朝鮮初期의 貨幣政策과 布貨流通

Abstract

This study analyzes the state of cloth-commodity (布貨, p΄ohwa) distribution system during the early Chosŏn dynasty. In this regard, cloth functioned as currency within the exchange-based economy despite the existence of a national currency system. During the late Koryŏ dynasty, regular quality hemp cloth (5-sŭngp΄o) served as the base currency. It was employed in the private sector exchange economy, as well as in the national budget, as both an equivalency and tool for exchanges. After the foundation of the Chosŏn dynasty, this regular quality cloth (5-sŭngp΄o) was divided into standard quality hemp cloth (正布, chŏngp΄o) – also called chŏngosŭngp΄o (正五升布) - and low quality hemp cloth (常布, sangp΄o) – also called sangosŭngp΄o (常五升布), osŭngp΄o (五升布) and ch΄up΄o (麤布). Meanwhile, silk cloth (綿紬, myŏnju) and ramie cloth (苧布, chŏp΄o) also functioned as cloth-commodities (布貨, p΄ohwa), and cotton cloth (綿布, myŏnp΄o) also made its way onto the market. Although the policy of introducing the paper money known as chŏhwa (楮貨) and coins was arduously pursued during the reigns of King T΄aejong and Sejong, it ultimately failed. Indeed, the use of low quality hemp cloth (常布, sangp΄o) as ch΄up΄o (麤布) became even more pronounced during the reign of King T΄aejong. In addition, the spread of cotton cultivation resulted in cotton cloth (綿布, myŏnp΄o) functioning as a new standard currency at the time of the reign of King Sejong, thereby replacing hemp cloth’s (常布, sangp΄o) position within the exchange economy. After the reign of King Sejong, the disappearance of hemp cloth (常布, sangp΄o) in the exchange economy led to a desperate need in the private sector, particularly among farmers, to introduce a new small currency denomination to replace the hemp cloth (常布, sangp΄o). The so-called ch΄up΄o (麤布), or unsightly cotton cloth, that emerged in the capital area marketplace, and played the role of a new standard currency within the exchange economy from the mid 15th century onwards. This was a completely different cloth-commodity system from the one based on hemp cloth (常布, sangp΄o) that had revolved around regular quality hemp cloth (5-sŭngmap΄o) up until the reign of King T΄aejong.