appara-
tuses complete with flans to sell at
Korean market. Real control did not
begin until 1905, when genuine nickels
and "Class A" counterfeits at half
face value and "Class B" counterfeits
at 1/5 face were redeemed. Under
Japan's gold standard, other denomi-
nations of the Issue Commencing in
1894 also were redeemed at half value;
coin prices throughout rose and fell
with the market price for metal.
Candid comments on the state of
things then are entertaining. A form-
er (now deceased) missioner in Korea
has told a story of Korean nickels
somewhat like this:
four rates for nickels among money-changers:
(1), the top rate, for government nickels;
(2), somewhat lower, for Grade A counter-
feits; (3), still lower, for Grade B counter-
feits which are pretty good from an oblique
angle, and (4), the lowest, for Grade C*
counterfeits which can only be passed after
dark.
The President of the Osaka Copper
Works, landed with the Mint at Che-
mul'po and in a state of grace with
the emperor, in 1898 got leave to en-
large the mint for what was to climax
in half the money in all Korea
becoming nickels. If this be called
an elephantine behemoth, one sixth
the money in counterfeit nickels
was that elephant's trumpeting pro-
boscis. And whether from keeping
his faith in his experience or from
squelching the precedent of a fair
administration, the emperor's own
closing control over Korea's mint was
a miracle of monopoly. If history is
histrionic, a sort of governmental
Gotterdammerung was the emperor
being awarded FORTY per cent of
the produce from the subsequent mint
in nickels, of course poor tribute
to his 'benevolence' though that share
might have been.
Having suddenly decided to have the
mint nearer the capital, the emperor
chose a new site about two miles from
Seoul. Transfer began in 1898, just
after one Y. Mikami was made Act-
ing Mint Superintendent, an office
which he retained until 1904 in the
new mint.
The government used to issue money under
a system of a sort but now we have
nothing but nickels which fetch huge coin-
ing profits. Everyone is paid in nickels, yet
to amass only $2 (ignore the fell swoop of
a month's pay) takes 100* of these trying
little coins which is no small pocketful
whether in my ecclesiastical trousers or my
congregations's Korean sleeves. Now the so
called government sells licenses to mint 'nice'
nickels, but what a pity for it that its nice
profitable fakes have to suffer circulating
with those products of such mean dishonesty,
the licenseless-made fakes. There are now
* Inflation reduced face values 60% and
more in those days.
* The official nomenclature included no
"Class C" nickel ( !)
75
A country's coinage is not really
complete without commemoratives;
Korea met this need with provocative,
if controversial, charm. In commemo-
ration of her freedom, a powerful
contrast in her coinage came out in
1896. The Treaty of Shimonoseki in
April, 1895, ending the Sino-Japanese
War, provided that China recognize
Korea as independent. In 1896, honor-
ing the new freedom, the Korean king
adopted a new regnal title, Kun Yang,
and coin-momentos were cast. Why
cast instead of struck? The poured
coin was 'ancestral' money; casting
was right for special coins departing
from struck modern issues.
Surrounding the value of #32 and
#33 is Pulro-ch'o, a fabled "grass of
longivety visible only to the pure of
heart". Within the beaded circle of
the reverse is a T'ae Guk symbol. Yu
Ja-ho reports these not-for-circulation
coins cast between the first of Janu-
ary and the end of February, 1896.*
Yu, who was strictly anti-Japanese,
has given the fantastic opinion* that
these coins are not on official records
because the freedom the coins pro-
claimed was only a Japanese expedi-
ency and that such dismal objects
were therefore expunged from record!
While awaiting proof of Yu's idea,
the writer of this book wonders in-
deed about it. It may be fantastic-
but there are fantastic stories in
modern Korean coins.
Yu mentions a Tae Han T'ong Bo**
cast coin as likely being a private
make fantasy "commemorative".
* Yu Ja-ho. op. cit., pp. 662-65.
* Ibid., p. 815-6.
1896 COMMEMORATIVES
1896
$T- it U
#31 Five Fun
Bronze, 8 - Grams, 31 nun.
Kun 5
rency Cur- * *
Yang Fun
Extremely rare.
*From The "Curve" Furnace of the
[Premier] (Government) Mint.
#32 Five Chon
Pewter, 9 Grams, 31 mm.
Value not circled
5
Chon
Extremely rare.
"Great Korean Nation
Kun Yang Original Year
Valuable Money"
#33 Five Chon
Bronze, 9y2 Grams, 31 mm.
Value circled.
5 "Great Korean Nation
Kun Yang Original Year
Chon Valuable Money"
Extremely rare.
Dies adjusted f T .
1896 was the original year of Kun Yang and 1897 the second; however, in October.
1897, the Korean king proclaimed himself emperor, a higher international title, and adopted
a new regnal title, Kuang Mu. A new Kuang Mu reign started, 1897 its year of origin. 189S
became the second and year-expressions thus continued. "Kuang Mu" means "military
illustriousncss*'. This emperor-reign dating ended the dynastic dating on the coins.
7fr~
It is well to note that each emperor's reign overlapped the other. Kuani; Mu's lasted
"eleven" years from October, 1897, until August. 1907, when he was forced to abdicate to
his son, who took the regnal title of Yung Hi. His son reigned "four" years from August,
1907, to August, 1910, when Korea's freedom was lost. "Yung Hi" translates to "prosper-
ous happiness"; Yung Hi was feeble-minded, and his accession was through Japanese efforts.
Japan, for whom Kuang Mu's own personal 'military illustriousness' was a bit too ram-
bunctious, found Yung Hi's feeble-minded "prosperous happiness" to its liking.
