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Coinage and Currency of South Korea: "Won" and "Jeon": (Part I): The Historical
Development of the Coinage of South Korea:
The Currency of South
Korea is the Won, sub-divided into 100 Jeon.
About
Korea:
Korea is called the “Land
of the Morning Calm” and is situated in a peninsula in North Eastern Asia,
bordering China.
Oral tradition has it that
Korea had its own distinctive civilisation from over 4000 years ago, but
recorded history is available only from about the first century BC.
Around 935 AD, the
entire territory was named “Koryo” or
Korea, when three kingdoms merged into one to form a bigger and more powerful
State.
In 1905, Korea
became a Japanese Protectorate and was annexed to Japan in 1910.
During the Japanese Colonial
era, the Won was replaced at par by
the Korean yen.
In 1943, the Cairo
Conference, resolved that, Korea “should be free and independent”, but, in
1945, towards the end of the World War II, the Soviet Union attacked Japan
and invaded Manchuria and Korea from the North. Around the same time, US forces
landed in the South. After World War II, when Korea was liberated from the
Japanese, the Potsdam Conference resolved that the country be split along the
38th parallel with the North becoming the People’s Democratic
Republic of Korea (under Communist influence) and the rest of the territory in
the South, becoming the Republic of Korea (South Korea).
In 1948, the Soviet
Union barred UN personnel from supervising free elections which could have led
to a reunification of the North & South, as a result, the Republic of
Korea, with its capital at Seoul, was formally proclaimed on 15.08.1948.
On 25.08.1948,
unsupervised elections took place in the North and the Democratic People’s
Republic, with its capital at Pyongyang was created.
In 1950, North
Korean forces quickly overran the South. US forces under a UN mandate, intervened
in the conflict which saw several fiercely fought battles for territorial
supremacy, with heavy casualties on both sides, till China mediated a truce.
Ever since, both Koreas have
been in a state of warlike confrontation with the US actively supporting the
South.
No
one knows who actually won, as both countries have been using
separate currencies called the “Won” which replaced the Korean yen at par. (Sorry, couldn’t resist the pun. (:-).
Evolution
of coinage before the Division of Korea:
From 996 AD, Korea
had a copper cash currency for many centuries.
In the 17th
Century a new series of coins known as “Shang
Ping” (Stabilisation money) was circulated.
About 1742, a
second series of coins was introduced.
Until 1888, these
coins continued to be in circulation when they were replaced by small silver and
bronze coins from 1 to 3 Chon. These coins were struck on modern presses.
In 1892, the
coinage was reformed when the silver Yang sub-divided into 100 Fun were
circulated.
In 1893, the Hwan
of 5 Yang or 500 Fun was circulated.
Around 1903, the
Won of 100 Chon superseded the earlier circulating currency. The denomination
on these coins was mentioned in English and all other inscriptions were in
Chinese characters. These coins also depicted a Phoenix or dragon on the
Obverse.
During the brief reign of
the last emperor, Kuang Mu, a few gold 10 and 20 Won coins were minted.
In 1910, when the
country was annexed to Japan, only Japanese coins remained in circulation, till
the liberation of Korea in 1945.
In
South Korea:
Bank
of Korea (BOK):
The Bank of Korea is the
Central Bank of South Korea established on 12.06.1950 at Seoul, South
Korea under the Bank of Korea Act. As the Korean economy following the
liberation of the country on 15.08.1945, was in the grip of rampant inflation,
the Bank of Korea’s primary task was to rein in the severe inflation and bring
about a semblance of price stability and financial order. Accordingly, it had a
wide range of powers in regard to the Monetary, Credit and Financial policy,
Bank Supervision, Foreign Exchange policy, as well as, having the exclusive right to issue Banknotes and coins. In
effect, the Bank of Korea took over the functions of the Bank of Joseon.
The Central Bank maintains
close co-operation with other Central Banks and multilateral organisations like
the BIS, IMF and acts as the Central Bank of the G-20 Summit nations.
