Black Corporation: Joseon [EN]: Chapter 169

169. Aftermath and Currency (4)

Amidst a mix of anticipation, fear, and tension, the autumn harvest and tax collection of the Gi-yu year began.

‘From this harvest onward, taxes will only be accepted in currency!’

Long before any uprisings, the court had already made this announcement, so the people of Joseon were aware of the fact and preparing themselves accordingly.

Near the entrance of a bathhouse in Seochon, Hanyang.

Two men standing near the entrance were conversing.

“I heard they’re creating and distributing new currency this time?”

“That’s right. I hear it’s completely different from what we’ve been using.”

“Really? I wonder if something actually useful will come out of this?”

“Who knows….”

“What are you doing, blocking the bathhouse entrance! Are you going to bathe or not!”

“Eek!”

Lost in their chatter, the men hurried to the counter at the bathhouse entrance, startled by the owner’s shout.

“Here’s the fee.”

“Me too!”

The men handed over small sacks of grain, and the bathhouse owner opened the sacks to check the contents.

“Beans, huh? Let’s see….”

The bathhouse owner poured the beans onto a scale and weighed them.

“You brought the right amount this time. Go on in!”

After the men entered, the bathhouse owner, pouring the beans into a large sack, grumbled.

“Damn it! Money doesn’t grow on trees! If they’ve decided on this currency thing, they should release it quickly! Weighing this stuff is a pain!”

The residents of Joseon’s urban areas generally welcomed the currency. However, most rural residents reacted negatively.

“They’re making new money? Aren’t they just wasting precious copper again?”

“Cotton cloth is good enough, why bother….”

“What’s the point of making it? They’ll just stir things up again, hunting for counterfeiters.”

“Even if they make it, you can’t buy anything with it, so what’s the use….”

The people living in rural or fishing villages were still accustomed to bartering. Moreover, they were filled with distrust due to the low reliability of previously issued currencies.

Finally, on the day the harvest and tax collection began, the people of Joseon were able to see the newly created Joseon currency.

* * *

As the harvest began, the officials from the Ministry of Taxation, dispatched throughout the country, moved busily.

The officials scrutinized the process of farmers putting their harvested rice into sacks, checking for any irregularities.

“Let’s see…. Kim Gap-seok [a commoner’s name], 22 *seom* [a unit of volume, approx. 180 liters]…. So the tax rate is….”

The official informed Gap-seok of the amount of tax he had to pay according to the tax rate.

“You understand the amount, right?”

“Yes, sir.”

“Then come to the marketplace next to the monopoly within five days and pay in currency.”

“Yes, sir.”

“If you’re late by even a day, a late fee of 1 *pun* [a small denomination of currency] will be added to your tax, so don’t forget!”

“I’ll be sure to go within five days!”

“Ah! Just so you know, the monopoly only accepts currency, so bring enough!”

“Yes! I understand!”

The official, having given the farmer several warnings, briskly moved on to check the harvest situation at another house.

* * *

Farmers carrying sacks and loads of rice, even loading them onto carts to exchange for money to pay taxes, saw a large crowd gathered next to the marketplace.

“Why are so many people gathered here?”

Gap-seok, who had come to the monopoly to pay taxes like the other farmers, carrying a sack of rice, asked a nearby farmer for the reason.

The farmer explained the reason in a listless voice.

“They say we have to listen to a brief explanation about the currency before entering the marketplace, so we’re stuck here.”

“Is that so?”

At the farmer’s explanation, Gap-seok craned his neck and looked ahead. Sure enough, soldiers with spears were lining up the farmers, and an official sitting at a desk was pointing at various things on the desk, explaining something.

“Next!”

After waiting for about 1 *shijin* [approximately two hours], it was Gap-seok’s turn. Along with the other farmers, Gap-seok headed to where the official was and looked at the desk. On the desk were colorful papers with lines printed on them, yellow copper coins, and white copper coins.

The official, clearing his throat with a drink of water, looked at Gap-seok and the farmers and began to explain.

“First, I’ll explain the coins. This white one here is a white copper coin. The smaller sizes are 1 *pun* and 5 *pun*. Ten of these white copper *pun* equals 1 *hwangdong* [yellow copper] coin. Do you understand so far?”

