The Starving Age (Part 5)
After long deliberation, Yi Yeon had crafted a master plan that would allow him to launch the poultry business, issue new currency, and even develop mines.
*This is the perfect opportunity. If I miss it, I am a fool.*
Since the founding of Joseon, silk cloth had been standardized as currency under the unit of ‘sŭng.’ But it had never quite worked out.
*The bad currency had completely ruined the good one.*
When making silk cloth, the warp and weft were required to be neatly overlapped. Yet only garments too coarse to wear had been produced, and those had somehow become the currency.
Therefore, he had to block the emergence of any bad currency this time.
*Even King Sejong couldn’t do it, but I can.*
King Sejong had tried to revitalize Joseon’s economy with a currency policy, but it had failed.
*The lack of transport and the condition of the roads had been the problem, along with the fact that value wasn’t preserved.*
That was why Yi Yeon had designed a plan that worked even on damaged roads and preserved value.
Luckily, the greedy minister had offered the chance to reveal it.
“I grant permission. But there is one condition.”
The minister bowed his head slightly and glanced sideways at Sim Tong-won, as if seeking instruction.
Sim Tong-won cleared his throat and turned his head. The minister shifted his gaze back to Yi Yeon and spoke with a bow.
“Your Highness, may this humble servant know what the condition is? It would be an honor to hear, for even a fool like me would be able to join the poultry business if I knew the condition.”
*They’re putting on a show. The whole thing is ridiculous.*
Yi Yeon almost laughed at their antics but pinched his thigh and held it in.
*I heard that the Joseon king was an extreme job. It was true.*
Looking down from the throne, he could see every petty scheme unfolding.
“Listen well. The reason I have chosen to partner with the two of you on the poultry business is for the sake of the starving people. However, it is not easy to do it properly.”
Yi Yeon paused and observed the situation.
When he had planned the YouTube episodes with Stephen, the difference between reacting to subscriber responses and acting on pure instinct had been vast.
That habit remained with him now as he decided how to convince the ministers.
*Everyone seems interested.*
Normally some ministers would doze off, but now all eyes were locked on him.
*Since they’re all paying attention, I can speak plainly.*
“If only the ministers who truly understand the people follow me into the poultry business, eggs may become the standard currency instead of rice or silk cloth in the future. But eggs cannot be stored for long. Therefore, I want to create money that allows eggs to be bought and sold.”
“Your Highness, you intend to mint coins?”
“Exactly.”
“Your Highness, all previous kings have tried to circulate coins but failed. I worry about restarting now.”
“Do you know the reason?”
“I believe it is because the coins were not recognized for their value.”
“Correct. They were not recognized, and counterfeit coins circulated. That is why the previous kings could not achieve circulation. So I have thought of another way. How to break the precedent and succeed? After much thought, I found the method. Would you like to know what it is?”
The ministers murmured among themselves.
They had tried many times without success, so they assumed there was no method.
Now that a method had been found, they were dying of curiosity.
But no one dared to answer Yi Yeon’s question.
They knew bartering was inconvenient, yet they had never considered it because it caused no personal trouble.
Still, as the king’s question demanded a reply.
If they followed Neo-Confucian teachings, they were obliged to assist the king in caring for the people.
The ministers consulted one another.
“Does nothing come to mind?”
“Isn’t it like the Ming, minting silver coins and circulating them?”
“Hey, where in our Joseon land would silver come from?”
“Then what?”
“If you knew, you would have spoken up long ago. This is it?”
The ministers searched for words but fell silent one by one.
Yi Yeon smiled knowingly and produced the coin he had prepared.
“Upper King?”
“Yes, Your Highness.”
“Let the ministers see this.”
“Yes, Your Highness.”
Chief King Lee Jun-gyeong, Sim Tong-won, and Foreign Minister Yun Du-su each received one coin of a different size.
Three kinds of coins have been presented
The Grand Hall once again erupted in chaos.
“Your Excellency, is this not gold coin?”
“Weighing it, it cannot be gold.”
“Then why does it shine so brilliantly?”
“How would I know?”
When opinions diverged, Finance Minister Hong Dam stepped forward.
“Let me examine them.”
Hong Dam inspected the coins closely, and all eyes turned to him.
“Hmph… weighing it, neither gold nor brass. It resembles bronze…”
In the Joseon era, bronze mixed with tin was called brass or ‘bangjaso.’ Bronze mixed with zinc was also called yangbancho, because it was harmless to the human body unlike brass or white copper.
“Is it not brass?”
“It does shine unusually, but it seems to be brass.”
After much debate, the opinion narrowed to brass. Then Sim Tong-won spoke.
“Your Highness, this coin looks like brass, but brass is harmful to people, is it not?”
“Not at all. If used for tableware, there would be a problem, but as currency it is even better.”
“Is that so?”