The first South Korean Won was sub-divided into 100 Jeon.
On 15.02.1953, the
first South Korean Won was replaced by the “Hwan”
sub-divided into 100 “Chon” at an
exchange rate of 1 Hwan to 100 Won.
In 1953, a Series of Banknotes was issued which denominated
in the Hwan, with English lettering. These were the first issues of Hwan
Banknotes.
Until 1959, no coins were issued.
In 1959-1961, a series of 3 coins from 10, 50 and 100 Hwan were issued. These coins
had the numerical/denominational value of the coins on the Obverse and pictorial depictions on the Reverse, showing a rose of Sharon – the National Flower of South Korea (10 Hwan), a turtle warship (50
Hwan) and a bust of the first President Syngman Rhee (100 Hwan).
The
50 Hwan coins of this Series and the 5 Won coins of the 1966 Series featured
the “Turtle warship” or the “Geobukseon”, invented by Admiral Yi Sunsin. With a
fleet of these ironclad vessels, he defeated the Japanese in Chinhai Bay in
1592, which was a decisive action at Sea, akin to the defeat of the Spanish
Armada against the English under Francis Drake in 1588.
In 09.06.1962, the Second South Korean Won Series
was introduced which replaced the Hwan
at an exchange rate of 1 Won to 10 Hwan.
Until 1966, 10 and 50 Hwan coins
(revalued as 1 and 5 Won) were the only coins in circulation.
On 16.08.1966, Won
coins in the denominations of 1 (Brass) depicting the Rose of Sharon, 5 and 10
Won (both denominations struck in Bronze – depicting the Geobukseon and the
Dabotap Pagoda respectively) were issued.
These
were the first South Korean coins to show the date in the Gregorian calendar.
The earlier coins had followed the Korean calendar. In this Series, pictorial images were
depicted on the Obverse and
the numerical denominations of the coins were seen on the Reverse. Some of the depictions
included – the Dabotap Pagoda, the turtle warship etc.
In 1968, the metal
content of the 1 Won coins was changed to
Aluminium, as it was no longer economical to issue this denomination in
Brass due to inflationary pressures.
In
1970, 5
Won and 10 Won coins were struck in Brass and Cupro-Nickel 100 Won coins
(depicting Admiral Yi Sun-Sin) were circulated.
In
1972, 50 Won Cupro-Nickel coins (depicting a stalk of rice) were put
into circulation.
From
22.03.1975, the Won became the sole legal tender with the Hwan
denominations of 10 and 50 Hwan being demonetised on 22.03.1975.
This
Series has been permanently in circulation in South Korea, though recently with
standardised issue of coinage.
On 12.06.1982, 500
Won coins were introduced.
In January 1983,
for the purpose of standardising the coins and increasing the security features
to prevent counterfeiting, a new
Series of Banknotes in the denominations of 1000, 5000 and 10000 Won
and Coinage in the denominations of 1, 5, 10, 50 and 100 Won were issued.
Assigning
Series Designations to Banknotes and Coins:
The
Bank of Korea designates Banknotes and Coin Series in a unique manner.
Instead of putting those
Banknotes or Coins of similar design and issue dates, but of different
denominations, in the same Series, the Central Bank assigns Series number say
“n” to the “nth” design to individual denominations.
For example, the Series
number for the 50000 Won Banknote issued on 23.06.2009, the Series number is I,
because, it is the first time ever, this denomination of Banknote is issued
under the 2006-2007 Series. Similarly, within the same Series the 1000 Won
banknote is designated Series III, because this is the third time ever that
this denomination/design of Banknote has been issued.
Third
Series of Coinage (1982 onwards):
The Obverse of the 1
Won coin depicts the Rose of
Sharon, & the denominational value in Hangul.