The failing of Korean money in
foreign trade was filled by the Jap-
anese silver ONE YEN coin in the
port cities of Pusan, Inch'on and
Wonsan. But when Japan went on
the gold standard in 1897, the Yen
supply was cut off. Yen coins then
"stamped" at the Japanese Osaka
Mint and its Tokyo agency were an
"emergency measure"* until the Bank
of Japan's and Japanese Dai Ichi
Ginko (bank's) paper money could
replace them. The silver Yen had
taken hold in Korea well; in the sum-
mer of 1897, 3 to 3 Ms million were
estimated circulating, and John Mc-
Leavy Brown, the American Chief
Commissioner of Korean Customs,
took stamped Yen for customs pay-
ments.
Japanese sources** tell that Yen
coins were "stamped" for Korea thus:
The Dai Ichi Ginko, having heard fears
voiced by Japanese merchants on having to
use Korean monies from loss of the silver
Yen. in August, 1897, presented a "Private
Opinion on the Coinage System of Korea"
to the Bank of Japan. The opinion stressed
the Yen's importance in Korea and suggested
this if the gold standard were adopted: that
the Yen silver in the three ports of Korea
and in Seoul, regardless of being owned by
the Korean government or by individual
* Sic. Baron E. Shibusawa, Translation.
Report on Currency Adjustment in Korea
(Tokyo. 1911) pp. 90-1.
**Ibid.; also M. Matsukata, Report on the
Adoption of the Gold Standard in Japan
(Tokyo, 1899) p. 326.
Koreans or Japanese, be "stamped" on ap-
plication of the owner and then be used for
the time being in the open ports for foreign
trade. The Bank of Japan, after consulting
the Ministry of Finance, gave permission.
Exchanged at par value for unstamped Yen,
a total of 330,000 "stamped'' Yen went to
Korea beginning October, 1897,
Korea was one among many locales
to use "stamped" Yen coins. The fol-
lowing is the account of how Japan
came to "stamp" her ONE YEN silver
coin in the first place: Japan's gold
standard, caused by unstable silver
prices, ordered recall of the silver
ONE YEN coins in which recall Japan
took a 7% loss. To prevent the coins'
being redeemed and disposed of time
and again with multiple losses, Japan
stamped a demonetization mark*
"silver" on them. They were then sold
to China, Korea, Formosa, Hong Kong,
Wei-Hai-Wei Island and to foreign
banks (a small amount went back
to the Osaka Mint) and because of
the Yen's established popularity they
were welcomed. Japan both dumped
her depreciating silver stockpile and
got influence in places like Korea
which needed the coins.
This marking, in view of its tan-
gency to Korean coins and the plan-
ned addenda to this book, is given
an "A" (addenda) numbering.
* As opposed to "stamp" a loose term, and
"counterstamp" a term which has been
wrongly applied to these coins.
JAPANESE DEMONETIZED YEN
(Used in Korea)
The demoneti-
zation mark is
4 Yz -\- mm. in
diameter.
Regular-issue Type I Yen, Regular-issue Type II Yen,
stamped. stamped.
77
The new mint was by Han-gang
River at Yongsan, a suburb then about
two miles from Seoul. Mint Chemist,
Mint Engineer, Mint Over-Director
and Mint Under-Director became offi-
cial mint posts while the Osaka Cop-
per Works still supplied machinery
and materials.
The Yongsan Mint's gaping maw
disgorged nickels, and to meet the
demands of government and king,
the further bloating of the currency
system was the order of the day.
Nickel dies dated 1898 were used until
usable no longer; replacements were
carved chiefly with the same date
heedless of passing time. The Chon
Hwan Kuk at Yongsan attained tower-
ing influence and power.
Czarist-Russian Korea was now to
join the game of Korean coins; Rus-
sian interests were disturbed with
thriving Japanese Korea. In Novem-
ber, 1897, Eugenii Ivanovitch Aliexiev
of Russia was made Korea's Financial
Advisor. The "First Asia Branch" of
the Russo-Korean Bank was formed
in Korea on March 1, 1898; article
four of its charter provided nothing
less ostentatious than forthwith tak-
ing charge of Korea's national reve-
nue, coinage issue, and bond-issue
payment (the bank's backing: 500,000
Rubles)! In that bank, which was
housed in the Russian legation in
Seoul, Ch'i Ch'ang-han, Mint Chief
Technician in 1899, started designing
a set of new Korean coins with a
crowned Russian-style quasi-Eagle.
Not long after the finish of the new
mint in the Spring of 1900, two coin-
die engravers from, of all places,
Japan's mint, were hired to help with
the proceedings. J. Tanaka, the first,
stayed from October, 1900, to June,
1903, and I. Maita, the other, from
October, 1901, until the Korean mint's
close in 1904. Tanaka carved dies for
Vi YANGs and for the HALF WON
and Ten Won in the Quasi-Eagle
Series while Maita carved the other
dies.* However, Aliexiev's fall was
explosively rapid. He was too hot a
plate of Russian borsch for the other
land-grabbing proclivities of the time
to swallow. Japan's feelings were
hurt; the British Navy demonstrated;
the Russo-Korean Bank and Aliexiev's
Financial Advisorship were torpedoed
respectively in April and July, 1898,
with the help of the powerful pro-
British-Japanese progressives, Yi
Sang-je, Yun Ch'i-ho and So Che-p'il
(Philip Jason). But with the insertion
of powerful anti-Japanese (thereby
pro-Russian) Yi Yong-ik as Korean
Finance Minister, Russia got a sharp
edge cutter of her own into the Ko-
rean cake; official regulations for the
new Russian-Korean coinage were
served on February 12, 1901; ten days
later the Japanese silver Yen was
outlawed**. But the Russian Issue
was no success the almighty catar-
act of nickels overwhelmed all other
monies and swept them before it.
Japan, moreover, to keep her Korean
mint foothold, had had Baron T. Me-
gata sent over in October, 1898. The
rapid arrival of the Russo-Japanese
War and Megata's overtures on throt-
tling the activity of the Korean mint
settled the Russian-Korean coinage
matter.
