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User:Donald Trung/DangBaekJeon (當百錢) expansion (late 2019)

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This page serves as "the editing history" of the English Wikipedia article DangBaekJeon and is preserved for attribution and editing history. https://en.m.wikipedia.org/wiki/Special:MobileDiff/918492704  Published . --Donald Trung (talk) 23:10, 28 September 2019 (UTC) .

Old draft

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[[File:DangBaekJeon.jpg|thumb|227x227px|The back side of DangBaekJeon. HoDaeDangBaek is inscribed.]] [[File:DangBaekJeon.jpg|thumb|227x227px|The back side of DangBaekJeon. HoDaeDangBaek is inscribed.]] {{Infobox coin | Denomination = DangBaekJeon<br>(當百錢) | Country = {{Flagicon|Joseon}} [[Joseon]] | Value = 100 [[Korean mun|mun]] | Unit = | Mass_g = 25.1 | Diameter_mm = | Diameter_inch = | Diameter_special = <!-- used for specialized formatting, or adding references to infobox--> | Thickness_mm = 2.8 | Thickness_inch = | Thickness_special = <!-- used for specialized formatting, or adding references to infobox--> | Composition = [[Copper-alloy]] ([[brass]]) | Years of Minting = 1866–1867 | Mintage = <!-- used with single issue coins, or the total for the series if known --> | Circulation = | Catalog Number = <!-- or | Catalogue Number = --> | Obverse = | Obverse Design = Sangpyeong Tongbo (常平通寶) | Obverse Designer = | Obverse Design Date = | Obverse Discontinued = | Reverse = DangBaekJeon.jpg | Reverse Design = Ho Dae Dang Baek (戶大當百) | Reverse Designer = | Reverse Design Date = | Reverse Discontinued = }} The '''DangBaekJeon''' ([[Hangul]]: 당백전, [[Hanja]]: 當百錢) refers to a series of cash coins that were used during late [[Joseon]] period of [[History of Korea|Korean history]], it was first issued in November of the year 1866 ([[Gojong of Korea|Gojong]] 3) by the order of [[Heungseon Daewongun]]. The [[hanja]] is inscribed on both sides of the coin. Words inscribed on the front side is ''[[Sangpyeong Tongbo]]'' ([[Hangul]]: 상평통보, [[Hanja]]: 常平通寶), and on the back side, ''HoeDaeDangBaek'' ([[Hangul]]: 호대당백, [[Hanja]]: 戶大當百). ''Hoe'' (호, 戶) stands for [[Ministry of Revenue (imperial China)|HoeJeo (호조, 戶曹)]], Joseon's ministry of revenue. ''Dae'' (대, 大) is a modifier which may be interpreted as 'the great'. ''Dang Baek'' (당백, 當百) means 'this coin worth 100 coins' in reference to the coins of 1 [[Korean mun|mun]].<ref>{{Cite web|url=https://www.museum.go.kr/site/main/relic/search/view?relicId=2256|title=상평통보 당백전 {{!}} 소장품 검색|website=국립중앙박물관|language=ko|access-date=2018-11-06}}</ref> As inscribed, it was worth 100 mun, which values it 100 times more than ordinary [[yeopjeon]], and it would soon caused fatal [[inflation]] in the Joseon economy. It was lapsed in April 1867, after only 6 months of use.<ref name=":0">{{Cite web|url=http://encykorea.aks.ac.kr/Contents/Item/E0013889|title=당백전(當百錢) - 한국민족문화대백과사전|website=encykorea.aks.ac.kr|language=ko|access-date=2018-10-12}}</ref> == History == === Issuing === In 1866 (third year of King [[Gojong of Korea|Gojong]]'s reign), the royal authority of [[Joseon]] had decreased in power. To gain back his authority, [[Heungseon Daewongun]] planned the rebuilding of [[Gyeongbokgung|Gyeongbok Palace]]. Also, the military power had to be strengthened in order to protect Joseon from the invasion of Western countries. However, at that time, the financial difficulties of [[Joseon]] were serious. So, the government needed to get a large amount of money to proceed that plans and [[Heungseon Daewongun|Daewongun]] ordered to issue new Sangpyeong Tongbo cash coin with a denomination of 100 mun, called the DangBaekJeon, in [[Ministry of Revenue (imperial China)|Hoe Jeo]] ([[Hangul]]: 