The
Rose of Sharon: The plants traditionally referenced by various authorities are – a kind
of Crocus which grows in the coastal plain of Sharon, Tulip Montana (which is a bright red Tulip like flower) found in
the hills of Sharon, Tulipa agenensis
(or the Sharon Tulip), Lilium candidum
(or the “Madonna Lily”) and Narcissus.
In modern usage, the name also applies to two different plants
which are different from the ones referred to in traditional sources: Hypericum calycinum – which is an
evergreen flowering shrub found in Southeast Europe – and southwest Asia and Hibiscus syriacus – which is a
deciduous flowering shrub found in East Asia.
The Rose of Sharon (Hibiscus syriacus) is the National Flower of
South Korea.
The first references of
the Rose of Sharon (“Mugunghwa” – the
name which was first used by the poet Lee Gyu-bo – 1168-1241 – of the Goryeo Dynasty) in Korea are found in an
article written over 1400 years ago. Later, in a mythological fiction “Xuanzhongji” written in the Eastern Jin
Dynasty of China, there is a reference to this flower viz.” The Land of Wisemen
is spread for 1000 li where Mugunghwa flowers bloom plentifully”.
The Reverse of the 1
Won coin depicts the denominational value in numeral “1”, the year of
issue in the Gregorian calendar and the Bank title in Hangul.
The specifications of this coin are:
Metal
Composition: Aluminium; Diameter: 17.2 mm; Weight:
0.729 gms; Edge: Plain. Year of first minting: 1983. Series designation: Series III
The above is the Obverse
of a 5 Won coin showing a Geobukseon (turtle warship), issued in 1983.
The Obverse of the 5
Won coin depicts the Geobukseon,
& the denominational value in Hangul.
The above is an image of replica of a
Geobukseon.
The replica of a dragon head of a Geobukseon
The replica of the spikes on a Geobukseon.
“Geobukseon” (or the Turtle War-ship): This was a large
two-masted, wind and oar-driven Korean warship that was used by the Royal
Korean Navy during the Joseon Dynasty from the early 15th century
till the 19th century. The ship derives its name from its protective
shell-like covering.
It was designed by Admiral
Yi Sun-sin, the most famous of Sea
Admirals of all-time. Turtle warships participated in the War against
Japanese Naval forces supporting Toyotomi Hideyoshi’s attempts to conquer Korea
from 1592 to 1598. These warships were used alongside the “Panokseon” warships in sea battles against the Japanese.
The Turtle warships were
between 100 to 120 feet long, with a dragon
head large enough to fit upto four cannon inside – it could belch
poisonous smoke or cannonballs depending on the intensity/closeness of battle,
serving as a form of psychological warfare aimed at striking fear in the hearts
of the Japanese sailors. The ship was equipped with a battering ram.
The Turtle ship was covered with metal plates making it a form of ironclad and
the first known ship of this kind in naval history. The roof over the upper
deck was covered with iron spikes
to prevent boarding by enemy combatants, which the Japanese were adept at. The
spikes were covered with empty rice sacks or rice mats to lure the Japanese
into trying to board the ship, where the potential boarders would be gored to
death/serious injury by the spikes.
The cannon
used on the Turtle ship were the “Chonja”
(Heaven), “Jija” (Earth), “Hyonja” (Black) and “Hwangja” (Yellow) type cannon. There was
also an Arquebus (a portable gun
supported by a tripod or trestle or placed upon a forked rest) known as “Sungja” (Victory). The Sungja cannon ranged 200 metres while
the Hwangja was the lightest with a
range of 1200 metres. The Geobukseon could carry upto eleven cannon on each
side.
The turtle ships were
used as close-assault vessels, intended to ram enemy ships and sink them.
They could attack Japanese ships continuously by firing fire-arrows and unleash
a broadside of cannonballs through repeated alternate approaches, even as close
as 18-30 feet, destroying the enemy vessels completely without any damage to
itself as the heavy timber and iron plating deflected arrows and Arquebus
rounds.
