The History and Evolution of the Korean Yen
Between 1910 and 1945, the economic landscape of Korea was defined by the use of the yen. During this period, the currency was pegged at par to the Japanese yen and consisted of both standard Japanese currency and specific banknotes issued exclusively for use in Korea. This monetary system replaced the previous Korean won at par and was eventually succeeded by the modern South Korean and North Korean won.
Understanding the transition of this currency requires looking at the shift from private banking to centralized state control, a period marked by significant political changes in the region.
ไม่มีภาพประกอบKey Facts
- Period of Use: 1910 to 1945.
- Issuing Authority: Originally Dai-Ichi Bank, then the Bank of Korea, and finally the Bank of Chōsen.
- Subdivisions: 1 yen was divided into 100 sen, with further subdivisions of rin (1/1000) and mō (1/10000).
- Pegging: The currency was pegged at par to the Japanese yen.
- Successor: Replaced by the South and North Korean won at par.
The Evolution of Issuing Banks
Before the establishment of a centralized system, banknotes were issued by the Dai-Ichi Bank from 1902 to 1910. These notes included denominations of 10, 20, and 50 sen, as well as 1, 5, and 10 yen. The sen notes were notable for their vertical orientation, resembling the Japanese sen notes of 1872.
The Rise of the Bank of Korea
In 1909, the Bank of Korea (韓國銀行) was founded in Seoul to serve as a central bank. This institution began issuing modern banknotes that were redeemable in gold or Nippon Ginko (Bank of Japan) notes. To ensure a smooth transition for the public, the new Bank of Korea notes were only slightly modified from the existing Dai-Ichi Bank designs. The primary changes included the insertion of the bank's name and the replacement of the 10-pointed star emblem with the royal plum crest of Korea.
Transition to the Bank of Chōsen
Following the loss of Korean sovereignty in 1910, the Bank of Korea was renamed the Bank of Chōsen (朝鮮銀行). The first notes under this new name were dated 1911 and issued in 1914. While 1, 5, 10, and 100 yen notes were issued regularly, a 1000 yen note was printed toward the end of World War II but was never actually released into circulation.
Banknote Design and Motifs
The visual identity of the Korean yen often featured allegorical imagery. Many notes featured the figure of Jurōjin, an old man who serves as an allegorical representation of longevity. Some historians suggest this figure may have been based on Kim Yun-sik.
| Year/Series | Denominations | Primary Obverse Motif |
|---|---|---|
| 1911 (Gold Certificate) | 1, 5, 10 yen | Jurōjin |
| 1911 (Gold Certificate) | 100 yen | Daikokuten |
| 1932 | 1, 5, 10 yen | Jurōjin |
| 1938 | 100 yen | Jurōjin |
| 1944 | 1, 5, 10, 100 yen | Jurōjin |
| 1945 | 1, 5, 100 yen | Jurōjin |
Frequently Asked Questions
What was the subdivision of the Korean yen?
The yen was subdivided into 100 sen. Below the sen, there were further fractional units known as rin (1/1000) and mō (1/10000).
Which bank was responsible for issuing the currency after 1910?
After the change in sovereignty in 1910, the Bank of Korea was renamed the Bank of Chōsen, which became the primary issuing authority.
Was the 1000 yen note ever used in circulation?
No. Although a 1000 yen note was printed toward the end of World War II, it was never officially released for use.
What does the figure of the old man on the notes represent?
The image of the old man, often identified as Jurōjin, is believed to be an allegorical representation of longevity.
How did the Bank of Korea notes differ from Dai-Ichi Bank notes?
The changes were minute to prevent confusion. The Bank of Korea's name was added, and the 10-pointed star emblem was replaced by the Korean royal plum crest.