Black Corporation: Joseon [EN]: Chapter 170

170. Aftermath and Currency (5)

The paper money that made the merchants tilt their heads in curiosity was Hyang’s idea. In fact, Hyang took charge of every aspect of the currency’s design.

“Why is the Crown Prince doing this?”

“Why would His Highness get involved?”

When Hyang showed such enthusiasm, everyone from Sejong [the King] to the ministers was skeptical. This was because Hyang usually avoided taking on extra responsibilities, preferring to focus on his work at the research institute and Area 51, always trying to slip away from additional duties.

As time passed, Sejong and the ministers, who had been observing Hyang, began to understand his motivations.

“That’s what I thought…”

“Typical of the Crown Prince.”

Hyang was leveraging all of Joseon’s technology to create this new currency.

* * *

“We should make good use of what we have! We can only develop by utilizing our resources!”

Upon hearing Hyang’s words as he categorized the technologies to be used in the currency manufacturing process, the eunuch muttered to himself,

‘Why is *that* coming out of *your* mouth?’

Regardless, Hyang was now printing money by mobilizing every applicable technology available in Joseon.

For the coins, they weren’t simply stamped out using a press. The mold itself, which would engrave the design onto the coin, was a product of cutting-edge technology.

The steel used to make the mold was of exceptionally high quality, a grade difficult to find even in neighboring countries.

As the steel mill built in Anju became fully operational, wrought iron and steel began to be produced in significant quantities.

The steel produced in this way was primarily allocated to areas deemed critical by the court—mainly Hyang’s research institute and Area 51.

However, as always, Hyang didn’t simply accept the materials and use them without question.

Every time steel arrived from the mill, he rigorously conducted quality inspections and provided feedback to Anju on areas for improvement.

Through this feedback loop, the quality of the steel gradually improved.

It was a testament to the improving skills of the artisans working at the steel mill.

Using the supplied steel, artisans created incredibly precise molds.

Like the coins of the 21st century, they engraved gears on the edges of the coins to prevent counterfeiting.

* * *

While such advanced technology was incorporated into the coins, the paper money represented a synthesis of various technologies.

The art of printing, which had been developing since the Goryeo Dynasty [918-1392], had reached a level of sophistication that even the Ming Dynasty [1368-1644] and Japan couldn’t easily match.

Hyang capitalized on this technology.

He divided the components of a single banknote into sections, created individual plates for each, and printed the banknotes in a manner similar to dyeing fabric.

“It’s no fun if you just put in the amount, right? Coins can’t be helped due to their size, but paper money is different.”

Due to the limited space on coins, only numbers were written on the front, and ‘Joseon Gukjeon (朝鮮國錢)’ [Joseon National Coinage] was printed on the back. But paper money offered more possibilities.

Hyang, struggling to find a suitable design, had an idea while passing by the glass workshop.

“Aha!”

Hyang, struck by inspiration, immediately sought out Pietro and Raphael.

“You guys know how to do etching, right?”

“Etching?”

When Pietro and Raphael looked confused, Hyang realized his mistake.

“Ah…. That’s English. So, using acid and metal…”

After listening to Hyang’s explanation, Pietro glanced at Raphael.

“scelero?”

“scelero.”

Raphael and Pietro, after their brief exchange, answered Hyang.

“Yes, we can do it. It’s a technique often used when adding metal decorations to glass crafts.”

Hyang smiled with satisfaction at their response.

“I need your help.”

“Yes?”

Raphael looked apprehensive at Hyang’s words, but Pietro’s eyes lit up.

‘What kind of hardship are you going to put me through this time!’ thought Raphael.

‘That sounds fun!’ thought Pietro.

Having found a way to realize his idea, Hyang immediately visited the Bureau of Painting.

“Who is skilled at drawing landscape paintings?”

“Yes? Ah, there is someone named An Gyeon.”

‘Wow! I’m actually meeting the famous artist I saw in textbooks?’

Hyang, delighted, immediately gave an order.