The Reverse
of a 5 Won coin issued in 1983.
The Reverse of the 5
Won coin depicts the denominational value in numeral “5”, the year of
issue in the Gregorian calendar and the Bank title in Hangul.
The specifications of this coin are:
Metal
Composition: Brass (65% copper, 35% Zinc); Diameter: 20.4 mm; Weight: 2.95 gms; Edge: Plain. Year of first minting: 1983. Series designation: Series III.
The Obverse of the 10
Won coin depicts the Dabotap
Pagoda, & the denominational value in Hangul.
Dabotap
Pagoda: The Stone Pagoda “Dabotap” is located in
the temple of Bulguksa in Gyeongju, South Korea. It is also known as the
“Pagoda of many treasures”.
This Pagoda was built in 751,
during the reign of the Shilla King Gyeongdeok.
It is a three-storey
pagoda standing at 10.4 metres tall, which was built in an ornate style usually
not seen in other Buddhist countries. The
sculpture techniques used are unique for its time and include very subtle
features.
The Pagoda was dismantled
by the Japanese in the 1920s, when Korea was under Japanese occupation.
The
Dabotap along with another Pagoda, the Seokgatap also located in Bulguksa
reflect a story in the Lotus sutra.
Dabo (or “Prabhutaratna”),
a Buddha who had achieved enlightenment, riding the Tower of Many treasures,
appeared in person to attest to the validity of Sakyamuni’s sermons at Vulture
Peak. Both Dabo and Sakyamuni then sat side by side within the tower. Dabo represents the “objective truth”, while
Sakyamuni represents the “subjective wisdom” to realize it.
The Dabotap Pagoda is highly decorative and exhibits feminine features
symbolising “the complexity of the
World”, while the Seokgatap
Pagoda is a highly simplified structure exhibiting masculine features
symbolising “the brevity of spiritual
ascent”.
The Reverse of the 10
Won coin depicts the denominational value in numeral “10”, the year of
issue in the Gregorian calendar and the Bank title in Hangul.
The specifications of this coin are:
1983
issues:
Metal
Composition: Brass (65% copper, 35% Zinc); Diameter: 22.86 mm; Weight: 4.06 gms; Edge: Plain. Year of first minting: 1983. Series designation: Series III.
2006
issues:
Metal
Composition: Copper plated Aluminium (48% copper, 52%
Zinc); Diameter: 18.00 mm; Weight: 1.22 gms; Edge: Plain. Year of first minting: 2006. Series designation: Series IV.
The Obverse of the 50
Won coin depicts a Stalk of
Rice, & the denominational value in Hangul.
The Reverse of the 50
Won coin depicts the denominational value in numeral “50”, the year of
issue in the Gregorian calendar and the Bank title in Hangul.
The specifications of this coin are:
Metal
Composition: 70% copper, 18% Zinc, 12% Nickel); Diameter: 21.60 mm; Weight: 4.16 gms; Edge: Milled. Year of first minting: 1983. Series designation: Series II.
The Obverse faces of 100 Won
coins issued in 1986, 1988, 2002, 2004
The Obverse of the 100
Won coin depicts a portrait of Admiral
Yi Sun-sin, & the denominational value in Hangul.
Admiral
Yi Sun-sin (28.04.1545 – 16.12.1598): He was a Korean Naval
Admiral, famed for his victories against the Japanese Navy during the “Imjin War” during the
reign of the Joseon dynasty. Yi is also the famed inventor of the “Geobukseon” (or the turtle War-ship),
which was the World’s first Ironclad
Warship.
He was well-respected both by his men, as well
as, his adversaries. He is remembered as
the greatest Naval Commander in the history of Naval combat and he remained
undefeated against insurmountable odds despite having no naval training
although he underwent training as an infantry officer. He remained undefeated
in over 23 naval battles, the only Naval Commander ever to have such a
phenomenal record. His most memorable military achievement was in the
battle of Myeongnyang.
