|MONEY and BANKING||STORIES||LOW GRAPHICS|
The Original Bank
A corporation called Chamber of Loans was created to handle the payments of interests on the stipulated dates, and also the management of allotted public revenue assigned to these payments. Soon it had the chance to purchase and sell, bills of exchange. The corporation also had a reputable name, and realized that selling bills with its name on it was profitable. It always had spare funds and it found the transactions of these bills good for business, thus it became a regular dealer of such bills. As its reputation grew, the merchants of Venice began to place their excess money in the Chamber of Loans. As a result the concept of deposits started. Soon every merchant in Venice was forced by law to open up an account. It was only a matter of time, when the transfer of payments between merchants was done within the bank itself (the process of paper accounting). Therefore, not having to take money out from the vaults and transporting large amounts in order to change ownership. Eventually bank notes were issued for these transactions and thus the circulation of money began. Eventually similar banks were set up throughout Europe.
Raj Parekh: Currency in the 1700's
Timothy Manion: Alan Greenspan's Story of America's Tranformation to Paper Currency
Takuma Muroi: Origin of the Japanese Yen
Sang Yoon Kim: Korean horror and funny money story
In Korea, there is a famous horror money story among the students including even college students. The story is that there was a girl in Korea. She was kidnapped and then killed by a murderer. To cherish her, her father who worked in the national coinage-agency (Korean Bank) secretly drew the daughter's name which is (Kim, Min Ji) and the picture of her hung head and long hair upside down when she was found by police after the murder. We can find the Korean character her,김 which is her last name, Kim in the tower which is carved in Korean gold color coin, 10 Won (which is Korean money unit) Also, we can find the first name "Min" in the paper money, 10,000 won. Moreover, there is the picture of her hung head and long hair upside down in the beard of famous old general, Lee, Sun Shin who won the sae fight against Japan of the silver color coin, 100 Won, and the hand which was also cut by murderer can be seen in the leg of crane of silver color coin, 500 Won. However, unfortunately, I forgot where the middle name, "Ji" can be seen. However, this story is just a fiction! I became know this fact through TV program which is called "the heaven of curiosity" In both my and my friend's opinion, may be, someone made the story in order to let forged money disappear by making people look the money more carefully.
One more! Short story~ In, the other foreign countries including U.S.
there is the picture of great men in the middle of the paper money. however, Korean paper money has the picture of great men in the right side of the paper money. There is the historical reason of the difference between Korea and other foreign countries. Most Koreans have a common habit of folding paper money half. however, Syng Man Lee, the first president of Korea did not like the habit because his face on the middle of the paper money was fold by the public. So, he ordered to Korea Bank to move his face from the middle to the right side of the paper money not to be fold, and still the changed paper money is used in Korea!