Item number: A3723

Reference number: KM#1130

Year: AD 1906

Material: Gold (.900)

Size: 19.5 x 19.5 mm

Weight: 8.33 g recorded

Manufactured by: Japan Mint, Osaka

Provenance:

1. Heritage Auctions 2025

2. Robert C. Pickett Collection

This is a ten-hwan gold coin issued by Emperor Gojong, the first monarch of the Korean Empire, during his reign under the era name Gwangmu.

The obverse bears, at its centre, a three-clawed flying dragon clutching a sacred jewel. It is encircled by a beaded border; beyond this border, at the upper right, appears the Chinese cyclical inscription “光武十年,” corresponding to AD 1906. On the left is the national designation “大韓,” while the lower section shows the Korean script “십원,” meaning ten hwan. The term hwan, cognate with the word for “round,” derives from an ancient designation for round-shaped currency widely used in the Sinosphere.

The reverse displays, at the centre, the denomination “二十錢” in Chinese characters. The flanking designs, inspired by the laurel motifs commonly found on European coinage, replace the laurel branches with indigenous floral elements: a plum-blossom branch on the right and a hibiscus branch on the left. Above them appears the ihwamun, the plum-blossom emblem symbolising the state and the royal house.

After Gojong’s accession, the monetary system of Korea entered a period of prolonged disorder. Old copper cash, newly cast coins (the pyeongja one-mun coin), five-mun cash, privately minted currency, Qing copper coins, Japanese silver yen and various Western silver coins circulated simultaneously. Exchange rates differed from region to region, rendering the tax system nearly unworkable. Local authorities often imposed their own monetary rules, each using different media of exchange. The spread of poorly made private coinage, combined with chronic shortages in the state treasury, brought public finance close to collapse. This chaotic environment impeded domestic commerce and drew criticism from foreign merchants, who demanded reform. Confronted with international commercial pressure and domestic fiscal distress, the Gojong government, from the AD 1880s onwards, reluctantly considered adopting Western-style metallic currency to stabilise taxation and reinforce national sovereignty.

The initial reforms were not undertaken independently by Korea, but evolved under sustained foreign intervention. After the twentieth year of Gojong’s reign (AD 1883), the First National Bank of Japan began managing customs revenues at the treaty ports of Busan and Incheon, issuing customs cheques to simplify large-scale payments that would otherwise have required cumbersome quantities of copper cash. The efficient circulation of foreign bank instruments sharply highlighted the inadequacy of Korea’s traditional monetary system. Seeking a currency that could support international commerce, Gojong appointed the German adviser Mollinde to oversee the Dansŏng Bureau of Minting, where he experimented with modern coinage. He imported materials and technicians from Germany and produced trial pieces, including five-mun copper coins and one-ryang silver pieces, though their form still followed that of traditional cash.

By the twenty-third year of Gojong (AD 1886), the government established a comprehensive modern currency system, planning to introduce fifteen new denominations, comprising five gold coins, five silver coins and five copper coins. These included the first gold coins ever proposed in Korean history—the twenty-, ten-, five-, two-, and one-hwan pieces. Owing to the scarcity of gold and the absence of refined minting technology, the gold coins were produced only as gilded specimens, while the silver coins were trial-struck in tin. The system represented Korea’s attempt to construct a modern gold–silver standard modelled on Japan’s yen-based system, adopting “hwan” as the unit and employing the era notation “Foundation Year 495,” an assertion of a sovereign national identity distinct from the old tributary order. Despite its conceptual completeness, the system never entered circulation. The Dansŏng Bureau lacked modern machinery, relied heavily on foreign expertise, and suffered from persistent financial shortfalls; combined with political instability, these obstacles rendered the ambitious project unattainable.

Between the twenty-fourth and twenty-seventh years of Gojong (AD 1887–1890), the government expanded the Dansŏng Bureau in an effort to mass-produce the new currency. Korea, however, was compelled to accept assistance from the Osaka Mint of Japan, which—under the guise of loans and technical aid—effectively seized managerial control of the Korean mint. The Japanese merchant Masuda Nobuyuki provided capital in exchange for direct influence over operations, provoking strong objections from Qing officials. Technological dependence on Japan deepened; financial resources were constrained; and even the weight and design of the coins were adjusted according to Japanese recommendations. Although the mint produced limited quantities of five-ryang silver coins, one-hwan silver coins and several copper denominations, output was insufficient. Ageing machinery caused intermittent stoppages, described as “ten days of work followed by ten days of repairs.” As a result, new coins remained in storage for years without being released to the public.

The symbolic politics of coin inscriptions further aggravated diplomatic tensions. Coins cast in the twenty-ninth year of Gojong bore the title “Great Chosŏn,” provoking vehement protests from Yuan Shikai, who claimed that the character “Great” was reserved exclusively for China. He insisted the inscription be removed, and the episode delayed production. Financial shortages and technological inadequacies prevented the Incheon Mint from achieving mass production.