Yi fell out of favour with
the Joseon King, who was a weakling given to court intrigue and his opponents
always conspired to keep Yi from gaining men, material and operational freedom.
So much so, they even contrived to get King Seonjo to have Yi imprisoned and
tortured to the point of death. King Seonjo, himself, feared that Yi’s growing
popularity might make him challenge his own title to the Korean throne. Yi was
demoted in rank and made to serve under junior officers.
Meanwhile, in 1597,
the Japanese launched a massive attack on Korea, with about 140,000 men and
1000 ships. Yi’s successor Won Gyun’s fleet of 150 Warships (with 30000 men
which had been carefully assembled by Yi),
was caught unawares and destroyed except for 13 ships that Admiral Bae
Seol managed to flee the engagement with.
King Senjo fearing his own
safety, hurriedly pardoned Yi and reinstated him as the Commander of the vastly
reduced fleet of 13 ships.
Yi’s fleet was vastly outnumbered
133 warships (and 200 logistical support ships) to only 13 and he was forced to
make a last stand in the defence of Seoul against an invading Japanese Army,
but he managed to destroy 33 of the enemy vessels, striking fear among the
Japanese navy, which retreated in disarray. There
is no other engagement in history involving such an outnumbered fleet emerging
victorious.
He died in the Battle of
Noryang on 16.12.1598, when he was struck by a stray bullet, with the
Japanese army on the verge of being completely pushed out of the Korean
Peninsula. His famous dying words were “The battle is at its height … beat my war
drums … do not announce my death”. His nephew put on his battle armour
and Yi’s passing away was only announced when the Japanese were completely
routed.
It is said that the weak
Joseon king only showed a “blank expression” offering no signs of sadness or
shock on hearing the news of Yi’s passing away.
Nevertheless, public
sentiment forced King Seonjo to acknowledge Yi’s patriotism and contribution
as the most capable Korean Naval Commander and he was given the title of “Chungmugong” (Duke of Loyalty and Warfare), and enrolment as a “Seonmu lldeung Gongsin” (First class
military order of merit during the reign of King Seonjo), “Deokpung Buwongun” (The Prince of the Court from Deokpung) and “Samdo
Sugun Tongjesa” (meaning “Naval commander of the Three Provinces”), which
remained the title of all succeeding Naval commanders of the Korean Navy till 1896.
Admiral Yi’s posthumous
title, “Chungmugong” is used as South
Korea’s third highest military honour, known as “The Cordon of Chungmu of the
order of military Merit and Valour”.
Even in North Korea, the
military awards the Order of admiral Yi sun-sin to Flag officers and naval
commanders for outstanding leadership.
Several movies/films/TV
Serials have portrayed Yi’s successes against his adversaries & several
/streets/memorials and a City stand in his name. A naval submarine in South
Korea has been named after him.
The Reverse faces of 100 Won
coins issued in 1986, 1988, 2002, 2004.
The Reverse of the 100
Won coin depicts the denominational value in numeral “100”, the year of
issue in the Gregorian calendar and the Bank title in Hangul.
The specifications of this coin are:
Metal
Composition: Cupro-Nickel (75% copper, 25% Nickel); Diameter: 24.00 mm; Weight: 5.42 gms; Edge: Milled. Year of first minting: 1983. Series designation: Series II.
The Obverse of a 500 Won
Coin issued in 2001.
The Obverse of the 500
Won coin depicts an image of a
red crowned Crane, & the denominational value in Hangul.
An image of red Crowned
Cranes.
Red Crowned Crane: The Red Crowned Crane is also called the
Japanese Crane (Grus japonensis). It
is among the rarest Cranes in the world and is regarded as a symbol of good
luck, longevity, immortality, nobility and fidelity. Adult red-crowned Cranes
are named for a patch of red bare skin on the crown, which becomes brighter
during the mating season.
