Goryeo coinage

The kingdom of Goryeo used various currencies during its almost five centuries of rule on the Korean Peninsula. Both commodity and metallic money were used, often concurrently, in a "hybrid currency system":^[1] The metallic money consisted of coins, both Chinese and Korean, and silver currencies. Paper money was used during the late Goryeo period.

Goryeo was the first Korean state to mint its own coins.^[2] Among the coins issued by Goryeo, such as the Dongguk Tongbo, Samhan Tongbo, and Haedong Tongbo, about a hundred variants are known.^[3] Coins failed to gain widespread use, whereas silver currencies were used until the end of Goryeo. The ŭnbyŏng, a silver currency in the shape of the Korean Peninsula, was in circulation for around 300 years and, according to the Bank of Korea, occupies an important place in the history of Korean currency.^[4] Goryeo enjoyed monetary stability until the late 13th century, but experienced monetary instability with the introduction of paper currency from the Yuan dynasty.^[5]