호조, [[Hanja]]: 戶曹), Joseon's ministry of revenue. Also, [[Heungseon Daewongun|Daewongun]] ordered to abandon the [[Kapsan County|Kapsan mountain]] copper mine which was the largest mine of copper in [[Joseon]], the government needed to solve the problem of supplying ingredients that were needed to make more Sangpyeong Tongbo cash coins''.'' Therefore, the government issued higher valued coins using the same amount of materials. To stimulate the circulation after issuing of DangBaekJeon, the Joseon government ordered to use both DangBaekjeon and lower denomination of the Sangpyeong Tongbo cash coins together at every trade or monetary exchange.<ref>{{Cite book|title=<Veritable records of the Joseon dynasty> <조선왕조실록> 고종 3권|last=|first=|publisher=|year=1866|isbn=|location=|pages=}}</ref><ref>{{Cite journal|last=원|first=유한|date=September 1976|title=조선후기 화폐정책에 대한 일고찰|url=https://www.dbpia.co.kr/Journal/ArticleDetail/NODE01201616?TotalCount=1&Seq=1&q=[%EC%9B%90%EC%9C%A0%ED%95%9C%20%EB%8C%80%EC%9B%90%EA%B5%B0%C2%A7coldb%C2%A72%C2%A751%C2%A73]&searchWord=%EC%A0%84%EC%B2%B4%3D%5E%24%EC%9B%90%EC%9C%A0%ED%95%9C%20%EB%8C%80%EC%9B%90%EA%B5%B0%5E*&Multimedia=0&isIdentifyAuthor=0&Collection=0&SearchAll=%EC%9B%90%EC%9C%A0%ED%95%9C%20%EB%8C%80%EC%9B%90%EA%B5%B0&isFullText=0&specificParam=0&SearchMethod=0&Sort=1&SortType=desc&Page=1&PageSize=20#|journal=한국사연구|volume=6|pages=287–313|via=DBpia}}</ref> === Problems === The DangBaekJeon had a lot of serious problems. First, 100 Mun was a big unit for common people. They couldn't use the coins and could only trade with each other. DangBaekJeon was sometimes used in big transactions, but it wasn't necessary for common people, who usually deals in small units. Second, the real value and the nominal value had a big gap. While the nominal value of DangBaekJeon was 100 times as much as the standard 1 mun Sangpyeong Tongbo, the intrinsic value of the coin was only five to six times as much as the value 1 Sangpyeong Tongbo. Since currencies that have a big gap between the real value and the nominal value was hard to be accepted, it was unappreciated from people. Third, the government used DangBaekJeon only as a means of purchasing goods but didn't accept it when they pay taxes. This resulted in a decline in public confidence of the coin.<ref name=":0" /> Therefore, as more DangBaekJeon cash coins kept being issued, [[hyperinflation]] occurred. The price of one [[koku]] ([[Hangul]]: 섬, [[Hanja]]: 石) of rice (one [[koku]] of rice is 144[[Kilogram|kg]]), which used to be 7 to 8 [[Korean yang|nyang]] ([[Hangul]]: 냥, [[Hanja]]: 兩), jumped about six times at the beginning of its issue. Some people started to melt Sangpyeong Tongbo and make counterfeit money.<ref>{{Cite web|url=http://www.ohmynews.com/nws_web/view/at_pg.aspx?CNTN_CD=A0001791311|title=당백전과 하이퍼인플레이션|date=2012-10-18|website=오마이뉴스|access-date=2018-11-20}}</ref> People who had Sangpyeong Tongbo avoided to exchange with DangBaekJeon, so they didn't put Sangpyeong Tongbo on the market. As a result, DangBaekJeon became [[bad money]], and lower denomination Sangpyeong Tongbo became [[good money]]. This is related to [[Gresham's law]], which is a monetary principle stating that "bad money drives out good". The introduction of the 100 mun coin happened concurrent with the ''[[Tenpō Tsūhō]]'' 100 [[Japanese mon (currency)|mon]] coin issued by the [[Tokugawa shogunate]] in 1835 (in reaction to government deficit),<ref>TAKIZAWA Takeo, (1996) Nihon no Kahei no Rekishi (History of Japanese Currencies) [[Tokyo]], Yoshikawa Kobunkan. (Takizawa p.242).</ref> the 100 [[Cash (Chinese coin)|wén]] coin by the [[Qing dynasty]] in 1853 (in reaction to the [[Taiping rebellion]]),<ref>PENG Xin-Wei, (1958) Zhongguo Huobi Shi (Monetary History of China), second ed., [[Shanghai]], Shanghai Renmin Chubanshe, (Peng pp.833-838).