Sic, NPJJ, op. cit., pp. 143-4. Writer
Y. Koga did not know of the HALF DOLLAR,
of 1900 Twenty Won, or of 1903 Ten Won
at the time of his writing.
**And the American Customs Commission-
er, having disliked the fate of the silver Yen,
kept on taking duties in it. A government
order ignored by an agency of the same gov-
ernment attests the pandemonium then cur-
rent.
78-
Year - expressions:
1899
1900
1901
1902
1903
f$ m fc
Quasi-Eagle Essays
TEST COINS
20 Chon (20<f US)
Per regulation: silver/copper
.800/.200, 5H Grams.
22% x iy2+ mm.
One contributor claims he saw
this, and a 1902 dating of it
is listed in one reference. Not
numbering it, therefore, is per-
haps too conservative.
#34 HALF DOLLAR
Silver .800, 13V2 Em.,
31 x 2'/2 mm.
Reeded.
Kuang Mu 3rd year (1899).
Extremely rare.
Five Won ($5) (?)
Not seen; recorded as a question-
able perhaps with 1901 dating.
#35 Ten Won
To have been gold/copper.
.900/.100, 8% gm.
21 + x 2 mm.
Reeded.
Kuang Mu 5th year (1901)
Kuang Mu 7th year (1903)
All struck in copper: ex. rare.
#36 Twenty Won
Composition as above; gold coin
wt. 16%+ gm. 29 x 2 mm.
Reeded.
Kuang Mu 4th year (1900)
Kuang Mu 6th year (1902)
In copper, ex. rare.
A die inscribed "Kuang Mu Year"
is shown in Nishiyoshi.**
Dies f T.
* 1901 gold striking claimed by a good reference. At this writing, a gold striking has not
been seen by this writer; ho therefore tentatively regards it.
** See bibliography, p. 92.
79
FOURTH ISSUE
The Russian Issue
100 Chon to 1 Won
Yongsan (Seoul Suberb) Mint, 1901 and 1902
#37 1 CHON (le)
.98O/.O10/.O10 copper/zinc/tin,
8 Grams, 28 x IV2+ mm.
Kuang Mu 6th year (1902 1.
Very rare.
#38 5 CHON
750/.250 cupro-nickel, 4V2-f Grams.
20y2 f x 2 mm.
Kuang Mu 6th year (1902).
Rare.
The crenulated border on these
often is not well struck up.
#39 HALF WON (50<r)
.800/.200 silver/copper, 13V2
Grams, 31 x 2y2 mm.
Reeded.
Kuang Mu 5th year (1901).
Rare.
Dies 1 I .
There is a story about these coins
running as follows:
(l)
(2)
Th bird
Falcon.
Th
on the coins is a Korean
coins
(a) are akin in weight and unit to
Japanese coins, not to Russian.
(b) have romanizations like those of
a later Japanese-Korean coinage
and
(c) suggest that the HALF DOLLAR
weighs half a Japanese Trade Dol-
lar.
(3) 1899-1905 politics may have caused
design change.
(4) The coins were
(a) struck in Osaka or
(b) from Osaka-made dies and
(c) from Japanese engravers who
would not have carved Russianist
coin dies.
(5) Wear on some pieces
(a) denotes at least an experimental
circulation, suggesting
(b) that the Japanese directly and
through Chinese controlled Korean
finance; therefore,
(6) The coins were possibly experimental
Japanese issues.
There is both thought and origin-
ality in this opinion and its supporting
claims. But, unfortunately, they are
ill-grounded. This series of coins was
Czarist-Russian produced; the Jap-
anese were slightly involved, but not
by way of ordering the coins.
In answer to claim (1): that bird
has been called an Eagle, a Falcon,
a Phoenix, and a Cockerel by a good
many more people than this many
birds. It so happens that the fowl
is a mixture of Eagle, Falcon, and
Phoenix, Ch'i Ch'ang-han's portrayal
of Russian-Korean amity. The crown,
an euphemistic Czarist crown, is over
a head that can be called both a
Russian Eagle's and a Korean Fal-
con's. But not too much likeness to
Russia's crowned Eagle was achieved
there is a lot more of "the power
of positive suggestion" than of a
Russian crowned Eagle. The bird's
breast, adorned with T'ae Guk and
Trigrams, National Symbol of Korea,
sprouts wings festooned with more
T'ae Guk emblems. The claws grasp
a globe and sheathed sword, and the
tail is a simple form of the ornate
edition on Korean Phoenix-design coins
just following this series. The wreath
motif of the 1894-issue obverses stay-
ed the same on these Russianist coins.
Even if the bird were only a Korean
Falcon, and thus un-Russian, it should
be noted that it then would be also
un-Japanese, making claim (1) ir-
relevant to the story's hypothesis (6).
Replying to (2) (a): let attention
be fixed on the forerunner, the HALF
DOLLAR. When it was made, Dol-
lar had become soverign in the Far
East in form of adopted trade coins;
even China was changing its Tael unit
for "Dollars" of 7.2 Mace. Then in
this series which the HALF DOLLAR
keynoted under the unit, Dollar,
weights being the same as Japanese
coin of the period means nothing;
Dollar was what Japan had adopted;
she did not control it. Japan's Dollar
was Yen while Korea's Dollar was
Won. In this case, Yen and Won
happen to be like two lines construct-
ed parallel to a third line; they do
parallel each other, but the third line,
Dollar, is the beginning, a fact not
to be forgotten. There is no mistaking
the monetary unit of Dollar on the
1899 Korean coin constructed from it,
a coin signaling the whole Russian
Korean series. That the rest of the
coins were nbt like Russia's Ruble
was due to prevailing 'dollarism' in
the Far East. Russia had to fit with
the 'dollar of the times', not a 'Ruble
of the future'. The plan began with
a Korean trade coin under Russian
influence with a Russianistic design,
a whole Russo-Korean coinage system
being right around the corner. "Dol-
lar" instead of "Won" indicates that
this HALF DOLLAR is a trade coin,
and a Half Dollar coin avoided the
toppling and controversial full-unit
silver coins.
