Dangojeon

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The Dangojeon (Korean: 당오전; Hanja: 當五錢) refers to the 5 mun denomination of the Sangpyeong Tongbo (常平通寶) Korean cash coins introduced in February 1883 following the disastrous introduction of the earlier Dangbaekjeon (當百錢) two decades earlier. The Dangojeon had a nominal value (or face value) that was five times higher than that of the regular yeopjeon, but its purchasing power was just twice as high, like the previous series of high denomination Sangpyeong Tongbo cash coins, this would prove to be a major cause of inflation and disrupted the Korean economy. It was cast in order to pay for the expenditures of the state, the casting of the dangojeon was led by the German adviser Paul Georg von Möllendorff. These cash coins would remain in circulation until July 1894.