Haesanite seol

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

Haesanite Seol Coins (2015 printing)

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

Haesanite Seol Banknotes (2015 printing)

Denomination	Obverse	Reverse	Watermark
설200	Yoon Si-hu, 17th century historian and Celestial scholar	Cheonsahae Temple near Hanyeong	Bell
설500	Corinne Depuis, 20th century advocate for historical preservation and conservation	Château d'Anfé, Anfa	Column
설1,000	Seo Ji-min, a leader of the independence movement and democracy activist	Jangsa Market in Suyang	Scales
설2,000	Pak Ye-ju, first Prime Minister of the Second Commonwealth, Haven Peace Prize recipient	Dasom Hot Springs in Jakja	Dove
설5,000	Admiral Cho, 16th century admiral who repelled Costenan invasion	Byeolmorae Beach in Haebam	Masted ship
설10,000	Han Ju-sang, first President of Haesan and independence activist	Dalseongjeon, Hwagang	Astral design