Black Corporation: Joseon - Chapter 170
Episode 170: Aftereffects and currency. (5)
The paper money that made merchants twist their heads was a project of the incense. No, when it comes to the design of the currency, Hyang took charge of everything.
“Why, Crown Prince?”
“Why the Crown Prince?”
As Hyang showed enthusiasm, everyone from King Sejong to the ministers fell into doubt. This was because he usually avoided smelling it like a loach, trying to avoid smelling it as much as possible except for work in the research lab and Area 51.
As time passed, King Sejong and the ministers who observed the appearance of the incense learned the reason.
“Then that’s right….”
“As expected, it’s the crown prince.”
Hyang was making currency by mobilizing all of Joseon’s technology.
* * *
“You should use what you have well! “You have to use it to develop!”
The eunuch said something to himself in response to Hyang’s words while classifying the techniques used in the process of producing currency.
‘Why does that word come out there?’
In any case, Hyang printed currency by mobilizing all the technologies available in Joseon that could be used for currency.
In the case of coins, they were not simply minted using a press. The frame itself for engraving patterns on coins was a product of the latest technology.
The steel itself that made up the body of the frame was high quality steel that was difficult to find in neighboring countries.
Once the steel mill built in Anju was fully established, wrought iron and steel began to be produced in large quantities.
The steel produced in this way began to be used in large quantities in areas deemed necessary by the government – most of them were Hyang’s research institute and Area 51.
However, as always, the scent was not just quietly accepted.
Whenever the steel produced at the steel mill arrived, quality inspection was conducted non-stop and improvements were made known to Anju.
Through this feedback process, the quality of steel produced from steel mills has gradually improved.
It was evidence that the skills of the craftsmen working at the steel mill were gradually improving.
Using the supplied steel, craftsmen created precise molds.
Like coins used in the 21st century, a gear wheel was engraved on the side of the coin. This was to prevent counterfeiting.
* * *
Coins also incorporated these latest technologies, but banknotes were the sum of such technologies.
The printing technology that had been passed down since the Goryeo Dynasty boasted an unparalleled level that not only the Japanese but also the Ming Dynasty could not easily match.
Hyang used the technology to its full potential.
The parts that make up a single bill were divided into pieces to create individual disks, and the bills were printed as if printing on fiber.
“Wouldn’t it be so boring to just put in the amount? Even if you can’t help with coins, the situation is different with banknotes.”
In the case of coins, due to restrictions on their size, only numbers were written on the front and the words ‘Joseon National Jeon (朝鮮國錢)’ were stamped on the back. But the bills couldn’t just be passed over.
Hyang, who was struggling to find a clear solution, came up with a solution while passing by a glass workshop.
“aha!”
After thinking of a good idea, Hyang went straight to Pietro and Raphael.
“You guys know how to etch, right?”
“Etching?”
When Pietro and Raphael expressed their doubts, Hyang realized his mistake.
“Ah… this is English. So, using acids and metals….”
After hearing the explanation of the scent, Pietro looked back at Raphael.
“Scelero?”
“Scelero.”
Raphael and Pietro, who had a short conversation, answered the scent.
“Yes, I know how to do it. “This is a technique often used when adding metal decorations to glass crafts.”
After hearing the two people’s answers, Hyang smiled in remorse.
“You guys need to help me.”
“yes?”
Raphael expressed his disapproval at the scent’s words, but Pietro’s eyes sparkled.
‘Why are you trying to make me suffer again?’
‘Sounds like fun!’
Hyang, who had found a means to turn his idea into reality, immediately went to Dohwawon.
“Who is good at painting landscapes?”
“yes? “Ah, there is someone named Angyeon.”
‘Hey! ‘Do you actually see the noblemen you see in textbooks?’
The pleased Hyang immediately gave an order.
“Call him.”
At Hyang’s command, An Gyeon drew several landscape paintings according to the size of banknotes.
“It’s okay. “Let’s do this and this.”
Hyang selected two of the submitted landscape paintings and gave orders to the painters.
“Copy 100 of these pictures.”
“yes? yes. “I follow your orders.”
Taohwawon’s master was taken aback for a moment, then bowed his head and answered.
Crown Prince Hyang’s eccentric trips were already famous.
After securing 200 paintings, Hyang gave orders to Pietro and Raphael.
“I’ll make a copper plate out of this.”
“… yes.”
“If you fail in the middle, I’ll tell you right away and I’ll bring you more pictures right away.”
In this way, Hyang, who formed an important part of the banknote design, mobilized craftsmen from the main office to create the original version of the banknote. Hyang was not particularly worried because he had already confirmed the skills of the master craftsmen in the process of making the coin disc.
Now the scent is ready to break through the final hurdle.
“The problem is counterfeiting…”
When it came to preventing counterfeiting, Hyang immediately went to Sejong without much hesitation.
“I have a request from Abama to prevent counterfeiting of the newly created currency, especially banknotes, that will be distributed this time.”
Sejong showed curiosity at Hyang’s words.
“okay? You always come away with clear answers. “Okay, what can I do for you?”
“Please dig a new seal.”
“huh?”
After thinking for a moment, Sejong asked Hyang.
“You know the meaning of the seal, right?”
“That is why I have made a request to Abama. “Abama Ma’s seal is stamped, but would there be a person so big that he would forge it?”
“Right.”
Sejong thought for a moment and immediately made a decision.
“I allow it!”
In this way, 100 seals were created with the words ‘King of Joseon (朝鮮國王)’ written in King Sejong’s handwriting.
* * *
Once the coins were created, the government created new government agencies.
