The yang (양/兩) was the currency of the Korean states Joseon and the Korean Empire between 1892 and 1902. It was subdivided into 10 jeon (전/錢) or 100 bun (분/分); and 5 yang = 1 hwan (환/圜).
Etymology
The word yang (兩) is a cognate of the Chinese "tael" (Mandarin ). Fun (pronounced "pun" but spelt with an "f" on the coins), is also a cognate of a Chinese word, Mandarin , which is equal to yuan, whilst hwan is a cognate of yuan itself.
History
Just before the yang was introduced, a small number of coins denominated in hwan (환/圜) and mun (문/文) were minted (1 won = 1000 mun). It is unclear whether these coins circulated. The 1 won and 5 yang coins were equal in size, containing 416 grains of silver. However, before 1892, the main currency of Korea was the mun, a denomination based on the Chinese cash (Mandarin ).
The mintage and circulation of modern currency began during the last years of the Joseon dynasty as a result of contact with the West, using equipment to produce machine-struck coins purchased from Germany in 1883. The Osaka Copper Works(大阪製銅會社) run by Nobuyuki Matsuda(增田信之), a Japanese firm foreseeing profit in the coin minting business, suggested to the Korean government to establish another mint in the port city of Incheon. Incheon was selected by the Japanese because it would then be more easy to bring mint machinery from Japan to Korea.
In November of the year 1892, a new mint was established in the city of Incheon which led to the old mint for machine-struck in Seoul to be demolished. New machinery and raw materials used for producing milled coinage were imported from Japan. The new Incheon Mint (仁川典局) was entirely staffed by Japanese technicians from the Osaka Copper Works and from the Japan Mint in Osaka. The Incheon Mint prepared a completely new line of coins with very heavily inspired Japanese designs, this series also included the first copper-nickel of Korea. The Incheon Mint was relocated to the Yongsan Mint (龍山典局) in the year 1900, the Yongsan Mint officially opened on 4 May 1900. However, the timing of this relocation was very unfortunate as the Korean Empire had started the construction of the Gyeongin Line which opened on 18 September 1899 and allowed for coins minted in Incheon to be transported at a wider distance. Minting equipment from Incheon was moved to Yongsan in September of the year 1900 and cupronickel coins at this time were struck in small quantities. The Yongsan Mint would close in November 1904 after the Japanese Empire took the rights of issuing money for circulation in Korea.
During the introduction of the Korean yang following the adoption of the silver standard, the dates on the coinage still followed the Kaeguk calendar which was based on the founding of Joseon in the year 1392 which was the year Kaeguk 1 (開國元年). But following the proclamation of the Korean Empire in the year 1897 the era names or regnal years of the Emperor of Korea were used instead. King Gojong became Emperor Gwangmu and in the year 1897 the year Gwangmu 1 (光武元年) appeared on the coins. The Gwangmu regnal year was used well after the adoption of the Korean won until the year 1907, when the regnal years changed due to the ascension of Emperor Yunghui making the Gregorian year 1907 into Yunghui 1 (隆熙元年).
Various names of Korea were displayed on the coins, these include "Great Joseon" (大朝鮮), "Joseon" (朝鮮), and "Great Han" (大韓).
Around the time of the trial adoption of the gold standard in 1901, gold and silver coins were in circulation along with some Japanese bank notes.
The yang was replaced by the won at a rate of 1 won = 10 yang.
Coins
Coins were minted in the denominations of 1 fun, 5 fun, yang, 1 yang, 5 yang and 1 hwan. The coins all carried the title of the state, "Great Joseon" (Great Korea; 대조선; 大朝鮮), then just "Joseon" (Korea; 조선; 朝鮮) and then Daehan (대한; 大韓). The name of the country on these new coins, as it had been on the coins issued in the year Kaeguk 497, was "Great Korea". But on the insistence of the Chinese resident-general Yuan Shikai the Chinese character "大" (dae) was removed from coins produced in the years Kaeguk 502, Kaeguk 503, and early Kaeguk 504. The reason why Yuan Shikai demanded this was because Korea, which at the time was a vassal state of the Qing dynasty, said that the inclusion of the character "大" was an affront to the Chinese Empire.