</ref> and the large denomination [[Tự Đức Bảo Sao]] cash coins in [[Vietnam]].<ref name="RevueNumismatique1999">Art-Hanoi [http://art-hanoi.com/library/articlethierry.pdf CURRENCY TYPES AND THEIR FACE VALUES DURING THE TỰ ĐỨC ERA.] This is a translation of the article “Monnaies et circulation monetairé au Vietnam dans l’ère Tự Đức (1848-1883) by [[François Thierry (numismatist)|François Thierry de Crussol]] (蒂埃里). Published in Revue Numismatique 1999 (volume # 154). Pgs 267-313. This translation is from pages 274-297. Translator: Craig Greenbaum. Retrieved: 23 August 2019.</ref><ref name="ThierryInscriptions">{{cite web|url= https://www.academia.edu/3442454/_The_Confucian_Message_on_Vietnamese_Coins_A_closer_look_at_the_Nguy%E1%BB%85n_dynasty_s_large_coins_with_moral_maxims_Numismatic_Chronicle_2011_pp._367-406|title= The Confucian Message on Vietnamese Coins, A closer look at the Nguyễn dynasty’s large coins with moral maxims », Numismatic Chronicle, 2011, pp. 367-406.|date=2011|accessdate=22 August 2019|author= [[François Thierry (numismatist)|François Thierry de Crussol]] (蒂埃里)|publisher= [[Academia.edu]]|language=en}}</ref><ref>Sudokuone.com [https://sudokuone.com/vietnam/large_coin.htm The Large Cash Coins of the Nguyễn Emperors]. Retrieved: 23 August 2019.</ref> All of these large denomination cash coins also caused inflation on comparable levels. === Disposal === The casting of DangBaekJeon was officially stopped on 16 June 1867, after a total of 172 days from the date of first production to the date of their discontinuation.<ref name="primaltrek">{{cite web|url= http://primaltrek.com/koreancoins.html|title=Korean Coins – 韓國錢幣 - History of Korean Coinage|date=16 November 2016|accessdate=5 June 2017|work= Gary Ashkenazy / גארי אשכנזי (Primaltrek – a journey through Chinese culture)|language=en}}</ref> The next year, its distribution was stopped because of an appeal from [[Choe Ik-hyeon]] ([[Hangul]]: 최익현, [[Hanja]]: 崔益鉉), a [[Saheonbu|janglyeong]] ([[Hangul]]:장령, [[Hanja]]: 掌令) in Joseon Dynasty.<ref>{{Cite web|url=http://sillok.history.go.kr/id/kza_10510010_004|title=조선왕조실록|website=sillok.history.go.kr|language=ko|access-date=2018-11-20}}</ref> He insisted that the DangBaekJeon adversely affected all classes of Korean society in its two years of circulation. After its distribution had stopped, DangBaekJeon was exchanged with lower denomination Sangpyeong Tongbo cash coins or China money ([[Hangul]]: 청전, [[Hanja|Hanja:]] 掌令) and was used in iron. == Estimation == The Dangbaekjeon is a good example of what happens when money is issued ignoring the real value and the nation's chances of guarantee. It did not just end with inflation, it destroyed the economy of Joseon. When the era of [[Heungseon Daewongun]] passed and [[Gojong of Korea|King Gojong]] started politics, the reduction in armaments brought [[Ganghwa Island incident]]. And due to the lack of national finance, the [[Imo Incident]] occurred. The [[Bank of Korea]] (the central bank of the modern Republic of Korea) is also regarded as a bad history of the issuance policy. The value of Dangbaekjeon was so bad that the people called it Ttangdon ([[Hangul]]: 땅돈), and it changes the pronunciation to Ttaengjeon ([[Hangul]]: 땡전). In Korea, an old saying "Ttangjeon han pun eopda" ([[Hangul]]: 땡전 한 푼 없다) is often used, which means “I'm penniless.”<ref>{{Cite news|url=https://terms.naver.com/entry.nhn?docId=2054189&cid=50802&categoryId=50809|title=땡전|access-date=2018-11-22|language=ko}}</ref> == References == {{reflist}} {{Korean cash coin}} [[:Category:Joseon]] [[:Category:Coins of Korea]]

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