Hyun Jae Yoo - "Circulation of Coin in East Asia, 1650–1800"

Hyun Jae Yoo, Research Fellow of Kyujanggak Institute for Korean Studies at Seoul National University​
Visiting Scholar, James Joo-Jin Kim Program in Korean Studies at the University of Pennsylvania

There were a variety of currencies in premodern society, but coins were widely used due to their intrinsic values in the metal itself. However, a large-scale national plan was needed since the material supply was insufficient and the cost of production was high. In this process, the coin distribution methods served various functions. From this perspective, this study examines the differences in management tactics, according to the needs of the nation, among East Asian countries in the premodern era. In particular, the paper focuses on the cost of coins among East Asian countries which had similar socioeconomic backgrounds, and explores how the intentions of the governments were reflected on coin making process and what efforts they made to secure profits on minting. This paper highlights the backgrounds and reasons why East Asian countries, particularly Korea, distributed coins under government control.