Concerning (2) (b): It is known
that Japanese adopted the 1901 Rus-
sian regulations, leaving the romaniza-
tions unchanged.
Answering (2)(c): The HALF
DOLLAR, being .800 fine, is not half
a Japanese Trade Dollar.
Of (3): the politics were inter-
national, and the statement is true,
but the design had nothing to do with
Japan.
(4) (a) asks, in effect, that the fol-
lowing be accepted: from the operat-
ing, capable, and lucrative Korean
mint, Korean dies were sent to Japan
for making coins. The mint in Korea
was on a strong working footing.
Japanese engravers had been hired
and were carving the dies which were
to strike millions of the coins.
Re: (4) (b), some of the Quasi
Eagle pieces are shown in a pictorial
record of coins from Osaka-made dies.
Here is part of one page. The cap-
tions are:
"[Japanese]
were invited over
to make this."
Japanese Osaka-Mint engravers' being
in the Korean mint put these coins
in this pictorial reference of the
Osaka Mint just like some Chinese
coins from Osaka-made dies*. It is
perhaps this which has caused points
Such as China's 1903 HU POO Tael series.
SI
(4) (a) and (b); however, the evi-
dence of the coins' having been made
in Korea is strengthened by the illus-
tration shown from this reference.
"Japanese were invited over to make
this" can hardly refer to something
coming from the Osaka Mint. It refers
to the fact that Japanese engravers
went to Korea for making the dies.
The answer to (4) (c) is that those
two Japanese were coin-die artists not
hired for decisions or opinions in
financial policy. They did the work
as they were told.
(5) (a) is correct to say "a circula-
tion". "Abortive" is a better descrip-
tion than "experimental".
Re: (5)(b): The Russian series
was for a Russian, not a Japanese
Korea. How Japanese through Chi-
nese controlled Korean finance would
be interesting to tell of were it rele-
vant or correct. Since it is neither,
it needs only to be said that the Jap-
anese themselves did indeed control
Korea, but not so fully as to keep
Russia from having her place in the
sun.
So (6), the conclusion, is not pos-
sible.
The HALF DOLLAR spearheaded
the Quasi-Eagle Series in terms of
Dollar, and the other coins, starting
in 1900, followed along. Nothing thus
far seen by this writer shows that
any of these coins came from Japan.
Where, then, may be seen Japan's
hand in these pieces? It is in supply
of flans, mint superintendent, supply
of engravers, and gold-standard test
coins. Japan was the only land in
the Far East to that time which
had steadily, widely, and methodical-
ly issued modern gold coins. In choos-
ing the style of Japanese gold pieces,
Korea, having adopted the gold stand-
ard in 1897 just like Japan, must have
had Japan's success with gold coins
in mind; copying Japanese gold was
common sense and doubtless related
only by chance to Japanese anticipa-
tions which, until 1905, did no coin-
producing in Korea. And the Chon
Hwan Kuk at Yongsan, to keep up
appearances of busying with other
than the interminable nickels, doubt-
less welcomed Russianist pieces as it
might have welcomed nearly anything
at all in its candor.
Russia's defeat in the Russo-Jap-
anese War was opportune for a full
Japanese permeation of Korean fi-
nance; in 1904, Baron Megata was
made Financial Advisor; the Korean
nickel-mint met a deserved end on
November 22. In May, 1905, its ma-
chinery and 13 coining presses went
to Osaka where future Korean coins
were to be struck. The now defunct
Korean mint, ignobly renamed "Melt-
ing Department of the Central Treas-
ury" began to destroy its stocks of
Vi YANGs while silver coins and
bullion were sent to Osaka for melt-
ing, these soon being followed by the
stores of Russianist 5 CHON nickels
which were chopped in half and later
sold as scrap metal (26,191% pounds
of them) to a commercial metal firm
in Japan for 7,857.45 Yen.
2
LIST OF MINT REPORTS
Though the author visited the Osaka Mint to gather this data from the
archives, it differs from amounts reported minted on pages 74-5 in the refer-
ence, "Report on Currency Adjustment in Korea" which amounts are shown
in parentheses. Fiscal reckonings are not known to have been used in these
coinage reports.
ISSUE OF ABOUT 1890 "... a few [hundred pieces] ..." (?)
ISSUE OF 1891
5 and 10 MUN
1 WARN (Hwan)
ISSUE COMMENCING IN 1894
1 FUN
5 FUN
Va. YANG
1 YANG
5 YANG and 1 WHAN (Won)
approximately 4,000
approximately 1,300
7
?
381,051,954 pes. withdrawn from 1905 to 1909.
JAPANESE SILVER 1
RUSSIAN ISSUE
1 CHON
5 CHON
HALF WON
YEN STAMPED
19,923
20,450,000 stamped.
2.8 million (approximately)
1,830,675
ISSUES COMMENCING IN 1905 and 1907
Bronze % CHON
1905 4,000,800
1906 20,003,200
1907 10,001,600
1908 16,002,600
1909 1,000,160
1910 not reported
1 CHON 1905 3,000,500
1906 10,001,600
1907 10,001,600
1908 8,001,200
1909 1,000,160
1910 3,005,600
Nickel 5 CHON 1905 20,003,040
1906
1907 10,001,560
1909 4,000,640
Silver 10 CHON 1906 2,001,110
1907 4,702,600
1908 4,002,210
1909 2,501,380
1910 7,003,860
20 CHON 1905 2,501,510
1906 1,000,605
1907 - 2,501,505
1908 2,001,205
1909 2,001,205
1910 2,001,205
HALF WON 1905 1,800,984
1906 400,282
1907 1,000,704
1908 1,400,982
1909
ISSUE OF 1910 (The gold coins)
5 Won 1908 10,022
1909 not reported
10 Won 1906 5,012
1909 not reported
20 Won 1906 2,506
1908 25,052
1909 25,052
1910 40,082
-)
24 mil.)
