Sejong the Great
Economy

In the early years of the Joseon dynasty, the economy operated on a barter system, with cloth, grain, and cotton being the most common forms of currency. In 1423, under King Sejong’s administration, the government attempted to introduce a national currency modeled after the Tang dynasty 's kaiyuan tongbao (開元通寶). The resulting Joseon tongbo (조선통보; 朝鮮通寶) was a bronze coin, backed by a silver standard, with 150 coins being equal to 600 grams of silver. However, production ceased in 1425 due to high manufacturing costs, as the exchange rate dropped below the coin's intrinsic value.

In 1445, Sejong consolidated the various sujoji records, previously managed by various government offices, and placed them under the administration of the Ministry of Taxation (Hojo) to improve transparency in Joseon's fiscal policies.
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