Chapter 169: Aftermath and Currency (4)
Amidst a mixture of expectation, fear, and tension, the autumn harvest and tax collection of the Giyu year began.
'This time, we will collect taxes only in currency!'
Since the court had made this announcement long before the uprising occurred, the people of Joseon were already aware of this fact and had made their own mental preparations.
Hanseong, near Seochon (West Village), at the entrance of a bathhouse.
Two men stood at the bathhouse entrance, conversing.
"They say they're making new money and circulating it this time?"
"So I hear. They say it's completely different from what we've been using."
"Really? Will something actually usable come out this time?"
"Well, who knows..."
"Hey! Why are you blocking the bathhouse entrance for no reason! Are you going to bathe or not!"
"Eek!"
The men, who had been immersed in their gossip, hurriedly rushed to the counter at the bathhouse entrance at the owner's shout.
"Here's the fee."
"Me too!"
When the men held out small grain sacks, the bathhouse owner untied the sacks' openings and checked the contents.
"Beans, I see. Let me see..."
The bathhouse owner poured the beans into a weighing dish and measured the weight.
"You brought the right amount this time. Go on in!"
After the men entered, the bathhouse owner poured the beans into a large sack and grumbled.
"Damn it! Money isn't like having babies, so why does it take so long! If they decided on it, they should have released it quickly! Weighing it is work too!"
The people living in Joseon's urban areas generally welcomed the currency. However, most rural residents had largely negative reactions.
"They're making new money? Isn't that just wasting precious copper again?"
"Cotton cloth works fine, why go through the trouble..."
"Even if they make it, they'll just go around stirring things up claiming to catch counterfeiters."
"Even if they make it, you can't buy anything with it anyway, so troublesome..."
People living in rural areas or fishing villages were still accustomed to barter. Also, due to the low credibility of previously issued currencies, the situation was filled with distrust.
Finally, on the day harvest and tax collection began, the people of Joseon were able to see the newly created Joseon currency.
* * *
As the harvest began, officials from the Ministry of Taxation dispatched throughout the country moved busily with no time to breathe.
The Ministry officials examined the process of farmers loading their harvested rice into sacks, checking each one to ensure there was no fraud.
"Let me see... Kim Gap-seok's rice, 22 seom... then the tax rate is..."
The Ministry official informed Gap-dol how much tax he needed to pay according to the tax rate.
"Did you understand the amount?"
"Yes, my lord."
"Then come to the exchange office built next to the monopoly store within five days to exchange it for currency and pay."
"Yes, my lord."
"After five days, a late fee of 1 pun per day will be added to the tax you must pay, so don't forget!"
"I will certainly go within five days!"
"Ah! As you know, the monopoly store also only accepts currency, so bring enough!"
"Yes! I understand!"
Having given warnings to the farmer several times, the Ministry official strode away to check the harvest situation at another house.
* * *
Farmers carrying everything from rice sacks to rice seom, loading them onto carts to exchange for money to pay taxes, found crowds of people gathered beside the exchange office.
"Why are so many people gathered here?"
Gap-dol, who like other farmers had come to the monopoly store carrying a rice sack to pay taxes, asked a farmer standing nearby about the reason.
In response to Gap-dol's question, the farmer explained with a sullen voice.
"They say we have to hear a simple explanation about the currency before entering the exchange office, so we're stuck here waiting."
"Is that so?"
At the farmer's explanation, Gap-dol stood on tiptoe and examined the front. Indeed, soldiers carrying spears were lining up the farmers, and on one side, an official sitting with a desk in front of him was pointing here and there on the desk with his finger, explaining something.
"Next!"
After waiting for about 1 sijin (2 hours), it became Gap-dol's turn. Heading to where the official was along with other farmers, Gap-dol looked at the desk. On the desk were colorful papers with lines printed on them, yellowish copper coins, and white cupronickel coins piled up.
The official, clearing his throat while drinking water, looked at Gap-dol and the farmers and began his explanation.