800 thous.)
21 mil.)
8 mil. 200 thous.)
-)
13 mil.)
10 mil.)
6 mil. 800 thous.)
9 mil. 200 thous.)
)
17 mil. 940 thous.)
2 mil. 60 thous.)
16 mil.)
4 mil.)
2 mil.)
2 mil. 400 thous.)
6 mil. 300 thous.)
)
)
1 mil.)
2% mil.)
1% mil.)
3 mil.)
2 mil.)
)
600 thous.)
1 mil. 200 thous.)
1 mil.)
1 mil.)
400 thous.)
10 thous.)
5 thous.)
2,500)
40 thous.)
25 thous.)
)
87
MONETARY DESIGNATIONS
Below are the six monetary designations on Korean modern coins:
Mun ... J&-' (officially) 1/5C U.S.
Fun . . . 'jt 1/5C
Chon ... | post-1894 : 2c; post-1901 : 1C
Yang, Niang . . . |4] 24- c in 1885, 10c in 1886 and 20<r beginning 1892
Hwan . . H] $1.
Won . . . IH $1.
MINT STANDARDS ON SIZE AND WEIGHT
In Section V, measurements are not carried out further than half-Gram
and half-Millimeter. Testing has shown that weights and measures of the
coins, even when coins are in mint state, do not stay at the mint standard.
Moreover, practically all the coins are circulated and tarnished as well, unless
they have been subjected to the horrible crime of cleaning which is worse..
The inquirer ordinarily would do best by not trying to measure and weigh
more accurately than to the nearest half-Gram and half-Millimeter. However,
for whatever it may be worth, the available mint standards are given below.
COIN WEIGHT IN GRAMS DIAMETER IN MILLIMETERS
Quasi-Eagle 20 Chon 5.3914 24.422
#35 8.3333 (for gold coin) 21.21
#36 16.6665 (for gold coin) 28.785
#37 8.280 27.876
#38 4.6654 20.604
#39 13.4783 30.906
#40 3.5640 21.8
#41 2.100 19.1
#42 7.1280 27.876
#43 4.200 23.6
#44 4.6(ii> 20.6
#45 2.69* 17.58
#46 2.250 16.97
#47 ... 5.391 22.42
#48 .. 4.050 20.30
#49 13.47 30.91
#50 10.125 27.27
#51 4.1666 16.970
#52 8.3333 21.212
#53 16.6666 28.788
OUTLINE AND REPRESENTATIVE COLLECTIONS
What to collect is indeed one's own choice. These lists are for those who
would like suggestions.
AN OUTLINE COLLECTION
Of Early Chinese Coins: Antiquity to Circa 200 B.C.
Cowry Shapes (p. 5)
A cowry (ex-archaeological)
A cowry-replica"
An "Ant-Nose"
Knives (pp. 6 & 7)
An early large knife
A small knife
Spades (pp. 8-17)
A large hollow-socket spade
A large flat spade
A small flat spade
An odd flat spade
Round Coins (pp. 18 & 19)
A round coin
Of Korea:
Pre-Modern
An AME object (pp. 2-5) or a Ming
Knife (p. 7) or a Chinese Half
Liang copper (pp. 18 & 19)*
Ca. 1100 A.D. hole-coppers3 pieces:
Clerkly, Cursive and Seal char.
(pp. 29-33)
A ca. 1400 hole-copper (p. 35)
A ca. 1625 hole-copper (p. 38)
Yopchon: period 1678-1883 3 pes.
large, medium, and small sizes
(pp. 46-8)
A coin charm (pp. 49-50)
A 100-value Yopchon (p. 51)
A cast silver piece (p. 52)
A 5-value Yopchon (p. 53)
Modern Korea
19th Century
5 YANG
(P. 72)
19th & 20th Centuries
Japanese Demonetized Yen
(P. 77)
20th Century
HALF WON
(p. 85)
A REPRESENTATIVE COLLECTION
Of Early Chinese Coins: Antiquity to Circa 200 B.C.
Cowry Shapes (p. 5)
A cowry (ex-archaeological)
Three types cowry replicas"
Two types "Ant Noses"
Knives (pp. 6 & 7)
An early large knife
A curved-shape knife
A Ming knife
A straight knife
Spades (pp. 8-17)
Hollow socket: big and smaller-
2 pes.
Large flat: Liang 'trade coin' type
and one other type2 pes.
Small flat: pointed- and square-
foot - 2 pes.
Odd flat: two types
Round Coins (pp. 18 & 19)
Rimless and rimmed 2 pes.
Moulds
A mould or mould-fragment
Beware of forgeries
*These early Chinese coins, having then circulated widely in Korea, can substitute for an
AME object.
Of Korea:
Pre-Modem
An AME object (pp. 21-5) or a Ming Knife (p. 7) or a
Chinese Half Liang copper (pp. 18 & 19). See p. 21.
Ca. 1100 A.D. hole-coppers 6 pes. (pp. 29-33)
Tong Guk T'ong Bo
Tong Guk Chung Bo
Hae Dong T'ong Bo
Hae Dong Chung Bo
Sam Tan T'ong Bo
Sam Han Chung Bo
Clerkly,
Cursive,
Seal,
and
P'albun
characters
Ca. 1400 coppers: two varieties (p. 35)
Ca. 1625 coppers: two varieties (p. 38)
(1678-1800 large size
(1800-1850 medium size
(1850-1883 small size
Coin charms: large and small (pp. 49-50)
Yopchon 24 pes.
(pp. 46-8)
}Two dozen
different
mints
UnderRegent C A 100-value Yopchon, 1866 (p. 51)
TaeWonGun J Silver 1, 2, 3 Chon 3 pes. (p. 52)
and j C-value Yopchon, 1883: large and small2 pes.