In AD 1897, following his refuge at the Russian legation during the political upheaval known as the “Agwan Pacheon,” Gojong, with Russian support, proclaimed himself Emperor and renamed the country the Korean Empire, adopting the era name Gwangmu. This declaration signified a formal break from the traditional Sinocentric order. Yet it brought no substantive autonomy. With Qing suzerainty eliminated after its defeat in the First Sino-Japanese War and Russia soon constrained by internal and external pressures, Korea became increasingly isolated as Great Power rivalry intensified.

In Gwangmu 2 (AD 1898), Gojong resolved to transfer minting operations from Incheon to Yongsan. Construction of the Yongsan Mint began that year, halting the planned expansion at Incheon. When the Yongsan Mint was completed in AD 1900, its machinery was more advanced than that of its predecessor, representing the final domestic attempt to rebuild a national currency system. In AD 1901, Gojong promulgated Imperial Edict No. 4, issuing the Monetary Ordinance. Li Yong-ik, a leading pro-Russian figure, was appointed Minister of Finance and initiated radical financial reforms, including an assertion of the gold standard and a prohibition on the circulation of Japanese “dragon dollars” overstruck with Korean marks. In AD 1902, Korea redefined its monetary system in line with Meiji Japan, establishing the relation 1 hwan (yen) = 100 chŏn and designating seven denominations: twenty, ten and five hwan in gold; half-hwan and twenty-chŏn in silver; five-chŏn in white copper; and one-chŏn in red copper. Owing to fiscal constraints, only small numbers of gold coins were produced as samples. To raise revenue, the government required the Yongsan Mint to concentrate on manufacturing two-chŏn-five white-copper coins, the most profitable issue, resulting in a market flooded with low-quality white-copper pieces. The absence of adequate silver backing and the unchecked issue of white-copper coins prevented the formation of a true monetary standard; the intended gold standard never materialised.

In Gwangmu 9 (AD 1905), following Japan’s victory in the Russo–Japanese War and the signing of two Japan–Korea agreements, the Korean Empire became a de facto Japanese protectorate. The Korean government announced that all new coinage would henceforth be manufactured by the Osaka Mint. Osaka borrowed equipment from the former Korean mints in order to mass-produce new silver and copper currency for Korean circulation. As economic ties between Japan and Korea intensified, demand for gold coins increased. Thus, from Gwangmu 10 (AD 1906), Osaka began striking gold coins; by Longhui 3 (AD 1909), production had reached 1.45 million hwan. Most, however, did not enter Korean circulation. Instead, they served as the reserve backing for banknotes issued by the First National Bank of Japan.

物件編號: A3723

參考書目編號: KM#1130

年代: 公元 1906 年

材質: 金 (900‰)

尺寸: 19.5 x 19.5 mm

重量: 紀錄為 8.33 g

製造地: 大阪造幣局

來源:

1. 海瑞德拍賣行 2025

2. 羅伯特·C·皮克特收藏

這是一枚大韓帝國首任皇帝高宗，以其年號光武發行之面額十圜的金幣。

錢幣正面中央為一條前爪握著龍珠的三爪飛龍。以環繞的珠圈相隔，珠圈外圍的右上方為漢字紀年「光武十年」，即公元1906年。左側為國號「大韓」，下方為韓文「십원」，即十圜。圜即錢，為圓形錢幣的古稱，於漢文化圈長期用以指代貨幣。

錢幣背面的正中間為漢字紀值「十圜」，左右兩側則仿照歐洲錢幣常見的桂冠圖案形式，代之以右側的李花枝條與左側的木槿花枝條作為裝飾，正上方則是作為國家與王室象徵的李花紋(이화문)。

高宗即位後，朝鮮的貨幣體系陷於長期失序。市面上同時流通舊式銅錢、新錢(平字一文錢)、當五錢、私鑄錢、清朝錢幣、日本銀元乃至西洋銀幣，各地對同一貨幣的比價不一，使稅收制度幾乎難以運作。地方自訂貨幣規則、各用其幣的情況十分普遍，而大量劣質私鑄錢幣與國庫不足相互交織，使朝鮮財政接近崩潰。這種混亂的貨幣環境不僅造成國內交易困難，也使外國商人批評朝鮮貨幣落後，要求改革。面對國際通商的壓力與國內財政的窘迫，高宗政府從公元1880年代起不得不考慮以西式金屬貨幣重建貨幣制度，以提升稅收效率並捍衛國家主權。

最初的改革並非由朝鮮獨力完成，而是在外國勢力介入下逐步形成。高宗二十年(公元1883年)以後，日本第一銀行開始代理釜山、仁川等開港地的海關稅收，並發行海關支票，用以簡化以銅錢結算時耗時且不便的大額稅款處理。外國銀行票據運作良好，反而凸顯朝鮮傳統貨幣制度的落後。為了建立能與通商制度相配合的貨幣體系，高宗二十一年聘請德國人穆麟德管理典圜局，開始試製近代貨幣。穆麟德從德國購入材料與技術人員，試鑄五文銅幣與一兩銀幣等，形制仍模仿舊錢。

