@article{ART003297782},
author={KIM, DOYEON},
title={The Circulation of Commodity Moneyin the early Goryeo period},
journal={The Review of Korean History},
issn={1225-133X},
year={2025},
number={160},
pages={87-126}
TY - JOUR
AU - KIM, DOYEON
TI - The Circulation of Commodity Moneyin the early Goryeo period
JO - The Review of Korean History
PY - 2025
VL - null
IS - 160
PB - The Historical Society Of Korea
SP - 87
EP - 126
SN - 1225-133X
AB - This study aims to deeply analyze the circulation and functions of commodity money, particularly rice(미) and textile(포), which served as major mediums of exchange in society even before the minting of metallic currency. Moving beyond the limitations of previous studies, which intermittently dealt with commodity money in the context of the failure of metallic currency circulation or stage theories of socioeconomic development, this paper illuminates the specific monetary roles played by commodity money.
In the early Goryeo period, rice and cloth became established as general equivalents in the exchange process, evolving into commodity money, which was a significant indicator of the historical progress of commodity exchange. Notably, items like Chupo(Coarse textile), which were unsuitable for clothing, also functioned as currency.
Commodity money performed crucial functions in various spheres during the Goryeo dynasty. In terms of national fiscal revenue, it was a major item in the taxes paid by farmers and was also utilized as a means of storage for financial operations. For instance, goods were stored in the Naego (royal treasury) during King Taejo’s reign, and the cloth from the Naego was used as a means of payment, such as for redeeming slaves. Furthermore, commodity money held significant weight in national finance, being used to grant grains and cloth to meritorious subjects or to collect cloth as a fine for illegal acts.
The situation changed after the introduction of Eunbyeong(silver currency) during the reign of King Sukjong. In the market, Eunbyeong, a metallic currency, served as the high-denomination currency for commercial transactions, while textile(포), a commodity money, handled low-denomination transactions. For very small amounts, rice(미) was used, a fact that was also observed through the eyes of foreigners. Among commodity currencies, the role of textile(포) gradually expanded, to the extent that the term Pohwa (textile money) even emerged.
In conclusion, before the advent of metallic currency, the commodity money of early Goryeo performed multifaceted monetary functions beyond simple barter, including taxation, storage, payment, exchange, and even as a measure of value. After the introduction of Eunbyeong, a metallic currency, both together played a pivotal role in maintaining the socio-economic order.
KW - Commodity Money;Chupo(Coarse textile);Pohwa(Textile money);Eunbyung(Silver currency)
DO -
UR -
ER -
KIM, DOYEON. (2025). The Circulation of Commodity Moneyin the early Goryeo period. The Review of Korean History, 160, 87-126.
KIM, DOYEON. 2025, "The Circulation of Commodity Moneyin the early Goryeo period", The Review of Korean History, no.160, pp.87-126.
KIM, DOYEON "The Circulation of Commodity Moneyin the early Goryeo period" The Review of Korean History 160 pp.87-126 (2025) : 87.
KIM, DOYEON. The Circulation of Commodity Moneyin the early Goryeo period. 2025; 160 : 87-126.
KIM, DOYEON. "The Circulation of Commodity Moneyin the early Goryeo period" The Review of Korean History no.160(2025) : 87-126.
KIM, DOYEON. The Circulation of Commodity Moneyin the early Goryeo period. The Review of Korean History, 160, 87-126.
KIM, DOYEON. The Circulation of Commodity Moneyin the early Goryeo period. The Review of Korean History. 2025; 160 87-126.
KIM, DOYEON. The Circulation of Commodity Moneyin the early Goryeo period. 2025; 160 : 87-126.
KIM, DOYEON. "The Circulation of Commodity Moneyin the early Goryeo period" The Review of Korean History no.160(2025) : 87-126.