“Bring him to me.”

At Hyang’s request, An Gyeon created several landscape paintings to fit the dimensions of the banknotes.

“Not bad. Let’s use this one and this one.”

Hyang, having selected two of the submitted landscape paintings, instructed the painters.

“Make 100 copies of each of these paintings.”

“Yes? Yes. I will obey your order.”

The Director of the Bureau of Painting was momentarily bewildered by the unusual request, then bowed his head and agreed.

The Crown Prince Hyang’s eccentric behavior was already well-known.

Having secured 200 paintings in this way, Hyang gave instructions to Pietro and Raphael.

“Make a copper plate using these.”

“…Yes.”

“If you encounter any problems, tell me immediately. I’ll bring you more paintings right away.”

Having secured an important component of the banknote design, Hyang mobilized the artisans of the Printing Office to create the original plate for the banknote. Since he had already seen the skills of the Printing Office artisans during the creation of the coin molds, Hyang wasn’t particularly worried.

Now, Hyang was preparing to overcome the final hurdle.

“The problem is counterfeiting…”

To address the issue of counterfeiting, Hyang visited Sejong without hesitation.

“Father, I have a request regarding the prevention of counterfeiting for the new currency, especially the banknotes, that will be created and distributed.”

Sejong was intrigued by Hyang’s words.

“Is that so? You always come up with innovative solutions. Okay, what can I do to help?”

“Please create a new seal.”

“Hmm?”

After a moment of thought, Sejong asked Hyang.

“You understand the significance of the royal seal, right?”

“That’s precisely why I’m asking you, Father. Who would dare to counterfeit the currency when it bears your seal?”

“That’s true.”

After considering it, Sejong made a decision.

“I grant your request!”

In this way, 100 seals were made, each bearing the inscription ‘King of Joseon (朝鮮國王),’ calligraphed by Sejong the Great himself.

* * *

As the original plates for the currency were completed, the court established a new government agency.

The new agency was named the ‘Mint Bureau,’ and it was placed under the jurisdiction of the Ministry of Taxation.

Officials from the Ministry of Taxation, hearing the rumors, visited Kim Jeom [Minister of Taxation] to complain.

“More work again? Why is it always us among the Six Ministries [the main administrative divisions of the Joseon government]?”

At his subordinates’ outcry, Kim Jeom replied with a gloomy expression.

“This is something we have to do. If another department were to handle it, we would be criticized. Hooo~. Please bear with it a little longer.”

With all the preparations finalized, full-scale printing began.

The artisans dispatched from the Printing Office to the Mint Bureau proceeded with printing alongside the officials of the Ministry of Taxation, and there was a slightly unusual procedure involved.

Every morning, the officials and artisans who arrived at work maintained the printing press—a hybrid that Hyang had created by incorporating elements of Gutenberg’s printing press—and retrieved the original plates from the vault, installing them in the press. After placing the original plates into the printing press in the correct order, the artisans and officials proceeded to the final vault.

The officials who opened the last vault carefully removed the wooden box containing Sejong’s royal seals.

When the wooden box was placed on the desk, the officials and artisans bowed deeply to the box before opening it.

“No abnormalities!”

After verifying the number of royal seals and confirming that none were missing, the officials carefully removed the royal seals one by one and handed them to the artisans. The artisans, respectfully receiving the royal seals, carefully inserted them into the printing press.

Only after this entire process was completed was the printing press ready to produce banknotes.

* * *

On the day the first 1-nyang gold and 1-nyang silver banknotes were printed, Hyang visited Sejong with a successfully printed sheet of banknotes.

“Father, this is the new banknote.”

“Is it finally finished?”

“Yes, Father.”

Hyang handed the sheet of paper that the eunuch was holding to the head eunuch. Sejong, receiving the sheet from the head eunuch, unfolded it and exclaimed.

“Oh! It’s so beautiful! It’s almost too good to use as currency! Ministers, take a look too!”