“Indeed. I observed that brass does not corrode.”
Sim Tong-won opened his mouth as if to speak, then closed it. He bowed deeply.
“Your Highness! This humble servant cannot express how deeply I admire Your Highness’s benevolence in caring for the people. But this coin is extremely refined. How could such a coin be circulated?”
“Why do you think so?”
“Even though it is a short thought, this humble servant fears that the royal power will be wasted in coin production.”
Yi Yeon grew irritated at Sim Tong-won’s words.
*I really need to dispose of this fellow quickly.*
Yi Yeon had summoned Kim Yang-bo earlier, ordering him to bring brass coins made by the best craftsman in Hanyang.
Sim Tong-won had overheard.
“That is not your concern. In any case, I plan to trade eggs, chicks, and chickens using only these coins.”
“Your Highness, what does that mean? These coins require a craftsman’s skill to make even one, so how can they be used for trade? This humble servant finds it difficult to understand.”
“I never said it was for trade. That is not your concern!”
Annoyed, Yi Yeon ended the conversation decisively.
He had no desire to continue bickering with Sim Tong-won.
The hall instantly froze.
Even if the king was young, even if he was receiving state affairs, the king was the king.
The ministers could only read the room.
“I will repeat myself. I take full responsibility for minting coins and will handle it myself. Do not mention this again.”
“Yes, Your Highness. This humble servant has committed a capital offense.”
Out of fear, Sim Tong-won apologized.
Grinding his teeth inwardly.
Yi Yeon noticed but did not care.
*Once this is over, I will cut him off.*
Petitions against Sim Tong-won continued to arrive even now, so impeaching him was no trouble.
Yi Yeon cleared his throat and explained in a clear tone.
“As you can see, there are three kinds of coins. The smallest has an egg on the front and a long rod on the back. That rod represents the number one used in Arabia, meaning one. The middle coin with a chick has the number ten on the back. The largest with a chicken has the number one hundred. In short, ten small coins equal one middle coin, and ten middle coins equal one large coin.”
The Finance Minister asked, curious.
“Your Highness, does that mean one egg is one coin, a chick ten coins, and a chicken one hundred coins?”
“That is not so. Since eggs, chicks, and chickens vary greatly in size, we cannot unify their prices. But there must be a standard. Therefore, I plan to set one egg, that is, one coin or one yuan, as the symbol for the middle-sized egg.”
“Ah, I see. Then how will you set the prices for chicks and chickens?”
“That is for merchants to decide. I cannot set it.”
Yi Yeon decided to fix only the egg price and leave the others to the market.
If all prices were set uniformly, chaos would ensue.
The Finance Minister, who had managed tribute and experienced everything, immediately understood.
But he had one more question.
“Your Highness’s intention is truly profound. May this humble servant ask one more question?”
“Ask.”
“Your Highness, you call these coins ‘won’ instead of ‘jeon’ because they lack a central hole and are round like eggs, is that correct?”
Yi Yeon could not help smiling.
The Finance Minister had hit the core of the matter like a chisel.
“Correct. Since eggs are the basic currency, I will use the character ‘won’ meaning ‘round.’”
“Indeed magnificent, Your Highness.”
The Finance Minister bowed deeply, moved.
The coins he had examined moments earlier were extremely refined.
The edges had notches that could not be filed off, and the level of detail made counterfeiting nearly impossible.
Yet producing and circulating such coins seemed impossible to anyone.
Still, since the king had said he would handle it, no further questions were asked.
However, it could not simply be ignored.
Currency circulation fell under the Finance Ministry, and the Finance Minister was his superior.
“Your Highness, if this humble servant may be so bold, may I ask one more question?”
“If you have a question, you may ask ten.”
“I am honored, Your Highness. To produce these coins, many metals will be needed. Do you plan to develop mines?”
*What? Did he even monitor me?*
Yi Yeon thought so, but he was overjoyed.
He had been trying to figure out how to bring up the subject, but the Finance Minister had nailed it perfectly.
“Correct. The condition I mentioned for allowing the poultry business with you is mine development.”
As expected, Finance Minister Hong Dam smiled faintly.
In truth, the Finance Ministry was the most eager for currency circulation.
Collecting taxes in rice alone caused endless inconvenience.
When the king proposed coin circulation, Hong Dam wanted to lock it in before others objected.
That was why he had spoken in a way that would allow the king to promote it easily.
Once coin circulation was established, the greatest benefit would go to the Finance Ministry and himself.
The ministers merely watched Yi Yeon’s words.
The previous kings had blocked mine development because they feared gold and silver would be taken by Ming China.
But with the poultry business at stake, they hesitated to speak.
At that moment, someone without discretion stepped forward.
Sim Ui-gyeom, whose temper was as wild as a wild boar, had goaded his uncle into a fight.
“Your Highness! That is not possible.”