PCGS Set Registry: The Coins of Korea

The Goryeo Dynasty of Korea began in 918 with the ruler Wang Geon, who was known as the Teajo of Goryeo. Teajo was a title that was bestowed upon the king and translates to great ancestor. Chinese cash coinage from the Song and Tang Dynasties was the first to be used within the Goryeo Dynasty, which ruled from 918-1392. This period was also known as the Golden Age of Buddhism. Bartering with rice and textiles had been practiced prior to the introduction of coinage within Korea and it was favored by the people.

A new dynasty known as the Joseon Dynasty took over in 1392 with a new king named Yi Seong-gye and he was known as the Taejo of Joseon. It was during this dynasty that copper coinage was first introduced to the masses, and the government tried to promote the use of coinage as bartering was still favored. The bronze mun unit was introduced in 1625 and cast in a variety of copper alloys. The Joseon Dynasty was the longest ruling in Korea from 1392 to 1897, and cash coinage was struck up until 1892.

Between 1882 and 1883, the Tae Dong Treasury Department of Korea issued silver cast coinage, and the one chon, two chon, and three chon denominations were produced. The obverse displays the character or “Ho” which represents the treasury mintmark, and it’s covered in cloisonné enamel that is black, blue, or green, which is the rarest. The characters on the reverse from 12 o’clock to six o’clock display the country name, and the date is shown from three o’clock to nine o’clock. Shortly after the issuance of these coins, the price of silver was rising in China and many of these were melted for their silver content by the Chinese. The wealthy classes in Korea began hoarding this new silver coinage, and minting ceased in June of 1883. Coins that are uncirculated are difficult to find and examples that have a majority of the enamel intact will sell for thousands of dollars. The Tae Dong Treasury category is listed on the PCGS Set Registry, which has several sets for collectors to potentially build.

In 1892, the first machine-struck coins were produced for Korea at the Osaka Mint in Japan. Before then, it was common to use brass coinage, which had been used for centuries, and cast silver coinage was short-lived. The first series of coins that were introduced included five denominations. The five yang is the most condition-sensitive issue, being the largest coin – also a one-year type. The designs for all coins during the Joseon Empire were based on the Japanese coin designs during the same era. The five yang is the most sought-after coin within the series and is uncommon to locate in uncirculated grades. The example pictured below graded PCGS MS63 sold at Stack’s Bowers Galleries Hong Kong Auction in October 2023 brought a world-record $55,000!

The Joseon Dynasty was renamed the Korean Empire, which began on October 13, 1897. The Gojong of Korea, or Gwang Mu, became the first emperor, and he was also the last king of the Joseon Dynasty. His rule spanned from 1864 to 1907. Gojong, fearing for his life after his wife was assassinated, went into exile from February 11, 1896, to February 20, 1897, and with the help of Korean diplomats, fled to Russia. Later in his reign, reform coinage was issued in 1902, which has Russian influence. This began the introduction of the bronze chon, a copper-nickel five chon, and the silver half won. The origins of where these new circulation pattern coins were minted is unclear, and the coins are exceptionally rare. Pictured here is a pattern-issue 20 won from the Osaka Mint; it was issued in 1900 and is unlisted in references. Stack’s Bowers Galleries sold the coin for $156,000 on May 16, 2022, as part of the auction house’s Hong Kong sale.

The Russo-Japanese war started at Port Arthur, which was built by Russia and leased to them by China. The Japanese attacked the Russians on February 9, 1904, and the war was fought for a little over a year. The war ended on September 5, 1905, coinage was reformed, and nine new denominations were struck over a five-year period. The half chon and one chon are bronze, the five chon is copper-nickel, and the 10 chon, 20 chon, and half won were made of 80% silver. Three gold coins, the five won, 10 won, and 20 won exist but are exceptionally rare. Persuaded by the encouragement of the Japanese, the Gojong of Korea abdicated the throne, and on July 19, 1907, Sonjong, who is Gojong’s son, was appointed emperor of Korea. Sojong’s reign lasted a little under four years, and Japan officially annexed Korea as a protectorate on August 29, 1910. Coinage was no longer stuck for the Empire of Korea.

Japan lost World War II and had to relinquish control of Korea. The United States and Russia agreed to split the Korean Peninsula at 38 degrees north of Earth’s equatorial line. Syngman Rhee was elected as the first president of the Republic of Korea (South Korea) on July 20, 1948, and was supported by the United States.

It wasn’t until 1959 that the Republic of South Korea issued coinage, and three denominations were minted. The 10 hwan was struck in brass, and the 50 hwan and 100 hwan were both struck in copper-nickel. These coins can commonly be found in circulated grades, but uncirculated examples are not as common and could cost a few hundred dollars in a grade of PCGS MS65. The 1959 100 hwan is the only circulation-strike coin from South Korea that exhibits the portrait of Syngman Rhee. A set with all three of these denominations is listed on the PCGS Set Registry as 1959 Korean Year Set.

The 10 hwan and 50 hwan were struck again in 1961 and newly designed coinage wasn’t issued until 1966. Three new coins were introduced: the one won, five won, and the 10 won were all produced in brass. The alloy selected was 12% zinc and 88% copper, resulting in a bronze that appears as golden as the sun. The brilliance is quite beautiful, but the drawback is that zinc is highly reactive to oxygen and water. Many coins from this series suffer from “spotting” arising from unsightly black-colored carbon spots. Coins from the 1960s are highly sought after by collectors and almost impossible to score beyond a grade of MS65. PCGS has listed multiple sets under the South Korean banner, and one set that may be easy for collectors to complete is the 1968 South Korean Brass Set, which takes three coins to complete. In 1970, a new brass alloy was introduced that was composed of 65% copper and 35% zinc. The 100 won denomination was also introduced in 1970 and struck in copper-nickel, depicting Admiral Yi Sun-sin. In 1576, at the age 31, a man by the name of Yi Sun-sin passed a Korean military exam. Within a few years, he was a junior officer and was in battle with neighboring China defending Korea's border in 1583. In 1592, he started fighting the invading Japanese for several years in turtle ships, which were invented during the Joseon Dynasty. On December 16, 1598, Admiral Sun-sin was hit by a stray bullet on deck, and historical legend states that before his death, he exclaimed, "The war is at its height; wear my armor and beat my war drums. Do not announce my death." Admiral Yi Sun-sin is remembered as a national hero of Korea. The 1970 100 won coin has a mintage of 1.5 million, and these coins can sell for over $400+ in PCGS MS64.

The Goryeo and Joseon Dynasty ruled Korea for almost 1,000 years. Korea was an advanced military country that fought for its independence on a continual basis throughout history. Leaders such as Teajo of Goryeo, Gojong of Korea, Syngman Rhee, and Admiral Yi Sun-sin inspired the people of Korea for centuries and still do. South Korea has the fourth-largest economy in Asia and will likely continue to prosper. Companies such as LG, Samsung, Hyundai, and Kia have transformed the nation into an economic powerhouse that keeps growing. On Saturday, 29, 2023, the Hangang Light Show took place in Seoul, South Korea, and the country’s new slogan was unveiled: “Seoul, my soul.” Admiral Yi Sun-sin would surely approve of this message, as would all the other revolutionaries who fought for Korea’s freedom.