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Ancient Korean Coinage

The coinage of ancient Korea (pre-13th century CE) first employed Chinese coins, known locally as the oshuchon. Korean rulers began minting their own metal coins from the late 10th century CE, first in copper and iron, and later in bronze. These coins never really gained wide circulation, though, and it would not be until the 17th century CE that coinage fully replaced the barter system prevalent throughout the peninsula. Another form of currency, in use from the 12th to 14th century CE, was the unbyong silver vase, stamped by the state and given an official rate of exchange with staple commodities such as rice; it was shaped like the peninsula of Korea.

Early Currencies

In early Korea, the system of exchange was principally one of barter where goods were calculated as having a certain value in relation to fundamental commodities such as grain, rice, and cloth. The latter was first hemp and then more typically cotton cloth, known as cloth currency or pohwa. The first known currency used in ancient Korea which was made of metal was knife money (ming-tao-chien), so called because of the crescent, bladelike shape. This came with settlers from China during the Warring States Period (475-221 BCE) and has been excavated at sites in the Pyeongan and Jeolla provinces. The Chinese also introduced coins to Korea when the Han Dynasty invaded the north at the end of the 2nd century BCE. These coins became the official currency and were known as wuzhu in Chinese or oshuchon in Korean, meaning 'five-grain'. The oshuchon continued to be used by the two kingdoms of Goguryeo and Silla up to the 10th century CE. They are commonly found in the tombs of the Nangnang (Lelang) region.