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Cash and carry in Joseon

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Robert Dunn and his $150 worth of Korean coins circa 1904.
Robert Dunn and his $150 worth of Korean coins circa 1904.

By Robert Neff

One of the biggest obstacles to doing business in Korea during the late 19th century was money ― not a lack of it but rather due to the large and cumbersome amount.

Korean coins ― commonly referred to as "cash" ― had small square holes in the center and were carried in strings of 1,000 coins that were, unsurprisingly, quite heavy.

In 1891, a trade dollar (Mexican silver dollar) in Seoul was worth 650 cash so any transactions, even small ones, entailed hiring men and ponies to carry the money.

Robert Dunn, an American correspondent who traveled to Korea in early 1904 to cover the Russo-Japanese War, amusingly described his encounter with Korean currency. He sent his assistant out to procure $150 worth of Korean currency and was shocked with the result.

"It took me only an instant to realize that I was the proud owner of what looked like a whole city block of real money ― money enough to sink a ship, money piled in heaps and heaps, money, enough, you would think, to last a spendthrift a million years."

Dunn was only able to carry a couple of strings with him and left a man to guard the rest. When he returned two weeks later, he discovered that most of his money had disappeared. Apparently he had not heard of the old winter trick of banking.

According to the tales, large sums of coins were placed in water-filled holes and allowed to freeze before being covered with dirt. In this manner, even if a thief did discover the secret cache, he would not be able to steal very much at one time.

But, by the same token, the coins' owner would not be able to use them until the spring thaw allowed him to withdraw money from his frozen bank.

The introduction of silver coinage and banknotes made it easier for transactions and for thieves. One of the first bank robberies ― per se ― took place on June 25, 1892.

It was a very hot day and an employee of the First National Bank of Japan in Jemulpo (modern Incheon) was told to transfer a cashbox containing a large sum (about $700) from the docks to the bank.

This was a fairly common practice and, as usual, the employee hired a Korean coolie (laborer) to carry the box.

The Japanese steamer, Owari Maru, had just arrived and so the streets and dock area were filled with passengers and coolies carrying goods from or to the ship.

In the confusion, the coolie with the cashbox simply walked off and the bank employee did not notice his disappearance until after he arrived at the bank.

It is probably safe to assume that in addition to the money, the employee lost his job and, if the Korean coolie was ever captured, he would have probably lost his head.




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