Korean yang

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The yang was Korea’s money from 1892 to 1902, used in the Joseon state and then the Korean Empire. It replaced many older coins and was divided into 10 jeon or 100 bun, with 5 yang equal to 1 hwan. The word yang is linked to the Chinese tael, and the coins also used a subunit called fun, which was 1/100 of a yang. Before 1892, Korea mainly used mun coins.

Korean modern coinage began in the late Joseon era after contact with the West. Korea bought coin-making equipment from Germany and, in 1892, opened a new mint in Incheon staffed by Japanese workers. This mint produced Korea’s first copper-nickel coins. In 1900 the mint moved to Yongsan. The coins often carried names like Great Joseon, Joseon, and later Great Korea after the Korean Empire was proclaimed in 1897, with dates shown in the Kaeguk calendar at first and then in regnal years.

Coins came in several denominations: 1 fun, 5 fun, 1/4 yang, 1 yang, 5 yang, and 1 hwan. The 1/4 yang was the most produced and also the most counterfeit, which helped flood Korea with cupronickel coins and eroded trust in the currency. Most coins were made in Incheon, with some later minted in Yongsan.

Around 1901–1902, gold and silver coins circulated along with Japanese banknotes as Korea experimented with different monetary standards. The yang was eventually replaced by the won, at a rate of 1 won = 10 yang. Counterfeiting and the spread of unofficial cupronickel coins were major problems for the government, and by 1904 the money system in Korea had shifted under Japanese control.