The united metal currency was circulated nationwide during the Feudal Joson Dynasty. It was one of the greatest changes in the development of commodity-currency relationship. It accelerated the production and circulation of commodities and the development of the commerce.
We have a long history of circulating metal currency.
It was circulated not only in the ancient states but also in the period of Three Kingdoms.
But at that time, it was only partial and spot currencies such as rice or cloth became popular.
During the Feudal Joson Dynasty, the metal currency gradually drove out the spot currencies and started to be circulated throughout the country.
The metal currency which was circulated nationwide this time was a metal coin made of copper. This coin was called Sangphyongthongbo.
Sangphyongthongbo was minted in Sangphyong Office which was one of the central offices of the feudal government. The term “Sangphyongthongbo” was originated from the name “Sangphyong Office”. Sangphyongthongbo was also called a brass coin.
A piece of coin was called one mun or one phun, and 10 pieces one jon and 100 pieces one ryang.
That time, people often passed one thread through 100 pieces of coin (one ryang) which was called one min. 10 ryangs of coins (1000 pieces) were equal to one kwan.
While further expanding and developing circulation of the metal currency, desire of the exploiting class for wealth increased more and more.
The feudal dynasty collected more and more tax from the people in the form of the metal currency and the landlords also exploited the farmers through the currency rent.
In such conditions, the farmers and handicraftsmen were forced to make their commodities to sell in the market not only to buy the daily necessities and farm products needed for their life but also to pay the tax to the feudal state or pay the rent to the landlords.
This increased the production of the commodity and also increased the circulated amount of commodity in the several sectors of the economy.
The circulation of the united metal currency accelerated the circulation of the commodity and stimulated its development by overcoming the limitation of spot currencies.
The spot currencies such as rice or cloth caused great inconvenience to the exchange of commodities due to its limitation as the currency.
As the metal currency was circulated throughout the country, limitation of exchanging commodities by means of spot currencies was much overcome.
The circulation of the united metal currency accelerated the appearance and development of the capitalist economic relationship.
The feudal rulers additionally exploited the working people by minting the coins in large quantities.
They gained a huge profit by minting the low-grade and underweight coins and circulating them by force.