# Chapter 170: Aftermath and Currency (5)
The banknotes that made merchants tilt their heads in confusion were Hyang's project. No, when it came to currency design, Hyang took charge of everything himself.
"Not at all, why would the Crown Prince..."
"Why would His Highness..."
When Hyang showed enthusiasm, everyone from Sejong to the ministers fell into doubt. This was because normally, aside from work at the research institute and District 51, Hyang always tried to avoid taking responsibility, slipping away like a loach.
As time passed, Sejong and the ministers who observed Hyang came to understand the reason.
"Just as expected..."
"Indeed, he is the Crown Prince."
Hyang was mobilizing all of Joseon's technology to create currency.
* * *
"You have to make good use of what you have! That's how progress happens!"
At Hyang's words spoken while classifying technologies to be used in the currency manufacturing process, an inner official commented silently.
'Why does that statement come up here?'
Regardless, Hyang now mobilized every technology from among all that Joseon possessed that could be used for currency, and printed money.
Even in the case of coins, they weren't simply pressed using a press. The molds themselves for engraving patterns on coins were products of the latest technology.
The steel constituting the body of the mold was high-quality steel difficult to find in neighboring countries.
Once the steelworks built in Anju was fully established, production of wrought iron and steel began in large quantities.
These produced iron materials began to be used extensively in areas the court deemed necessary—though most were Hyang's research institute and District 51.
However, as always, Hyang didn't just quietly receive and use them.
Whenever iron materials from the steelworks arrived, he conducted quality inspections without rest and informed Anju of improvement points.
Through such feedback processes, the quality of iron materials extracted from the steelworks gradually increased.
This was evidence that the skills of craftsmen working at the steelworks were steadily improving.
Using the steel supplied this way, craftsmen created precise molds.
Like coins used in the 21st century, they engraved serrated edges on the sides of coins. This was to prevent counterfeiting.
* * *
While such latest technology was incorporated into coins, banknotes were the sum total of such technology.
The printing technology continuing from Goryeo boasted an unrivaled level that neither Japan nor Ming could easily follow.
Hyang utilized this technology to the fullest.
He divided the components constituting a single banknote into pieces, created separate plates for each, and designed it to print banknotes as if dyeing textiles.
"Just putting in the amount would be too boring, wouldn't it? Coins can't be helped, but banknotes are a different situation."
In the case of coins, due to constraints on their size, only numbers were written on the front, and 'Joseon National Currency' was printed on the back. But banknotes couldn't be passed over so simply.
While pondering to find a clear solution, Hyang passed by the glass workshop and came up with a solution.
"Aha!"
Thinking of a good idea, Hyang immediately sought out Pietro and Raphael.
"You two know how to do etching, right?"
"Etching?"
When Pietro and Raphael expressed疑问, Hyang realized his mistake.
"Ah... this is English. So, using acid and metal..."
Hearing Hyang's explanation, Pietro looked back at Raphael.
"Scelero?"
"Scelero."
After exchanging brief words, Raphael and Pietro answered Hyang.
"Yes, we know how to do it. It's a technique often used when adding metal decorations to glass crafts."
Hearing their answer, Hyang smiled a smile of satisfaction.
"You two need to help me with something."
"Excuse me?"
At Hyang's words, Raphael showed a troubled expression, but Pietro's eyes sparkled.
'What kind of hardship is he going to put us through again!'
'This seems like it'll be fun!'
Having found the means to realize his idea, Hyang immediately went to the Painting Bureau.
"Who is skilled at landscape painting?"
"Excuse me? Ah, there is someone named An Gyeon."
'Yes! Seeing someone from textbooks in person!'
Delighted, Hyang immediately gave an order.
"Please summon him."
At Hyang's command, An Gyeon painted several landscape paintings sized to fit the banknotes.
"Not bad. Let's use this one and this one."
Selecting two from among the submitted landscape paintings, Hyang ordered the painters.
"Have these paintings copied 100 times each."
"Excuse me? Yes. We will follow your command."
The chief of the Painting Bureau was momentarily puzzled, then soon bowed his head and answered.
The bizarre conduct of Crown Prince Hyang was already famous.
Having secured 200 paintings this way, Hyang ordered Pietro and Raphael.
"Make copper plates with these."
"...Yes."
"If you fail in the middle, tell me immediately and I'll bring more paintings."
Having thus composed an important part of the banknote design, Hyang mobilized craftsmen from the Type Foundry to create original plates for banknotes. Since he had already confirmed the skills of the Type Foundry craftsmen through the process of making coin plates, Hyang didn't worry particularly.
Now Hyang entered preparation to pass the final gateway.
"The problem is counterfeiting..."
For the item of anti-counterfeiting, Hyang went straight to Sejong without particular deliberation.
"Father, I have a request for you to prevent counterfeiting of the new currency to be created and circulated, especially the banknotes."
At Hyang's words, Sejong showed curiosity.
"Is that so? You've always brought clear answers. So, what should I do?"
"Please carve new seals for me."
"Hmm?"
After pondering briefly, Sejong asked Hyang.
"You do understand the meaning of seals, right?"
"That is why I have made this request to you, Father. Would there be anyone with the audacity to counterfeit something stamped with Father's seal?"
"I see."
After thinking briefly, Sejong made his decision immediately.
"I permit it!"
Thus, 100 seals were created with King Sejong's own handwriting engraved with 'Joseon King.'
* * *
Once the currency plates were made, the court created a new government agency.
