Journal of the Association of Korean Geographers ISSN:2287-4739(Print) 2733-8991(Online) 한국지리학회지

Recognizing the need to fundamentally reform its pre-modern monetary system, Joseon established the Mint, a modern monetary institution, near Changdeokgung Palace in July 1883. German P. G. von Mollendorff, appointed as the general manager of the Mint in February 1884, oversaw the construction of a new Gyeongseong Mint building at the site of the Seonhyecheong warehouse and issued currency in November 1885. However, the Gyeongseong Mint produced a minimal amount of currency, which was hardly circulated in the market. In the 1890s, Matsuda Nobuyuki, a Japanese who took control of the Mint, pushed for relocation of the Mint to Incheon. Construction of the new Incheon Mint began in May 1892, with installation of construction and mechanical facilities completed in November of the same year. A test operation was carried out in December 1892, and the Incheon Mint subsequently issued various types of currency. Joseon regained the right to operate the Mint from Matsuda in March 1893, but frequent suspensions in money production occurred due to financial difficulties and a lack of technological and operational capabilities. In October 1898, under the orders of Emperor Gojong, Joseon began construction of the Yongsan Mint at the site of the Gunjagam warehouse. The building was completed in May 1900, and in August of the same year, the minting facility from the Incheon Mint was relocated to Yongsan. Money production resumed in September 1900. In October 1904, Mechata Tanetaro, who took office as a financial advisor to the Korean Empire, abolished the Mint in November of the same year and entrusted the minting work to the Osaka Mint in Japan. Consequently, the Korean Empire completely lost its monetary sovereignty and became entirely subjugated to Japan’s monetary system.