The farmers blinked and nodded at the official’s explanation, pointing to the coins.

“We roughly understand.”

“You can distinguish them by their size, right?”

“Yes, sir.”

At the farmers’ response, the official pointed to the yellow coins and continued his explanation.

“These are *hwangdong* coins. From the smallest, they are 1 *won*, 5 *won*, 10 *won*, and 100 *won*. Again, you can distinguish them by their size, right?”

“Yes, sir.”

Having finished explaining the coins, the official began to explain the bills next to them.

“This one with the diagonal blue line across it is a silver 1 *nyang* [a unit of currency] bill. That is, this paper money has the value of 1 silver *nyang*.”

At the official’s explanation, the farmers widened their eyes and examined the bill. The four edges of the bill were surrounded by red and blue lines like *dancheong* [traditional Korean decorative coloring on wooden buildings], and inside it was written ‘Silver 1 *nyang* (銀1兩).’ And next to it was a beautiful landscape painting.

The official continued his explanation.

“This silver 1 *nyang* has the value of 1,000 *hwangdong won*. Understand?”

“Yes? Yes.”

“And ten of these silver 1 *nyang* bills together….”

The official pointed to another bill next to it.

“Becomes 1 gold *nyang*. Got it? Well, you probably won’t even see a gold 1 *nyang* bill.”

At the official’s words, the farmers nodded without realizing it. Gold was something they might see once or twice in their lifetime.

Occasionally, they heard rumors that someone who was lucky enough to find valuable wild ginseng in the mountains bought his wife a gold ring, and the food on the table changed, but rumors were just rumors.

Having finished the basic education, the official asked the farmers a question.

“Then which one is 1 *pun*?”

“Uh…. That’s….”

* * *

Having received education on coins and bills, Gap-seok and the farmers moved to the marketplace.

The marketplace was located in the house of Yoo-ji, who had participated in the ‘Gi-yu Rebellion.’ In the wide front yard of the large mansion, which seemed to have over 70 rooms, there were several desks, and officials were sitting and exchanging the grains brought by the farmers for currency.

“Wait here and move one by one when a seat becomes available.”

“Yes, sir.”

The farmers, blocked by the military officer standing in front of them, quietly waited for their turn.

Finally, when it was his turn, Gap-seok went to an empty seat and set down the carrying frame he had been carrying.

“Where do you live and what is your name?”

“I live in Angol, and my name is Kim Gap-dol, no, Kim Gap-seok.”

“Kim Gap-seok of Angol….”

At Gap-seok’s answer, the official got up from his seat and searched through the stacks of documents piled up behind him. After searching through dozens of neatly arranged books, the official took out one and returned to his seat to check the contents.

“Kim Gap-seok of Angol…. Here it is. This year’s yield is 22 *seok* (石), right?”

“Yes, sir.”

“Then the tax rate is….”

The official calculated with an abacus and asked Gap-seok.

“The tax you have to pay is 1 *mal* [approx. 18 liters] and 1 *doe* [approx. 1.8 liters] of rice. Is that correct?”

“That’s correct.”

Having received Gap-seok’s confirmation, the official calculated again with the abacus.

“1 *mal* and 1 *doe* of white rice…. 1 *seom* of white rice is silver 1 *nyang* 200 *won*, so uh…. It’s 110 copper coins. Did you bring the rice?”

“Yes, sir.”

Gap-seok lowered the rice sack from the carrying frame.

“You brought the rice sack?”

“Yes. I need to buy some salt and a few things at the monopoly. They say the monopoly only accepts money too….”

“I see, hey there!”

“Yes, sir!”

At Gap-seok’s answer, the official gestured to a soldier waiting nearby. The soldier opened the sack, checked the rice for contamination, weighed it, and reported to the official.

“No problems.”

“I see.”

Having received the soldier’s report, the official opened a wooden box next to him and took out copper coins.

“This year’s rice price is silver 1 *nyang* 200 *won* per 1 *seom*. First, take 200 *won* here. To make it easier to spend, it’s one 100 *won* coin and ten 10 *won* coins.”