KingKojong L. (p. 53)
Modern Korea
19TH CENTURY
Under ('First (pro-Korean) Issue: A Struck Yopchon (p. 65)
J Second (pro-Chinese) Issue: 5, 10 MUN & 1 WARN (p. 66)
dynastic ~\
dating
Third (pro-Japanese) Issue:
L I WHAN (pp. 70-2)
1 & 5* FUN, %*, 1, 5 YANG,
* Also under regnal dating.
19TH & 20TH CENTURIES Japanese Demonetized Yen (p. 77)
20TH CENTURY
Under f Fourth (pro-Russian) Issue: 1, 5 CHON & HALF WON (p. 80)
, J Fifth & Sixth (pro-Japanese) Issues: 1, 5, 10, 20 CHON &
regnal * HALF WON (pp. 84-5)
dating L Seventh (pro-Japanese) Issue: Ten Won gold (p. 86)
90
IN CHRONOLOGICAL SEQUENCE
Contributors
E. A. Parker San Francisco, California
C. P. Song Bank of Korea
Isao Gunji Superintendent, Gallery of Numismatic Collections, Bank of Japan
Young Chan Kim Deputy Governor, Bank of Korea
Kyoshi Urushibata Tokyo Numismatic Society, Japan
Daisuke Kitaura Tokyo Numismatic Society, Japan
Masato Kitaura Tokyo, Japan (Photographer)
Sosuke Sekine Tokyo Numismatic Society, Japan
Yasuo Sekine Tokyo Numismatic Society, Japan (Translator)
Yoshinori Yamaga Tokyo Numismatic Society, Japan (ANA #15270)
Motoichi Okamura Mint at Osaka, Japan
Hiroshi Ogawa Tokyo Numismatic Society, Japan
Keibun Tanaka Tokyo Numismatic Society, Japan
Alexander W. Ritchie Berkeley, California
Sidney Haas Richmond, California
American Numismatic Society, New York
New York Botanical Garden
Howard F. Bowker Oakland, California
Leonel C. Panosh Charles V. Kappen
California State Numismatic Association
(Chiefly Calcoin News photoengravings Sections I-IV)
Eduard Kann Los Angeles, California
Hsi-Tseng Wen, A. M University of Southern California
M. L. Peterson Arlington, Virginia
Lee M. Hewitt Chicago, Illinois
Department of German, University of Southern California
Kenneth E. Stager County Museum of Los Angeles, California
Norman Jacobs, Ph.D New York
Stack's Numismatic Review
Maitland Stewart Los Angeles, California (Photographer)
Hong Oh Consul, Republic of Korea, Los Angeles, California
Staff, East Asiatic Library, University of California
P. K. Sohn Ass't Prof., Seoul National University, Korea
E. P. Ninneman Vallejo, California
Photographed chiefly from the Bank of Japan's, H. Bowker's, A. Ritchie's and
the author's collections.
Bibliography
A grouping of works from those studied minimizing duplicate information.
To list here all the works studied would be both lengthy and redundant.
J. A. Brudin The Coins of Korea (the Numismatist)July, 1900
Howard F. BowkerA Numismatic Bibliography of the Far East (ANS
Monograph #101), 1943. A Footnote to Wang's "Early Chinese Coinage"
(The Numismatist), June, 1953
Baron S. DeChaudoir Recueil De Monnaies de la Chine, du Japon, de la
Coree, d'Annam et de Java au nombre de plus de mille (St. Petersburg),
1842
Hase Chiomatsu Dai Ichi Ginko [Bank] 50 Years History Tokyo, 1926
J. and A. Erbstein Blatter fur Munzfrunde, Nos. 130-131, pgs. 1204 & 1219
June, 1887
Jiro Fujima Korean Coin History Seoul, Korea, 1919
C. T. Gardner The Coinage of Korea (Journal of the North China Branch
of the Royal Asiatic Society, vol. XXVII 1892-3
Hazard, Hoyt, Kim, Smith, Mercus Korean Studies Guide Berkeley, 1954
L. Newton Hayes The Chinese Dragon Shanghai, 1922
Homer B. Hulbert The Passing of Korea New York, 1906
Eduard KannThe Currencies of China 1926-7. The Numismatic Scrap-
book Magazine May, 1953. Catalog of Chinese Coins Los Angeles, 1954
Jun Kobayagawa Co. Circular Letter, November, 1910 Yokohama, Japan
Yoshimasa Koga, M. Ichihara, Henry A. Ramsden The Numismatic and
Philatelic Journal of Japan, vols. 1-4 1910-1914
Kanichi Kuroda On Originals Among Korean Coins (printed essay)
Japan, 1942
Terrier. De Lacouperie Catalogue of Chinese Coins from the VHth. Cent.
