Korean yen

The Korean yen was the currency of Korea between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen. It replaced the Korean won at par and was replaced by the South Korean won and the North Korean won at par.

Korean yen
조선 엔 (in Korean)
Korea 1Yen 1932.jpg
Korean one yen note (1932)
Denominations
Subunit
 1/100Sen
 1/1000Rin
Symbol
Banknotes10 sen, 20 sen, 50 sen
圓1, 圓5, 圓10, 圓100
CoinsNone
Demographics
User(s)Japanese Korea
Issuance
Central bankBank of Chosen
This infobox shows the latest status before this currency was rendered obsolete.

BanknotesEdit

From 1902-1910, banknotes were issued by Dai-ichi Bank[1]. Denominations included 10 sen, 20 sen, 50 sen, 1 yen, 5 yen, and 10 yen. The sen notes were vertical and resembled the Japanese sen notes of 1872 and the Japanese military yen at the turn of the century. These notes were redeemable in "Japanese Currency at any of its Branches in Korea".

In 1909, the Bank of Korea (1909) (韓國銀行) was founded in Seoul as a central bank and began issuing currency of modern type. Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable "in gold or Nippon Ginko notes."[2] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.[2]

The banknotes issued by the Bank of Korea were only very slightly modified from the earlier Dai-Ichi Bank banknotes that had circulated in Korea, this was done to reduce any possible confusion during the transition period.[2] The name of the Bank of Korea was inserted and the royal plum crest of Korea replaced Dai-Ichi Bank's 10-pointed star emblem, and the reverse sides of the 1 yen banknotes changed colour, but all the overall the changes were minute.[2]

Bank of Korea notes were dated 1909 and issued in 1910 and 1911. After Korea lost sovereignty to Japan in 1910, the Bank of Korea was renamed the Bank of Chosen (朝鮮銀行, Korean: Joseon Eunhaeng, Japanese: Chōsen Ginkō). The first Bank of Chosen note was dated 1911 and issued in 1914. 1 yen, 5 yen, 10 yen, and 100 yen were issued regularly, while there were occasionally some sen notes (5, 10, 20, 50 sen). 1000 yen was printed but never issued at the end of World War II. The earlier issues were redeemable "in Gold or Nippon Ginko Note". A similar phrase was written in Japanese on later issues.

SenEdit

1916Edit

Denomination Front Reverse Obverse motif Reverse motif
5 sen
(Stamp currency)
    N/A N/A
10 sen     Ornamental
20 sen    
50 sen    

1919Edit

Denomination Front Reverse Obverse motif Reverse motif
10 sen    
20 sen    
50 sen    

1937Edit

Denomination Front Reverse Obverse motif Reverse motif
10 sen    
50 sen    

YenEdit

1911Edit

Denomination Front Reverse Obverse motif Reverse motif
1 yen
(Gold certificate)
   
5 yen
(Gold certificate)
   
10 yen
(Gold certificate)
   
100 yen
(Gold certificate)
   

1932Edit

Denomination Front Reverse Obverse motif Reverse motif
1 yen    
5 yen    
10 yen    

1938Edit

Denomination Front Reverse Obverse motif Reverse motif
100 yen    

1944Edit

Denomination Front Reverse Obverse motif Reverse motif
1 yen    
5 yen    
10 yen    
100 yen    

1945Edit

Denomination Front Reverse Obverse motif Reverse motif
1 yen    
5 yen    
100 yen    
1000 yen
(Never released)
  N/A

See alsoEdit

ReferencesEdit

  1. ^ 株式會社第一銀行, Kabushiki gaisha Dai-ichi Ginkō
  2. ^ a b c d Joseph E. Boling, NLG (1988). "Korea - A Numismatic Survey. (This article has been transposed to this format from a July 1988 supplement issue included with Coin World. Its original title was: Beyond Cash - A Numismatic Survey of Korea.)" (PDF). Moneta-Coins.com. Retrieved 3 October 2019. CS1 maint: discouraged parameter (link)
Preceded by:
Korean yang
Reason: heavier influence by Japan
Ratio: 1 yen = 5 yang
Currency of Korea of Empire of Japan
1902 – 1945
Concurrent with: Korean won until 1910, when Japan completely annexed Korea
Succeeded by:
North Korean (old) won
Reason: end of World War II and Division of Korea
Succeeded by:
South Korean (old) won
Reason: end of World War II and Division of Korea
Ratio: at par