It is found predominantly in Japan, East Central China, and Korea where they migrate during the winter season from Siberia, North-eastern China and from Mongolia. Overall they are snow-white in colour, with black on the wing secondaries, which can appear almost like a black tail, when the birds are standing, but the real tail feathers are actually white. The species is among the largest cranes in the World, with an average size of about 158 cm (4’ 11” to 5’ 2”) with an average body weight of 7 to 10 kgs or 15 to 23 lbs.
In Japan and Korea, this Crane is called “tanchozuru” and is believed to live for 1000 years (although its life expectancy is about 30 to 70 years).
It is found predominantly in Japan, East Central China, and Korea where they migrate during the winter season from Siberia, North-eastern China and from Mongolia. Overall they are snow-white in colour, with black on the wing secondaries, which can appear almost like a black tail, when the birds are standing, but the real tail feathers are actually white. The species is among the largest cranes in the World, with an average size of about 158 cm (4’ 11” to 5’ 2”) with an average body weight of 7 to 10 kgs or 15 to 23 lbs.
In Japan and Korea, this Crane is called “tanchozuru” and is believed to live for 1000 years (although its life expectancy is about 30 to 70 years).
The Reverse of the above
500 Won Coin issued in 2001.
The Reverse of the 500
Won coin depicts the denominational value in numeral “500”, the year of
issue in the Gregorian calendar and the Bank title in Hangul.
The specifications of this coin are:
Metal
Composition: Cupro-Nickel (75% copper, 25% Nickel); Diameter: 26.50 mm; Weight: 7.70 gms; Edge: Milled. Year of first minting: 1982. Series designation: Series I.
Commemorative
Coins:
Since 1975, when
the 30th Anniversary of the Liberation of Korea was celebrated,
South Korea has been minting several gold and silver Commemorative coins. One
such coin was a 100 Won Silver coin portraying Admiral Yi Sunsin, the inventor
of the Turtle warship.
The Obverse of the 100 Won
silver coin depicting Admiral Yi Sun-sin. In the background is a Geobuseon or a
turtle warship. Notice that the dragon head is belching smoke to strike fear in
the hearts of Korea’s Adversaries.
Indian coins minted in South Korean Mints during, 1985, 1997 and 1998:
During the above period, when indian mints did not have the capacity to meet domestic demand, South korean mints came to the aid of the government of India and minted the undernoted coins:
Indian coins minted in South Korean Mints during, 1985, 1997 and 1998:
During the above period, when indian mints did not have the capacity to meet domestic demand, South korean mints came to the aid of the government of India and minted the undernoted coins:
The Seoul Mint (South Korea), has a ”five-pointed star” under the date of the coin, directly below the last numeral of the year of issue i.e. under the numeral “7” and “8” in our two specimens given here.
These two 2-rupee coins were supplied by Seoul, South Korea, in 1997 and 1998.
The Taegu Mint (South Korea), , has a “five-sided star” , but this mint mark is placed below the first numeral of the year of issue.
In our specimen, the mint mark star is given below the numeral “1”.
This 50 paise coin has one of the most beautiful floral designs of
Independent India issues.
Also,in
a lighter vein, if you see in the floral pattern, there are dots,
diamonds, and no marks, apart from the five pointed star , below the
first numeral of the year 1985 ,which is the Taegu mint mark. It is only my observation,
that this coin exhibits all the mint marks of Indian mints as well –
the five-pointed star (Hyderabad mint), no mark (Kolkata mint), Diamond
(Mumbai mint) and dot (Noida mint), but then it is only my opinion, not to be taken seriously by numismatists or researchers.
(Two 100 Won coins and the 500 Won coin is
from the collection of Jayant Biswas. Coins scanned and post researched and written
by Rajeev Prasad)
Links:
1) Coinage & Currency of South Korea: (Part II): Historical Development of Banknotes
Links:
1) Coinage & Currency of South Korea: (Part II): Historical Development of Banknotes
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