The name of the newly created agency was the 'Mint Bureau,' an agency under the Ministry of Taxation.
Hearing the rumor, officials of the Ministry of Taxation went to Kim Jeom to complain.
"Again? Why is it always us among the six ministries?"
At his subordinates' outcry, Kim Jeom answered with a gloomy expression.
"This is something we must do. Rather, if another department does it, it would be us taking the blame. Sigh~. Just endure a little more."
With this, all preparations were complete and full-scale printing began.
Craftsmen dispatched from the Type Foundry to the Mint Bureau proceeded with printing together with officials from the Ministry of Taxation, but there was something unusual in that process.
Every morning, the officials and craftsmen who reported to work maintained the printing press—a hybrid created by Hyang adopting Gutenberg's printing press method—and took out the original plates stored in the safe and installed them in the press. After inserting the original plates into the press according to the printing order, the craftsmen headed to the final safe with the officials.
The officials who opened the final safe carefully took out a wooden box containing Sejong's royal seals.
When the wooden box was placed on the desk, the officials and craftsmen made a deep bow to the box and then opened it.
"Everything is in order!"
After checking the number of royal seals and confirming there were no abnormalities, the officials carefully took out one seal each and handed them to the craftsmen. The craftsmen who respectfully received the seals carefully inserted them into the printing press.
Only after this process ended was the preparation for banknote printing complete.
* * *
On the day the first banknotes of 1 nyang of gold and 1 nyang of silver were printed, Hyang went to Sejong holding a sheet of successfully completed banknotes.
"Father, here are the new banknotes."
"Is it finally complete?"
"Yes, Father."
Hyang handed the sheet brought by the inner official to the attendant. Receiving the sheet through the attendant, Sejong unfolded it and exclaimed in admiration.
"Oh! Truly beautiful! So beautiful it's a shame to use as currency! Ministers, please take a look as well!"
"We are overwhelmed, Your Majesty!"
The ministers who passed around the sheet also exclaimed in admiration. After examining the banknotes, Sejong returned the sheet to Hyang and commanded.
"You've made good currency. The people will like it too."
"These two sheets are the first completed copies. It seems right for Father to keep them."
"Is that so? I see. I should have them properly mounted and hung in a good place."
With a pleased expression, Sejong discovered a sentence written small at the very bottom of the banknote.
- When exchanging for physical goods, it exchanges for 9 jeon of silver.
"Did you purposely write this small?"
At Sejong's question, Hyang bowed his head and answered.
"Yes."
At Hyang's answer, Sejong smiled a smile full of mischief.
"There will be many who get into trouble."
"Those who are greedy should suffer a bit."
Hyang's face answering was also full of mischief. And at the sight of this father and son, the ministers grumbled inside.
'Truly a wicked father and son!'
* * *
'The face value was "1 nyang of silver," but when exchanging for physical goods, 10% was deducted.'
This was a proposal Hyang made.
"Why must we do this?"
"It's an acquisition tax. Since most of the reasons for buying actual silver are for the purpose of storing wealth, we should levy a tax. But investigating one by one takes too much effort, so we levy the tax from the beginning."
At Hyang's words, Sejong looked back at the ministers.
"What do you ministers think?"
As soon as Sejong's question fell, Kim Jeom answered in a loud voice.
"It is truly an excellent method! We properly secure tax revenue and reduce labor—it's a plan of killing two birds with one stone!"
Thus, the world's first indirect tax was born.
* * *
The currency that began circulating this way soon began to circulate nationwide without particular resistance.
In urban areas, settlement was quick from the beginning because there were many people who wanted currency circulation, and even in rural and fishing village areas, settlement began surprisingly smoothly.
"At first I wondered why we use this, but it's actually quite useful!"
"That's true!"
Farmers and fishermen who initially had strong resistance soon realized the usefulness of currency and began to use it regularly.
What made farmers and fishermen favor the currency was the influence of the monopoly office. The monopoly office sold daily necessities like salt and sugar as well as luxury goods like spices without discrimination of status.
However, only when bringing currency.
Thanks to the existence of the monopoly office, even those who were negative about currency quickly adapted to currency.
And, as currency circulated, quick-witted merchants began to make money by creating new products.
The new product they created was the 'wallet.'
* * *
Since the banknotes stamped with the King's royal seal couldn't be handled carelessly, those who possessed banknotes worried about how to store them.
Merchants who noticed this concern created wallets with leather for the outer material and cotton or silk for the lining.
These wallets became a hit product before long.
Wearing a hat to cover the face, putting a wallet with several silver notes inserted into the sleeve, and walking leisurely became the appearance of the young wealthy class in urban areas.
As a side note, since they were banknotes made from the highest quality hanji famous for its durability, some survived hundreds of years. Among the banknotes that survived this way, the first-printed ones with issue numbers starting with 'Gap' became items that caused fierce competition among collectors worldwide.
* * *
The banknotes created by Joseon also influenced trade among the three Northeast Asian countries. Merchants from Ming and Japan also began to favor Joseon's banknotes—precisely the 1 nyang silver note.
Ming was using silver as currency much earlier than Joseon. From tax payment to various commercial transactions, silver as a means of payment was deeply established.
In this situation, the '1 nyang silver' note issued by Joseon was truly useful. Since Joseon guaranteed payment, it had sufficient value as currency.
Therefore, when traveling long distances or conducting commercial transactions, Joseon's banknotes made it possible to avoid the trouble of carrying silver lumps and the effort of identifying silver's purity.