Haesanite seol
| Unit | |
|---|---|
| Plural | seol; no formal plural exists, "seols" often used informally |
| Symbol | 설 |
| Denominations | |
| Subunit | |
| 1⁄100 | jeom (점) Theoretical (not used) |
| Banknotes | |
| Freq. used | 설200, 설1,000, 설2,000, 설5,000, 설10,000 |
| Rarely used | 설500 |
| Coins | |
| Freq. used | 설10, 설20, 설50, 설100 |
| Rarely used | 설5 |
| Demographics | |
| Date of introduction | 1921 |
| User(s) | Haesan |
| Issuance | |
| Central bank | Bank of Haesan |
| Mint | Haesanite Bureau of Printing and Engraving |
The Haesanite seol (Code: HNS, Symbol: 설) is the official currency of Haesan, originally introduced in 1921 and continuously used since 1972. The seol, issued by the Bank of Haesan, is issued for public circulation in denominations ranging from 설5 to 설10,000. A theoretical unit called the jeom is equivalent to a hundredth of a seol and is used solely in foreign exchange rates. As of July 15, 2023, the currency trades with the Sanctarian Pound at a rate of around 설185.87 = £1.
History
First issued in its modern form in 1921 to replace the Opthelian Crown after decolonization, a currency of a similar name was used during the reign of the United Dominions of Haesan from about 1200 CE onwards. The currency experienced a period of rapid inflation throughout the 1930s and early 1940s, and at the inception of the Free Republic of Haesan in 1942, the currency was functionally worthless. Starting in 1945, the currency was pegged to the Maximusian Dollar to help provide some foreign exchange rate stability which it provided for a little over a decade, but the onset of the Great War made those efforts in vain. After the Daryan invasion led to the conquest of Haesan and the dissolution of its government, the seol went out of use. As Haesan was placed under a provisional government, the nation used the Maximusian Dollar as its official currency until 1972, when the Free Republic of Haesan was reinstated. Henri Lagarde introduced the reworked seol, then renamed the "sol", at a pegged rate of 1,000 to M$1 in order to eliminate fractions, in accordance with his ideal of futurism. The seol regained its original name in the Korean Language Administration Act of 1991.
The peg would hold reasonably well, even shifting to a banded version in the late 1980s post democratization. However, the rapid growth of the Haesanite economy in the ensuing years would put strain on the peg, and by the early 2000s investors sought to exploit the gap between announced printings of seols and the exchange rate, threatening to run the central bank out of reserves. In 2004, the peg violently snapped, throwing the Haesanite economy into a recession known as the Monetary Crisis of 2004. The crisis led to the election of former economics professor Choi Da-yeon, who allowed the seol to float and established capital controls to shelter foreign investment. The seol has experienced steady appreciation since that change, and is increasingly becoming a regional contract currency as Haesan becomes a Hesperidan manufacturing hub.
Coins
Haesan currently mints five denominations of coins. The 설5 and 설10 coins are minted from commercial bronze, while the 설20, 설50, and 설100 coins are minted from 75% copper cupronickel.
| Denomination | Obverse | Reverse |
|---|---|---|
| 설5 | Sailboat | Value, date, "Haesan", "해산민국" |
| 설10 | Mount Jisun | Value, date, "Haesan", "해산민국" |
| 설20 | Bridge of the Maritimes | Value, date, "Haesan", "해산민국" |
| 설50 | Silver whale | Value, date, "Haesan", "해산민국" |
| 설100 | Chrysanthemum blossom | Value, date, "Haesan", "해산민국" |
Banknotes
There have been nine printings of banknotes since the seol entered circulation: the original printing in 1921, inflation prompted reprintings in 1935, 1939, and 1941, a peg reprinting in 1945, the restoration of Haesan reprinting in 1972, the democratization reprinting in 1985, the renaming reprinting in 1991, and the most recent, an appreciation prompted reprinting in 2015.
| Denomination | Obverse | Reverse | Main Color | Watermark |
|---|---|---|---|---|
| 설200 | Yoon Si-hu, 17th century historian and Celestial scholar | Cheonsahae Temple near Hanyeong | Red | Bell |
| 설500 | Corinne Depuis, 20th century advocate for historical preservation and conservation | Château d'Anfé, Anfa | Pink | Column |
| 설1,000 | Seo Ji-min, a leader of the independence movement and democracy activist | Jangsa Market in Suyang | Blue | Scales |
| 설2,000 | Pak Ye-ju, first Prime Minister of the Second Commonwealth, Haven Peace Prize recipient | Dasom Hot Springs in Jakja | Yellow | Dove |
| 설5,000 | Admiral Cho, 16th century admiral who repelled Costenan invasion | Byeolmorae Beach in Haebam | Orange | Masted ship |
| 설10,000 | Han Ju-sang, first President of Haesan and independence activist | Dalseongjeon, Hwagang | Purple | Astral design |
Security Features
Haesanite seol banknotes have a number of built-in counterfeit protection measures, many of which were added in the most recent 2015 printing. The designs of all banknotes have special patterns often with hidden writing in and English and Korean to help authorities quickly catch counterfeits. Translucent plastic strips added have the denomination of the bill etched inside and rough marks on the outside to ensure the seol is a braille currency. The watermarks are added as holographic patches so that the image only becomes visible when hit with the light at certain angles. Additonally, there are security features that only become visible when the banknote is shone under a UV light. Police services have also intimated that there are many additional measures that have not been made public to further reduce the risk of counterfeit.