"First, I'll explain the coins. This white one here is a cupronickel coin. From the smallest size, 1 pun, 5 pun. These 10 pun of cupronickel coins equal 1 won of this brass coin here. Do you understand this much?"
At the official's question while pointing at the coins, the farmers blinked and nodded.
"We roughly understand."
"Since the sizes are different, you'll be able to distinguish them, right?"
"Yes, my lord."
At the farmers' answers, the official pointed to the yellowish coins and continued his explanation.
"This is a brass coin. From the smallest here, 1 won, 5 won, 10 won, 100 won. These also have different sizes so you can distinguish them, right?"
"Yes, my lord."
Having finished explaining the coins, the official began explaining about the paper money placed beside them.
"This one here with a blue diagonal line across it is worth 1 nyang of silver. In other words, this single paper money has the value of 1 nyang of silver."
At the official's explanation, the farmers opened their eyes wide and examined the paper money. The four edges of the paper money were bordered with red and blue lines like dancheong, and inside was written 'Silver 1 Nyang.' And beside it was a fine landscape painting.
The official continued his explanation.
"This 1 nyang of silver has the value of 1,000 won in brass coins. Do you understand?"
"Huh? Yes."
"And 10 of these 1 nyang silver notes combine..."
The official pointed to other paper money beside it.
"To become 1 nyang of gold. Understand? Well, you probably won't even get to see the 1 nyang gold note unless you're quite fortunate."
At the official's words, the farmers nodded involuntarily. Gold was something they might see once or twice in their entire lives if they were lucky.
Occasionally, they heard rumors that someone who fortunately found rare wild ginseng in the mountains bought a gold ring for his wife, and the dinner table changed thereafter, but rumors were just rumors.
Having finished the basic education, the official posed a question to the farmers.
"Then, which one is 1 pun?"
"Um... well..."
* * *
Having received education about coins and paper money, Gap-dol and the farmers moved to the exchange office.
The exchange office was located at the house of a local leader who had participated in the 'Giyu Rebellion.' In the spacious front yard of the large mansion that appeared to have over 70 rooms, there were several desks where officials sat and exchanged the grains farmers brought for currency.
"Wait here, and when a spot opens, move one by one."
"Yes, my lord."
At the military officer's words blocking the farmers' path, the farmers waited quietly for their turn.
Finally, when his turn came, Gap-dol went to an empty spot and set down the carrier he had on his back.
"Who are you and where do you live?"
"I am Kim Gap-dol, no, Kim Gap-seok, living in An-gol."
"Kim Gap-seok of An-gol..."
At Gap-dol's answer, the official stood up and rummaged through a pile of documents stacked in the back. After searching through dozens of neatly arranged books and pulling one out, the official returned to his seat and checked the contents.
"Kim Gap-seok of An-gol... here it is. Is this year's harvest 22 seok correct?"
"Yes, my lord."
"Then the tax rate is..."
The official calculated by flicking his abacus and asked Gap-dol.
"The tax you must pay is 1 mal and 1 doe of rice. Is that correct?"
"Yes, it is."
After receiving Gap-dol's confirmation, the official flicked the abacus again.
"1 mal 1 doe of white rice... 1 seom of white rice is 1 nyang of silver and 200 won, so... it's 110 won in copper coins. Did you bring rice?"
"Yes, my lord."
Gap-dol unloaded the rice seom from his carrier.
"You brought a rice seom?"
"Yes. I need to buy salt and a few things at the monopoly store. They say the monopoly store only accepts money too..."
"I see, hey there!"
"Yes, my lord!"
At Gap-dol's answer, the official signaled to a soldier waiting nearby. The soldier untied the sack, checked for contamination of the rice, weighed it, and reported to the official.
"No abnormalities."
"Understood."
Having received the soldier's report, the official opened a wooden box beside him and took out copper coins.
"This year's rice price is 1 nyang of silver and 200 won per seom. First, take this 200 won. For convenience, one 100 won coin and ten 10 won coins."
Taking the coins, Gap-dol inadvertently blurted out.
"Geez..."