“Your Majesty, it is an honor to behold!”

The ministers, taking turns to examine the sheet, also expressed their admiration. Sejong, after inspecting the banknote, returned the sheet to Hyang and instructed.

“You have created an excellent currency. The people will surely appreciate it.”

“These two sheets are the first completed copies. It seems fitting for you to keep them, Father.”

“Is that so? That’s right. I should have them framed and displayed in a prominent place.”

Sejong, looking at the sheet with a pleased expression, noticed a small sentence written at the very bottom of the banknote.

– When exchanged for real money, it is exchanged for 9 jeon of silver [1 nyang = 10 jeon].

“Did you write this in such small print on purpose?”

At Sejong’s question, Hyang bowed his head and replied.

“Yes.”

At Hyang’s answer, Sejong smiled playfully.

“There will be many people who will be tricked.”

“Those who are greedy deserve to be tricked a little.”

Hyang’s face also reflected his playful mood as he answered. Seeing the interaction between the two, the ministers grumbled inwardly.

‘What truly wicked fathers and sons!’

* * *

‘The face value was ‘1 nyang of silver,’ but 10% was deducted when exchanging it for real money.’

This was Hyang’s suggestion.

“What is the reason for doing this?”

“It’s an acquisition tax. Most people buy real silver to accumulate wealth, so taxes should be levied on that. However, it’s too difficult to track down and investigate each individual case, so we’ll levy the tax from the outset.”

At Hyang’s words, Sejong looked at the ministers.

“What do you think?”

As soon as Sejong finished speaking, Kim Jeom answered in a loud voice.

“It’s an excellent plan! It secures tax revenue effectively and reduces labor, making it a win-win situation!”

In this way, the world’s first indirect tax was born.

* * *

The currency, once it began circulating, quickly spread nationwide without much resistance.

In urban areas, where there was already a desire for currency, it was quickly adopted. Surprisingly, it also gained traction easily in rural and fishing villages.

“At first, I wondered why we were using this, but it’s surprisingly useful!”

“I’m telling you!”

Farmers and fishermen, initially resistant to using currency, soon realized its benefits and began using it frequently.

The widespread use of currency among farmers and fishermen was largely due to the influence of the monopoly stores. These stores sold daily necessities like salt and sugar, as well as luxury goods like spices, regardless of social status.

However, these goods were only available in exchange for currency.

Thanks to the existence of these monopoly stores, even those who were initially skeptical of currency quickly adapted to using it.

As currency circulated, quick-witted merchants began creating new products to capitalize on the trend.

The new product they created was ‘wallets.’

* * *

People who possessed banknotes bearing the king’s seal couldn’t handle them carelessly, so they worried about how to store them safely.

Merchants, recognizing this concern, created wallets with leather exteriors and cotton or silk linings.

These wallets quickly became a popular item.

The sight of young, wealthy individuals in urban areas wearing sunglasses and casually strolling with wallets containing several silver banknotes tucked into their sleeves became commonplace.

As an aside, the banknotes, made from the finest hanji [traditional Korean paper], known for its durability, could last for hundreds of years. Among the banknotes that survived, those with serial numbers starting with ‘Gap (甲),’ which were printed first, became highly sought-after collector’s items, sparking fierce competition among collectors worldwide.

* * *

The banknotes produced by Joseon also impacted trade between the three countries of Northeast Asia. Merchants from the Ming Dynasty and Japan began to use Joseon’s banknotes—specifically, the 1-nyang silver banknotes.

The Ming Dynasty had been using silver as currency long before Joseon. Silver as a means of payment was deeply ingrained not only in tax payments but also in various commercial transactions.

In this context, the ‘1-nyang silver’ banknote issued by Joseon was particularly useful. Since Joseon guaranteed its value, its acceptance as currency was assured.

Therefore, Joseon’s banknotes eliminated the need to carry heavy silver ingots and the difficulty of verifying the purity of silver when traveling long distances or engaging in commercial transactions.