An Empirical Study of Myŏnjujŏn’s Financial Transactions in Late Chosŏn Korea

This study presents an empirical analysis of the financial transactions undertaken by Myŏnjujŏn (綿紬廛), a licensed commercial guild in late Chosŏn Seoul. Drawing on the Sangbang sandae chŏnch’aek (尙房散貸錢冊), housed in the Kawai Collection at Kyoto University, this paper investigates how Myŏnjujŏn conducted loans and repayments with various state institutions and private individuals between 1860 and 1895. The Sangbang sandae chŏnch’aek consists of seven types of documents, including receipts, aggregate loan charts, interest collection records, promissory notes, and loan contracts. These records show that Myŏnjujŏn engaged in short-term, large-scale lending with institutions such as the Sŏnhyech’ŏng, Sangŭiwŏn, Unhyŏn’gung, and Wup’och’ŏng, while maintaining a long-term, annualized financial relationship with the P’yŏngsisŏ (平市署) over a span of 30 years. The P’yŏngsisŏ loans involved fixed principal amounts (160 yang) but featured gradual increases in interest rates, indicating that terms were unilaterally dictated by the state. Internally, Myŏnjujŏn generally applied a 1.5% monthly interest rate, while external transactions ranged from 1.25% to 3.0%. Even after the widespread use of Tangojŏn (當五錢) in the 1880s, the guild continued to use ordinary Sangp’yŏng t’ongbo (當一錢) as its currency, revealing its institutional detachment from market fluctuations. Financial records further demonstrate that Myŏnjujŏn’s activities extended beyond intra-guild lending to include involuntary participation in state-controlled financial flows. This study shifts the focus of Chosŏn financial historiography from rural contexts to the urban commercial structure of the capital. Ultimately, Myŏnjujŏn was more than a merchant body; it was an institutional agent embedded in the capital’s fiscal apparatus. This study lays the foundation for further comparative analysis of local versus central financial systems in Chosŏn Korea and offers new insight into the institutional underpinnings of the traditional Korean financial order.