Coins of the Korean Empire 1888-1910

In 1392, the governor Li Songge rebelled against Konyang - 34 king (van) of the Goryeo dynasty (고려). After the overthrow of the ruler, Li Song renamed the Kingdom of Goryeo to the Kingdom of Joseon (조선) and became the first van in the Li dynasty, whose heirs currently live in Japan. The name Joseon comes from the name of the state of Kochoseon (Ancient Joseon, 고조선), founded according to legend in 2333 BC. e. 

 

In 1875, the Japanese sent their navy to the shores of the Great Joseon State and imposed an agreement under which they received the right to unlimited stay in Korean territorial waters and on some part of its territory. Having subsequently concluded similar treaties with the advanced powers of the world, the once isolated state "opened up" to the world.

 

 

The confrontation between Japan and China in terms of control over Korea escalated , and in 1894 escalated into a military confrontation, which ended in a crushing defeat for the Chinese army and navy. China is losing its influence on the Korean Empire and the legend "Great Joseon" reappears on coins of the 1894 model. 

 

In 1897, the Great Joseon State was renamed the Korean Empire and in 1898 a line of coins with the new legend 大韓 (Great Korea ) was put into circulation. At the same time, a 1-pound coin is not issued, and the remaining denominations from 5 pounds to 1 yang are minted in the same design.

 

 

 

Many scandalous stories are associated with the issue of coins in denominations of ¼ yang and with the date "2" (1898). In those days in Korea, several private companies already had the necessary equipment to organize the production of coins, and the Emperor issued licenses for their production for the needs of the state with almost no restrictions. Official stamps with this date were leased to licensees and, after they were worn out, were replaced with new ones with the same date. Since the cost of coins on blanks made of copper-nickel alloy was quite low, this denomination became the most officially produced, as well as the most forged during this period. In addition, the Japanese Empire, still trying to dominate the region, mastered the production of these coins at the Osaka Mint with its stamp pairs and threw them into the Korean economy in uncontrolled volumes. After the equipment, stamp pairs from Japan were transported to Korea, and the production of coins continued on Korean territory, the Korean government decides to recognize these fakes as legal tender. A huge number of counterfeits flooded the Korean market undermined public confidence in coins of this denomination. The Ministry of Finance was forced to classify all Young ¼ coins into "official," "class A counterfeits" and "class B counterfeits" with different face values. "Official" issues were also priced below their face value. 

 

Various numismatic sources define counterfeits of coins in the Yang ¼ in different ways. According to the World Coins Catalog, a characteristic feature of the "Japanese" fake is the "big circle" around the dragons.

 

 

According to the authoritative site of the numista.com, differences should be found on the reverse in the differences in the shape and size of the bow, the distance between the hieroglyphs, the absence of one non-decayed bud on the wreath to the right of the face value (photo from the numista.com resource).

 

 

The next coin of the 1 yang line also has varieties that differ in the width of the YANG inscription. In my collection, so far only a coin with closely spaced letters.

 

At the end of the 19th century, the influence of the Russian Empire in the region was still significant. In 1896, Emperor Kojong and the Korean government even asked Nicholas II to establish a Russian protectorate over the Korean state in order to avoid Japanese occupation, but the Russian Emperor refused, although a number of historians claim that the government of the Russian Empire still hatched plans to join Russia territories of Manchuria and Korea. The issue of Korean coins in 1901-1902 with the "Russian" theme is confirmation of this. The issue of coins was carried out, according to some sources, by the mint of St. Petersburg, by order of the Russian-Korean Bank, whose head office, located in Seoul, worked for a little more than a month: from March 1 to April 8, 1898.

 

The line, consisting of three denominations: 1 chon (bronze), 5 chon (copper-nickel alloy) and ½ won (silver 0.800 samples), issued in generally considerable editions of 1.8-3.0 million copies, is considered quite rare. Units of undamaged specimens are stored in national museums or settled in collections of serious numismatists. I bring to your attention copies of these coins.

 

 

The reverse of the coins does not differ from the predecessor coins - the same wreath of leaves framing the face value and the five-petalled plum flower at the top. But the creators redesigned the obverse radically: the eagle changed the traditional dragons on coins. Despite the fact that it is not "two-headed," the resemblance to the coat of arms of the Russian Empire can be traced. In the paws of an eagle there is a sword instead of a scepter and a globe instead of a power, a Korean-style crown above the head, and instead of coats of arms on the wings and chest of an eagle, flower sockets, which certainly carry some meaning.

 

In 1904, Japan attacked the Russian squadron in Port Arthur and Incheon. After the defeat of Russia in this conflict, the Korean state is occupied by the Japanese Empire and falls into its sphere of influence on the rights of the protectorate. The Japanese hastily withdraw from circulation "pro-Russian" coins with an eagle and send them for remelting - material is required for coins of a new, "pro-Japanese" issue. 

 

In 1904, on the recommendation of the Japanese government, in order to streamline the issue of coins in monetary circulation, a decision was made to close all mints in Korea, revoke the license to mint coins from private companies, withdraw all coins from circulation in the Yang ¼ and carry out monetary reform. At the same time, in order to tighten control over the volume of money supply, all coins can only be issued by the mint in Osaka. 

 

In 1905, coins were issued in a new design with new names of monetary units. The line included bronze coins ½ and 1 chon, copper-nickel 5 chon, silver 800 samples 10, 20 chon and ½ won (50 chon). On coins issued in Osaka, "Japonized" plots: a phoenix on bronze and copper-nickel coins, a dragon (now one instead of two) on silver coins. The diameter, weight and even sample of silver coins are identical to Japanese coins of the same circulation period.

 

 

 In 1907, Korean coins reduce their size, following Japanese coins. Japan took full control of the economy of the Korean Empire, including minting coins for monetary circulation. The rarest (rare) in the line is considered a coin with a face value of ½ chon in 1907, in the issue of which there are doubts.

In the same year, 1907, under pressure from the pro-Japanese government of Korea, Emperor Kojong abdicated and power in the state passed to his fourth son, Sunjong. In this connection, another line of coins comes into circulation, 5 chons in which are extremely rare.

 

 

In 1910, the Prime Minister of Korea signed a treaty on Korea's accession to Japan. Korea for 35 years becomes a colony of the Japanese Empire.