Bank of Chosen Five Yen Gold Note
1911 ・ paper ・ 20th century ・ Bank of Chosen
In February 1911, the (former) Bank of Korea was renamed the Bank of Chosen. This five-yen note is an early example of a Bank of Chosen note, issued as a gold certificate explicitly stating its convertibility to gold, and it circulated at a one-to-one parity with the Japanese yen. For over thirty-four years thereafter, this parity would become the monetary framework of the peninsula.