The name of the newly created organization was ‘Mint Bureau’ and it was an organization under Hojo.
Hojo officials who heard the rumor went to Kim Jeom and complained.
“Is it happening again? Of the six ancestors, why is it always us?”
Kim Jeom responded to his subordinates’ cries with a gloomy expression.
“This is what we must do. On the contrary, if another department does it, we will be criticized. Phew~. Please suffer a little more.”
Once all preparations were completed, full-scale printing began.
Craftsmen dispatched from the Jujiso to the Mint worked with Hojo officials to print, but something unusual happened in the process.
The officials and craftsmen who arrived every morning maintained the printing press – a hybrid created by adopting Gutenberg’s printing press method – and took out the original plates stored in the safe and installed them in the printing press. The artisans who put the original plates into the printing press according to the printing order headed to the final vault together with the officials.
The officials who opened the last safe carefully took out the wooden box containing King Sejong’s swords.
When the wooden box was placed on the desk, the officials and craftsmen bowed deeply to the box and opened it.
“Nothing wrong!”
After checking the number of swordsmen and finding that there was no problem, the officials carefully took out the swordfish one by one and handed them to the craftsmen. The craftsmen who politely handed over the seal carefully inserted it into the printing press.
Only after this process was completed were the banknotes ready for printing.
* * *
On the day when the first bill of 1 gold and 1 silver was minted, Hyang visited Sejong with a battery of successfully completed bills.
“Abama, it’s a new banknote.”
“Is it finally complete?”
“Yes Abama.”
Hyang handed the battery that the naeguan had brought to the merchant ship. Sejong, who received the battery from a merchant ship, unfolded it and let out an exclamation.
“Oh oh! How beautiful! It’s almost a waste to use it as currency! “Take a look at the sutras too!”
“I am devastated, Your Majesty!”
The ministers who returned the battery also let out exclamations. After examining the banknotes, Sejong returned the battery to Hyang and gave an order.
“You created a good currency. The people will also like it.”
“These two chapters are the first complete edition. “It seems right for Abama to keep it.”
“okay? I see “I need to design it well and hang it in a place that looks good.”
Sejong, who was looking at the paper with a happy expression, found a small sentence written at the bottom of the bill.
– When exchanging for the real thing, it is exchanged for 9 coins of silver.
“Did you write this small on purpose?”
Hyang bowed her head and answered Sejong’s question.
“yes.”
Sejong smiled playfully at Hyang’s answer.
“There will be a lot of troublemakers.”
“He who is greedy needs to get into some trouble.”
Hyang’s face as he answered was also full of playfulness. And the ministers grumbled inwardly at the sight of the two father and son.
‘What a wicked rich man!’
* * *
‘The face value was ‘1 nyang of silver’, but when exchanged for real money, 10% is deducted.’
This was a scented offering.
“Why do we have to do this?”
“It is an acquisition tax. In fact, most of the reasons to buy silver are for the purpose of saving money, so you have to pass it on. However, it takes a lot of work to search and investigate one by one, so that’s why we rent in the first place.”
At Hyang’s words, King Sejong looked back at his ministers.
“What do you think?”
As soon as Sejong asked the question, Kim Jeom answered in a loud voice.
“What a great solution! “It is a plan that kills two birds with one stone as it secures proper tax revenue and reduces the number of workers!”
In this way, the world’s first indirect tax was born.
* * *
The currency that began to circulate in this way soon began to circulate nationwide without much resistance.
In urban areas, there were many people who wanted the circulation of currency from the beginning, so it was quickly established, and in rural and fishing villages, it began to settle down surprisingly easily.
“At first, I wondered why I was using this, but it turned out to be surprisingly useful!”
“That’s right!”
Farmers and fishermen, who initially had strong resistance, soon realized the usefulness of currency and began to use it favorably.
It was the influence of the monopoly that made farmers and fishermen use currency. Monopoly stores sold daily necessities such as salt and candy as well as luxuries such as spices without discrimination of status.
However, this was only possible if currency was brought.
Thanks to the existence of the monopoly, even those who were negative about currency quickly adapted to it.
And as currency circulated, quick-moving merchants began making money by creating new products.
The new product they created was the ‘wallet’.
* * *
Since banknotes with the king’s seal stamped on them could not be handled carelessly, those who owned them wondered how to store them.
Merchants who recognized this concern created wallets with an outer layer of leather and a lining of cotton cloth or silk.
This wallet soon became a hit product.
Walking leisurely, with a sunglasses on their faces and a wallet with several silver bills stuck in their sleeves, became the image of the young, wealthy class of the city.
As a side note, these banknotes were made from the highest quality Hanji, which is famous for its toughness, so some of them withstood hundreds of years. Among the banknotes that have survived, those with issue numbers starting with ‘A’ (甲), which were first stamped, have become objects of fierce competition among collectors around the world.
* * *
Banknotes made by Joseon also had an impact on trade among the three Northeast Asian countries. Merchants from the Ming and Japanese countries also began to use Joseon’s banknotes – to be exact, 1-nyang silver notes.
The Ming Dynasty was using silver as currency much earlier than the Joseon Dynasty. Silver was deeply used as a means of payment not only for paying taxes but also for various commercial transactions.
In this situation, the ‘1 Nyang of Silver’ note issued by Joseon was truly useful. Since Joseon guaranteed payment, it had sufficient value as currency.
Therefore, Joseon’s paper money was used to avoid the trouble of carrying silver ingots when traveling long distances or conducting commercial transactions, as well as the trouble of determining the purity of the silver.