This is the Daejeon Metropolitan City Currency Museum.
This is the Daejeon Metropolitan City Currency Museum.
The world's first banknotes issued in China
The world's first banknotes were issued in the form of a deposit certificate called 'Gyoja' in the Northern Song Dynasty of China, about 1,000 years ago in 997, in what is now Sichuan. They were used among merchants and then widely used by the general public, and in 1023, the government-run 'Gyoja Issuance Office' was established and circulated.
The first official government issue of banknotes was in 1170, during the Southern Song Dynasty of China, and they were issued in large quantities by the Mongol emperor Kublai Khan. During the Mongol Yuan Dynasty (1271-1368), the government forcibly stored all gold, silver, and copper under an absolute monarchy and issued banknotes as a guarantee, which facilitated the circulation of banknotes.
The origin of Western banknotes
In Europe, banknotes were first used in the early 17th century in medieval England, and they became the ancestors of today's banknotes as a deposit certificate (Goldsmith Note) issued by a goldsmith. There were many commercial travelers, and to prevent theft during their trips, they entrusted their money to a goldsmith who was conducting financial affairs, received a certificate of deposit, and then went to the designated goldsmith at their destination and exchanged it for money.
In 1644, Sweden issued hand-drawn banknotes at the Stockholm Bank. In 1716, France issued banknotes at the suggestion of the then Prime Minister John to rebuild its finances, and the most famous banknote was the Assinia banknote, which was issued with the land of nobles or temples as collateral immediately after the establishment of the provisional government during the French Revolution in 1789.
Korea's first paper money, Jeohwa
Jeohwa is a banknote made from the bark of the mulberry tree. There is a record of the value of Jeohwa in the Joseon Dynasty's law code, the "Daejeontongpyeon", but no actual paper money has been handed down. Looking at the history of Korean paper money, in 1391, the third year of King Gongyang of the late Goryeo Dynasty, there was an attempt to issue paper money similar to the 'Hoeja' of the Song Dynasty of China and the 'Bocho' of the Yuan Dynasty, but it was not issued due to opposition from revolutionary forces. In 1402, when Joseon was founded, low-priced paper money was issued.
The exchange value of low-priced paper money was set to 2 mal of rice for 1 low-priced paper money and 1 roll of cotton for 30 low-priced paper money, and it was put into circulation. However, civilians did not trust low-priced paper money, which was not actually edible or wearable and only had exchange value, and avoided using it, so the value of low-priced paper money declined. Due to this problem, the circulation of low-priced paper money was suspended several times for a certain period of time, but it was used until the reign of King Seongjong, and its circulation was suspended during the reign of King Jungjong. No actual paper money has been found to this day.
During the Joseon Dynasty, Joseon Tongbo, Sipjeon Tongbo, and Sangpyeong Tongbo were issued. The reign of King Sukjong (1678-1720) was a groundbreaking period in the development of Korean currency, and Sangpyeong Tongbo was minted and issued, becoming the first currency to be circulated nationwide in the history of Korean currency.
Issuance of banknotes in the 1960s
After the currency measure in 1962, the banknote system was reorganized into eight types: 1 won, 5 won, 10 won, 50 won, 100 won, 500 won, and auxiliary currencies of 10 jeon and 50 jeon.
Emergence of high-denomination banknotes (early 1970s)
Since the mid-1960s, as the Korean economy continued to grow rapidly, the need for high-denomination banknotes arose due to the expansion of transaction volume and rising prices. Accordingly, the Bank of Korea decided to issue high-denomination banknotes of 5,000 won and 10,000 won, and issued the 5,000 won note on July 1, 1972, and the 10,000 won note on June 12, 1973.
Monetary system reorganization (1980s)
In the case of banknotes, as new banknotes were continuously issued and old banknotes were replaced by new ones, the size of banknotes at the time became excessive, the average lifespan was shorter than that of advanced countries, and anti-counterfeiting devices were not fully in place. The Bank of Korea established a comprehensive plan to reorganize the monetary system, including coins, and issued new 'Na' 1,000 won and 'Da' 5,000 won notes on June 11, 1983, and 'Da' 10,000 won notes on October 8 of the same year.
Gift certificates
The Korea Minting and Security Printing Corporation began to promote the gift certificate business in earnest in 1999 when the 'special printing' business was converted to its main business through the revision of the Korea Minting and Security Printing Corporation Act. Based on the high level of quality and credibility as a government investment organization with anti-counterfeiting technology accumulated through banknote manufacturing, it is leading the domestic gift certificate market. We manufacture and supply domestic major distributors (Shinsegae, Lotte, Hyundai, etc.), oil refineries (SK, GS, Hyundai Oilbank, etc.), and local love gift certificates.
Packaging System
In Korea, the decoration is the second-highest honor, and is divided into 12 types without grades. Like the decoration, it is awarded to those who have made outstanding achievements in various fields of society or have greatly contributed to the advancement of national prestige.
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