B.C., to A.D. 621 including the Series in the British Museum London, 1892
Count Matsukata Masayoshi Report on the Adoption of the Golden Standard
in Japan Tokyo, 1899
Ministry of Finance, Japan Zohei Kyoku (mint) 80 Years History, 1953
Haruo Nishiyoshi Land-of-the-Eastern-Sea Numismatic Publication (Korea),
vols. 1-12, 1934-1938
Cornelius Osgood The Koreans and Their Culture New York, 1951
H. A. Ramsden Corean Coin-Charms and Amulets Yokohama, Japan, 1913
W. C. Sakai Ancient Coins Obtainable in Korea and Manchuria (The
Numismatist) February, 1897
William F. Sands Undiplomatic Memories New York, 1930
F. J. Schjoth The Currency of the Farther East London, 1951
Seoul City Hall History of Seoul City (in Japanese) 3 Vols. Seoul, 1936
Baron Eiichi Shibusawa Translation, Currency Adjustment in Korea 1909
Frederick Starr Supplement to Ramsden's Korean Coin Charms and Amulets
Korea Branch of the Royal Asiatic Society of Japan, Seoul, Korea, 1917
Ting Fu-pao An Encyclopedia of Old Coins Shanghai, 1938 (Coole 240)
M. W. de Visser The Dragon in China and Japan Amsterdam, 1913
Wang Yu-ch'iian Early Chinese Coinage (ANS Monograph #122)1951
E. T. C. Werner A Dictionary of Chinese Mythology Shanghai, 1932
Adolph Weyl Berliner Munzblatter, No. 65, pgs. 624-5 January, 1886
Stanley F. Wright Hart and The Chinese Customs Belfast, Ireland, 1950
Yu Ja-ho Korean Coinage Study (Choson Hwa P'e Go) Seoul, Korea, 1940
n
LIST OF VALUES
A coin book's price list may have
much more purpose than mere value-
estimating or -guessing. Sometimes
it is a "for sale" notice, sometimes
an upgrading of its author's coins,
sometimes a downgrading for him to
buy, sometimes his empirical reward
for having written the book on the
coins. Rarity-judging of the coins
themselves can be subordinated to
the price list; what its author has is
tremendous and what he still doesn't
is pretty good, but not what it would
be in rarity and worth were it in his
collection. When there is a buying
average of % "catalog value"
known, the pricer has only to lower
or raise the figure for himself and
friends. But price successes do not
stem so much from these aspirations
as they do from the success of pricers
as trustworthy persons. A success-
ful price list is assembled with care,
like the book it is supposed to en-
lighten. It does not dictate; it teaches.
But while teaching is an art, teach-
ing right pricings is something of an
art and a science.
It is hard to form even an opinion
when opinions may have practical
effect or any use at all. In this uni-
versally disputed and often very
prickly subject, he who fixes prices
keeps fixing them. Coins like these
change everywhere and continually
not often in value, but quite often
in price. Prices can change with the
person; when he is seller it is worth
this; when he is buyer it is worth
(ugh) that, and when he especially
wants it oh heavens!it is worth
only that little bit. (Were he to admit
to himself that it is worth more, he
fears paying more than he otherwise
would.) Let me show how the price
for a popular and rare piece can
gallop around (in the uncommon case
where there are several good records
of sale). For one such coin before
the Korean War I was offered $10,
then $15. Later on I sold one for $25
and it was sold later for $50. After
Korea's being in the news had sent
the price generally further up, I found
a gem specimen and paid a price
which pride does not allow me to
admit to now. Before the Korean
War, the price had centered around
$10. Now, in a price list, should I
say that this coin is back down to
$10 because the war is ended (a sly
design to control the market for con-
servatives and my own future buying)
or should I print a high pricing for
the liberal market and justify hav-
ing dearly bought my own piece? Or
to try to make everybody happy,
should I have computed a graph,
issuing periodical price lists, figuring
the right price as a point equidistant
between some opinions? When a nu-
mismatist must be, above all, a coin
fancier, and when a coin fancier may
be one who has bought a bargain or
sold for a generous amount, how can
each possibly like one price, or my
book's stating one? And just as no
point satisfies everybody, the matter's
importance can be overestimated
lines do not form for early Chinese
and Korean coins as they did for gaso-
line and stockings in World War II.
The woe of prices is that a profound
concern with them has perpetrated
too much "How much can I get for
it?" A sad commentary of our times
is that the tales of titanic deals, told
in the tone of voice with which chil-
dren tell ghost stories, make many a
person ponder whether he sold or
bought for too much or too little
until numismatics disappears behind
prices and coins change hands like
stocks and bonds. Grantedthere can
be some humor in 'pricimatics'. For
example, many sellers mark costs in
their own code on coin envelopes, and
I have seen many an otherwise re-
spectable numismatist, scholar, and
plutocrat wickedly delighted with
himself to crack someone else's code
and find out that when he sold this
one or that one he made 75<t. Now
there are people who might be so
unkind as to call this snooping, and
others yet so mean as to call it pica-
yune, but cost-code cracking is an
honored institution among price-
mitists, and many meaty six-bits in-
trigues, enjoining rich and poor price-
mitists alike, come of it. "After all",
we are told, "It's not the money; it's
the principle of the thing". But of
course. On the other hand, however, I
have seen the sour aspect of prici-
matics choke a student's research. I
was informed through a Korean diplo-
matic mission that it would "amount
approximately 1,500.00 U.S. Dollar"
for data for this book fromthe Minis-
tries of Education and Finance of
Korea. I suppose that if somebody's
imae-e of m- hadn't been Whee! RICH
AMERICAN I might have made fine
friendships as well as making this a
better book. What a pity that I
couldn't afford the knowledge from
and acquaintance with those vital
sources; government data on coinage
is the essence of coin-book raw ma-
terial. If I had acquired an axto
grind, Where would fall the blame?
Pricimatics. Just as force in New-
ton's solar systemvaried inversely
with the square of the distance,
pricimatic progress may derive from
a theory of astronomical inflation
which varies perversely with the pow-
er purported of the person to pay.
Pricimatics can get pretty frighten-
ing. I can scarcely believe a situation
where I can't even print a picture
of myself in my own book as custom
calls for fear that my own face might
brand me pricimatically as a Korean
coin "pigeon" wherever I might go!
But what does it all mean? It
means that one person's price is
usually not another's; it means that
if this book had a rigid pricing, some-
thing would break, and the fracture
might formin what confidence the
rest of the book has built in itself.
