NOTES TO CHAPTER 24 1145(near Pusan). He anticipated that when it came time to mint a new coin, the authorities
could expect that they would have to pay a high price for hrass. Ihid. 4:4h.
- Ibid. 4: I a-b, 5a.
5I. See tahle 9, pp. 846~47· - PGSR 4: [h.
- Ihid. 4: [a-h.
- Kwon Yong'ik, "Yu Hyongwon iii hwap'ye sasang," p. 70 n. 40. Although not cru-
cial to his argument, he appears to have mistaken Yu's estimates of grain and cash. Won
Yuhan wrote that Yu estimated annual grain taxes at four to five million sam (sak), but
Yu used the term kok. Although kok could have been synonymous for sam in colloquial
parlance at the time, Yu defined the term kok as equivalent to IO mal, not 15 mal in the
contemporary sam. Won also cited Yu's estimate of TOO~200,000 strings of cash as equiv-
alent to I~2 million yang, but I have chosen to estimate the number of coins rather than
units of account. Besides. yang can only be determined by dividing the numher of coins
by Yu's proposed exchange rate with silver at 200 coins per yang of silver. so that the
amount of yang for I 00~200 million coins would be 500.000 to [,000,000 rallg (of sil-
ver). The same rule ought to apply as well for Yu's upper estimate of optimum copper
imports. Won Yuhan, "Kungjcmgjok hwap'yeron," pp. 295~96. Song Ch'ansik has cov-
ered the same issue. hut he mistakenly reported that Yu estimated national tax revenues
at 4oo~500,ooo kok of grain, when it should have heen 4~5 million kok. He also wrote
that the cash equivalent of 400~500,OOO kok of grain was 800,000 to I billion strings,
hut it should have been 4~5 million kok or 4o~50 million mal converted to 800 million
to I hillion coins! Song Ch'ansik, "Choson hugi haengjtmnon" [The circulation of cash
in the late Chason period] Han 'guk sasang taegye 2 (Seoul: Taedong munhwa yon'guwon,
Songgyun'gwan taehakkyo, 1976):793. - PGSR 4:5h~6a.
- Kwon Yong'ik stressed this last point in "Yu Hyongwon iii hwap'ye sasang," pp.
72~73· - PGSR4:[h~2h.
- Ihid. 4:3h.
- Ihid. 4:3a-h.
- Prices and exchange rates are listed on ibid. 4: I b, 4b.
- Ibid. 4:5a. Kwon Yong'ik also stressed this point and cited the writings of several
Chinese scholars like Yeh Meng-te, Fan rai, and Lti Tsu-chien of the Sung to illustrate
their belief that the volume of production was as much if not more responsible for price
fluctuations than the money supply. "Yu Hyongwon iii hwap'ye sasang," p. 75, and p. 76
n. 52. See also Song Ch'ansik, "Choson hugi haengjonnon," p. 791. Chang Kukchong's
discussion of the value of eash relative to silver and riee was extremely useful. in "Sipch'il
segi kiimsok hwap'ye (tonghwa) iii yut'ong e taehayo" [Thc circulation of melallic cur-
rency in the seventcenth century], Yaksa kwahak 6 (1961 ):55. - PGSR 4:5h. or after a poor crop I chon of silver would only huy I mal of grain
hut 3 mal aftcr a humper crop. - Ihid. 4:5a-h.