The Mint and Haedong Tongbo

At Uicheon’s urging, King Sukjong set up a mint that issued silver vases (hwalgu) and coins such as Haedong tongbo, but in a largely self-sufficient economy they did not circulate widely.

Seongjong’s iron coin Geonwon jungbo (996), the first, had barely circulated. Back from Song, Uicheon argued that money would spare people the labour of hauling grain and cloth. Sukjong set up a mint that issued silver vases (hwalgu) made from a geun of silver in the shape of the map of Korea (1101) and copper coins such as Haedong tongbo, Haedong jungbo and Samhan tongbo (1102). He handed out 15,000 strings of Haedong tongbo to officials and soldiers and opened shops selling wine and food in Gaegyeong to spread their use.

Ordinary people still traded in grain and hemp cloth, however, and coins were used mostly by aristocrats and government offices. The costly silver vases served for large transactions; under King Chunghye a smaller version (soeunbyeong) was issued.