It means that while there is the col-
lector who would balk at anything
over $10 for my "pride" coin, many
another at $10 would be stuck with
downgraded specimens as well as with
disgruntled friends or customers. It
means that because there is, as in
any profession, the lunatic fringe, the
collector must use his own head to
avoid getting stung. It means that
one individual is usually not even
qualified to decree a detailed list of
his "agonizing reappraisals" unless
he is a reliable price statistician
whose task primarily is to find data
sources. I emphasize that I amnot
discrediting those who study carefully
for the price listings they publish;
I tell of price differences here of
manners and morals. All this means,
most of all, that a particular price is
no precedent; therefore, since there
are no set prices, one is not to feel
cheated if he sells even only moder-
ately high or buys thus cheaply. Of
course a person should do as well as
he can; the thing to avoid is making
an obsession of it. Besides price
publishing's being prone to promote
argument, make enemies, and murder
interest, no matter how well the aver-
age be computed, I think of the humor-
ous predicament of an author ac-
quaintance: after publishing his price
list, he offers to buy at "reasonable"
(lower) prices!
I primarily leave it to the good
sense of the collector to find out
what pricings are. The good sense
to join numismatic societies, to sub-
scribe to numismatic publications, to
get data personally fromsources
found to be reliable, to keep general-
ly informed, and to remember the fact
that in the coin business, the fine
old-fashioned laws of horsetrading
have not been repealed, are primary
lessons of coin collecting and common
sense.
Since pricing should be fromthe
buyer's wisdomand the seller's in-
tegrity, there is a core of this book's
"list of values", a rule which tran-
scends all others: have data and good
reasons for your idea of value, then
buy/sell for what you feel is right.
Once the collector is illuminated by
this rule as soon as he decides to
make use of it, not only he, but his
whole collecting community is edified
in direct proportion to his importance
and influence.
Since there are those who will re-
main fearful of being exploited if I, as
the author of the book on the coins,
show no price record at all, I should
show one, even if it may become con-
troversial. However much people may
ignore pricing remarks, they still
often like a 'pivot point from which
to ignore'. However, if the reader
doesn't know it already, let me say
that I hereby give him permission to
ignore this following record whenever
he likes. This is observation, not
pronouncement.
Coins with no rarity shown are common.
POPULAR COINS (needed
for representation, etc.)
Larger Coins
Fine
Common *2
Scarce
Uncirculated
or Superb
$5
Smaller Coins and
Base-Metal Coins
Fine
25(f
$2
Unc, Sup.
$1
$5
OTHER
Larger
Fine Unc. Sup.
$1
$2
*2
S4
Minor
Fine Unc, Sup.
26c;
$1.50
$1
2
Rare coins: ASampling* of Some Lower and Higher Pricings
GOLD SILVER BASE METAL
Have seen the Ten
Won, Craig 52. sell
at $100. $185. $200.
When overseas I
bought the three un-
circulated coins pic-
tured in this book
for a total of $140.
$-Size:
The WHAN. Craig
30, has sold over-
seas for $5.50, later
for $42. In the U.S.
a proof surface has
brought $171.
Smaller
Q. eagle HALF
WON. Craig 39. has
ranged from $17.50
(at a recent U. S.
auction) to $56 unc.
King Farouk paid
$295 1
Rare
Q. eagle 5 CHON nickel. Craig
38, has sold overseas for $7 and
later has sold at from $25 to
$42.50.
5 FUN (Craig 26) rare date of
Kuang Mu 3: I took my fine one
in trade at a consideration of about
V. Rare
1886 Tests, Craig 8 to 19; I
paid an average of $10 each for
mine and have seen pricings to
$25 asked.
There has been a trend for many coins to gravitate to 'rich America, high price heaven'.
Regarding these coins, this trend is based more on wishful thinking than on fact. One
of three things usually happens: (1) The legendary U.S. price is asked overseas and
the piece stays there result: the Far Easterner has sold nothing: (2) The Far Eastern
price is hoisted in knowledge that the visitor thinks he will make a killing in America.
But the not-so-exploitable buyer in America who doesn't know of or ignores the legend
can often sense or know when a price has ballooned, and to the offer of sale he replies,
"No, thank you" sometimes without the "thank you". The would-be huckster waits and
waits, then gives up and sells at a lossif he can find a buyer at allresult: the Far
Easterner has sold at a premium and the visitor at a loss or not at all; (3) Both the
Far Easterner and the foreigner ask a reasonable profit and the coin is readily saleable
result: everybody makes a sale. Agood safety device for a middleman is having an under-
standing with both seller and buyer before purchase.
* Chiefly made up to fit the preceding notes on outline and representative collections.

But my real job has been to bring

some coins to light. After climbing
a hill below that larger mountain, I
am glad if the rut of prices has not
managed to trap me. I wish the col-
lector a cordial good luck in pricings
and the experiences from the coins
that mean more things that give
life to the coins. A jolly friend of
mine knows one such meaning just
some fun in having the coins in a
favorite anecdote of his (told with
gusto and laughter) on the vigorous
imagination of his two small boys
loosed on his collection of hole-cop-
pers. Even if this anecdote is a bit
obstreporous, if you, knowing small
boys, are guilty of chuckling a little,
your regard for these venerable old
coins will still not be thought un-
dignified by me.
My friend doesn't ponder what he
paid for them, for he paid what he
knew was right; when he thinks of
his coins, he chucklesand the better
enjoys and deserves them. Now if
that isn't the aim of us all, what is?
My friend had hardly bought 40
pounds of old, worn, muddy Yop-
chon hole-coppers, washed them and
dumped them out in the sun to dry,
when bang! clatter! The Wells
Fargo Yopchon shipment was up
and away on the wagon of his two
small bandits. But in territory where
a herd of clattering Yopchon clashed
with the rights of the homesteaders
(my friend and his wife) it was too
late to stop a massacre. Alas, alas,
every Yopchon alive was stampeded
and later found flat on the floor with
a hole square through its middle.
%
_EMPTY_
VIEWS OF MINTS FOR MODERN KOREAN COINS
1955
The Temporary Nam Dae Mun Mint Office: destroyed.
The Seoul South-Grand-Gate Mint: destroyed.
The Inch'on Girls' High School
(nee the Chemul'po Mint)
Navy Department Buildings
(ex-Yongsan Mint)