Joseon Tongbo

The Joseon Tongbo (Korean: 조선통보; Hanja: 朝鮮通寶) was an inscription used on Korean cash coins during the Joseon period first from 1423 until 1425 and later again from 1625 until 1633. Initially the attempt to introduce coinage to Korea proved unsuccessful as had been the case when the Goryeo state had attempted to issue its own coinage centuries earlier. But during the second attempt the Korean economy had evolved to become more reliant on trade and the need for coinage began to challenge the prevalence of barter in Korean society. In the year 1633 the Stabilisation Office (常平廳, Sangpyeongchŏng) introduced the Sangpyeong Tongbo cash coins whose popularity would cause the Joseon Tongbo inscription to be phased out.

In the year 1881 the Korean government experimented with producing high denomination Joseon Tongbo cash coins, however, these were never issued.

History

1423–1425

During the early years of the Joseon period cloth and grains would remain the most common forms of currency among the Korean people, during this time cotton was considered to be the most important medium of exchange. The government of Joseon also recognised the prominent role that cotton played in the Korean economy and the highest quality specimens of cotton would be stamped with the text "Joseon Tongpyejiin", which could be seen as a government seal of approval and meant that it could be used as currency throughout Korea. Barter would remain the norm in Joseon society for many generations before the reintroduction of cash coinage.

Bronze coins were cast starting in 1423 during the reign of king Sejong the Great with the Joseon Tongbo (조선통보, 朝鮮通寶) cash coins. The coins produced under Sejong were pegged to copper at 160 coins to one Kŭn (斤, 근) which is equal to 600 grams, though the actual market rates regularly fluctuated.