Gap-seok, receiving the coins, unknowingly blurted out.

“That’s it….”

The official chuckled at Gap-seok’s reaction.

“It’s not much, is it? But it’s money guaranteed by the court.”

“Yes, yes….”

Whether Gap-seok did so or not, the official opened the wooden box next to him and carefully took out a bill, handing it to Gap-seok with both hands.

“Take it. It’s a silver 1 *nyang*.”

“But why with both hands?”

“See the red stamp down there?”

“Yes.”

“It’s His Majesty’s royal seal (*御璽*, *ok-sae*).”

“Oh my goodness!”

Startled, Gap-seok rubbed his hands roughly on his pants and respectfully received the bill.

“Since it’s an item with His Majesty’s royal seal on it, don’t damage it carelessly.”

“Yes! I will definitely do so!”

“Go inside the main building to pay your taxes.”

“Yes, sir!”

* * *

Having paid all his taxes, Gap-seok stared at the bill in his hand.

“Suddenly, I have a burden.”

The bill in his hand was a burden to Gap-seok. He couldn’t just stuff something with the king’s seal into his underwear, and if he carried it around carelessly, it would be easily stolen.

After pondering for a moment, Gap-seok soon bit his lip tightly.

“I need to get rid of this burden quickly! I’ll spend it!”

Gap-seok moved to the monopoly right next to him.

That day, Gap-seok bought salt, sugar, and various spices to fill his carrying frame, and as a finishing touch, he even bought *gwaja* [traditional Korean sweets] and alcohol for his children before returning home. And he was thoroughly scolded by his wife.

“You rascal! Who told you to buy a little salt and sugar, why did you buy so much! Are you going to sprinkle salt on the rice paddies instead of seeds!”

* * *

As currency began to circulate, the ones who paid the most attention were, of course, the merchants.

“Hmm….”

The merchants, carefully examining the newly circulating currencies, soon came to a conclusion.

“If there are guys with the skills to counterfeit these new coins, they’d make even more money doing something else.”

“That’s right.”

The merchants gave the coins a rating of ‘impossible to counterfeit.’

“They definitely weren’t cast.”

“It’s certain they used the press that the Crown Prince made.”

“Thanks to that, counterfeiting is difficult, as you said earlier.”

Like the merchants’ assessment, the newly made coins were made with a press.

While making armor to supply to the military, the pressing technology of the artisans belonging to the court had reached a state of perfection. In addition, by using animal power (畜力) instead of human power (人力) as a power source, they were able to press with even greater pressure, and they were able to create more precise molds using the steel supplied from the steel mill.

The merchants’ high evaluation of the coins was not only because ‘it was difficult to counterfeit.’

“The value of melting down white copper or *hwangdong* coins is much less than the value of simply circulating them, so there won’t be any fools melting them down to do something else.”

“That is correct.”

This was Hyang’s work. Knowing that during the IMF era, people melted down 10 *won* coins to sell, and that the design and size of the 10 *won* coin had changed because of that, Hyang boldly reduced the size of the coins.

“What’s important is the number printed on the coin! And the fact that the country guarantees the value of that number!”

At Hyang’s insistence, Sejong and the ministers accepted Hyang’s opinion.

The merchants were full of praise for the coins. The fact that the sizes were varied according to value, reducing the possibility of confusion, was also one of the reasons for the favorable reception.

The merchants’ topic moved on to banknotes.

The merchants’ gazes, upon seeing the banknotes for the first time, turned to Sejong’s royal seal stamped in one corner, and their impression was simple.

“If you don’t want to be branded a traitor, don’t even dream of counterfeiting!”

Even before, counterfeiting currency was a serious crime comparable to treason, with the basic punishment being death.

However, this time, the king’s royal seal was stamped on the banknote. To counterfeit this was an act of treason without any room for excuses.

In other words, not only would the person’s head be cut off, but the heads of their entire family would be cut off as well.

“Thanks to that, I don’t think we need to worry about counterfeiting.”

“That’s right.”

The merchants, having concluded that it was impossible to counterfeit, began to examine other parts of the banknote.

The merchants, who had been quietly examining the banknote, all tilted their heads.

“How did they print this?”