到高宗二十三年(公元1886年)，政府終於制定了完整的新式貨幣體系，計畫一次性引入十五種近代貨幣，包括五種金幣、五種銀幣以及五種銅幣。這其中便包含朝鮮歷史上首次出現的金幣系列——二十圜、十圜、五圜、二圜與一圜金幣。由於朝鮮缺乏金料與精密冶鑄技術，五種金幣採用鍍金工法製作樣幣，銀幣則以錫為原料試鑄。這套貨幣系統標誌著朝鮮正式嘗試參照日本「圓」體系，以「圜」為單位建立現代化的金銀本位制度，其年號採用「開國495年」，象徵試圖脫離舊式冊封秩序，建立自主國家形象。然而，雖然制度完整、樣幣齊備，朝鮮卻無力讓其投入實際流通。典圜局設備落後、經費拮据、技術仰賴外國人，加上國內政治局勢動盪，使這套雄心勃勃的貨幣計畫無法實現。

高宗二十四年至二十七年(公元1887至1890年)間，政府開始大量擴張典圜局的設備，嘗試以新式機器量產貨幣。此時的朝鮮被迫接受日本大阪造幣局的協助，而日本方面則藉貸款與技術之名，實際掌握典圜局經營權。日本商人增田信之以提供資金換取控制權，典圜局逐漸落入日人掌管，引起清朝高度不滿。典圜局技術依賴日本，資金受制於日本，甚至連貨幣的重量與樣式都按日本建議調整。這些貨幣雖然外觀近代化，但背後象徵的是朝鮮主權的弱化。在日本監督下，典圜局雖然進行了五兩銀幣、一圜銀幣與若干銅幣的生產，但產量不足、設備老舊，使得造幣工作常呈現「十日工作、十日維修」的困境，新幣在倉庫中放置多年，遲遲無法上市。

更甚者，貨幣的政治象徵性引發國際敏感反應。高宗二十九年製造的新貨幣上刻有「大朝鮮」字樣，引起清廷駐朝將領與通商代表袁世凱的強烈反對。他聲稱「大」字只有中國才能使用，要求立即刪除。外交事件、技術與經費的困境，使仁川典圜局始終不具條件進行貨幣量產。

公元1897年，高宗於「露館播遷」政變事件後，在俄羅斯支持下於圓丘壇即位稱帝，改國號為「大韓」，年號「光武」，宣示朝鮮由傳統冊封體制轉向形式上的「完全自主」。然而，這一主權宣示並未帶來實質穩固的獨立。清朝在甲午戰爭中敗於日本後已失去對朝鮮的宗主權，而俄羅斯亦因本國內政與國際壓力逐漸減少投入，朝鮮在列強重壓下愈形孤立。

光武二年(公元1898年)，高宗決定將造幣重心從仁川轉移至龍山，龍山典圜局正式動工，原本的仁川擴建工程因此中斷。兩年後(公元1900年)，龍山典圜局竣工，設備較舊廠先進，為朝鮮重建貨幣體系的最後嘗試。公元1901年，高宗發布敕令第4號，頒布《貨幣條例》。親俄派領袖之一的李容翊被任命為財政部長，隨即開始了一系列激進的金融改革措施。措施之一就是宣布實行金本位制，停止流通加蓋丸銀戳的日本龍洋。公元1902年，韓國改定幣制，與明治維新後的日本幣制同步，令1圜(日本為圓)＝100錢，定貨幣為七等：二十圜、十圜、五圜為金，半圜、二十錢為銀，五錢為白銅，一錢為紅銅，由於資金短缺，金幣只有少量樣本。政府為彌補財政，使龍山典圜局集中生產利潤最高的二錢五分白銅幣，使國內市場變成以劣質白銅幣充斥的「非本位貨幣市場」。大量白銅幣的泛濫與銀本位缺失，使真正的本位貨幣體系未能建立，金本位制度更無從推行。

光武九年(公元1905年)，挾日俄戰爭勝利之勢，日韓先後簽定兩次日韓協約，大韓帝國實質成為日本的保護國。朝鮮政府宣布由日本大阪造幣局全面承擔新貨幣的製造工作。大阪造幣局自舊典圜局入借設備，以便量產以銀銅為主的朝鮮新貨幣。隨著日韓經濟流通日益密切，韓國市場開始產生對金幣的需求。於是大阪造幣局自光武十年(公元1906年)起，開始鑄造金幣。至隆熙三年(公元1909年)，累達一百四十五萬圜。但多未投入流通，而是作為日本第一銀行券在韓發行的準備金。