상평통보의 주전이익과 활용

Abstract

This paper investigates how the Chosŏn government generated profits through the minting process and how they used this seigniorage during the latter part of the Chosŏn dynasty. The Chronicles and Hwang Yun-seok’s diary are used to come to this conclusion. Based on my research, the government tried to mint continuously from the 18th to 19th centuries. However, they could not meet the total demand due to the deficiency of raw materials which were mostly imported from Japan. In these circumstances, the government utilized the Three Armies Offices(三軍門) to reduce manufacturing cost for the Sangpyeong tongbo because they already had furnaces and well-trained technicians. They also adopted recoinage methods to amplify their profits. By employing these methods, the government enabled to provide “additional submissions”(‘Gaib’) to the Hojo ministry. During the 18THcentury, around five various offices provided monetary help that was enough to solve theHojo’s annual budget deficiency. However, at the turn of the 19th century, more than 10 offices took part in supplying additional aid to the Hojo ministry. It meant that the Hojo’s financial situation was getting worse and worse. In these circumstances, the government struggled to figure out how to alleviate the financial crisis, therefore they used the minting process for their political problems. Throughout twenty years, offices responsible for currency minting provided 20% of the total monetary contributions to the Hojo at irregular periods. The Sangpyeong tongbo’s role is to provide a medium of exchange for the people, generate profits for the government, and alleviate the financial problems of various government bodies, such as the Hojo.