At Gap-dol's reaction, the official smirked.
"It's not much, is it? But it's money guaranteed by the court."
"Yes, yes..."
Gap-dol still wore a sour expression. Whether Gap-dol felt that way or not, the official opened a wooden box beside him and carefully took out one paper money note, handing it to Gap-dol with both hands.
"Take this. It's 1 nyang of silver."
"But why with both hands?"
"Do you see the red seal at the bottom there?"
"Yes."
"It's His Majesty the King's Royal Seal."
"Oh my goodness!"
Startled, Gap-dol rubbed both hands vigorously on his trousers and respectfully received the paper money.
"Since it bears His Majesty's Royal Seal, do not damage it carelessly."
"Yes! I will certainly do so!"
"Go to the inner quarters to pay your taxes."
"Yes, my lord!"
* * *
Having paid all his taxes and come out, Gap-dol glared at the paper money in his hand.
"Suddenly got stuck with a troublesome thing."
The paper money in his hand was a troublesome item for Gap-dol. He couldn't shove something stamped with the King's Royal Seal into his undergarments, and if he carried it around, it would be perfect for getting stolen.
After pondering for a moment, Gap-dol soon clenched his lips tight.
"Troublesome things should be gotten rid of quickly! I'll use it first and see!"
Gap-dol moved his feet to the monopoly store right next door.
That day, Gap-dol bought a carrier full of salt, sugar, and various spices, and finally bought dried fish and alcohol for his children before returning home. And then, he got an earful from his wife with great spirit.
"You wretch! Who told you to buy just a little salt and sugar, who told you to buy this much! Are you going to sprinkle salt in the fields instead of rice seeds!"
* * *
As the currency began to circulate, naturally the most interested parties were the merchants.
"Hmm..."
The merchants, who were carefully examining the newly circulating currencies, soon reached a conclusion.
"Those with the skill to counterfeit the new coins would make much more money doing other work."
"That's correct."
The merchants gave the coins a 'impossible to counterfeit' evaluation.
"It's definitely not made by casting."
"It's certainly made using extrusion, as they say the Crown Prince created."
"Thanks to that, as I mentioned earlier, counterfeiting is difficult."
As the merchants evaluated, the newly created coins were made by pressing with a machine.
While making armor to supply to the military, the press technology of craftsmen belonging to the court had reached a level of perfection. Furthermore, by using animal power instead of human power as the power source, they could press with even stronger pressure, and using steel supplied from the ironworks, they could create more precise molds.
The reason merchants gave high marks to the coins was not just because 'counterfeiting is difficult.'
"Whether cupronickel or brass coins, the value obtained by melting them is far less than the value of circulating them as is, so there won't be any fools who would melt them for other purposes."
"Indeed."
This was Hyang's work. Knowing that during the IMF crisis, incidents occurred where people melted 10 won coins to sell, and because of that, the design and size of the 10 won coin changed, Hyang boldly reduced the size of the coins.
"What's important is the number stamped on the coin! And that the nation guarantees value equal to that number!"
At Hyang's insistence, Sejong and the ministers accepted Hyang's opinion.
The merchants were unanimous in their praise for the coins. The fact that they were made in various sizes according to value, reducing the possibility of confusion, was also one of the reasons for the positive reviews.
The merchants' topic shifted to paper money.
The merchants' eyes, seeing paper money for the first time, went to Sejong's Royal Seal stamped in one corner, and their impression was simple.
"It means don't even dream of counterfeiting unless you want to be branded a traitor!"
Previously as well, counterfeiting currency was a major crime comparable to treason, with execution being the basic punishment.
However, this paper money bore the King's Royal Seal. Counterfeiting this was treason without any room for excuse.
In short, not only would the perpetrator's head roll, but the heads of their three generations of relatives would roll as well.
"Thanks to that, it seems we don't need to worry about counterfeiting."
"That's right."
Having concluded that counterfeiting was impossible, the merchants began examining other aspects of the paper money.
The merchants quietly examining the paper money all tilted their heads.
"How on earth did they print this?"