Debasement the intrinsic value of the coinage and so more coins can be made with the same quantity of precious metal. If done too frequently, debasement may lead to a new coin being adopted as a standard currency, as when the Ottoman Akçe was replaced by the kuruş (1 kuru = 120 akçe), with the para (1/40 kuruş) as a subunit. The kuruş in turn later became a subdivision of the lira. Debasement Debasement is the practice of lowering the value of currency. It is particularly used in connection with commodity money such as gold or silver coins. A coin is
Korean currency Korean currency Korean currency dates back as far as the Goryeo dynasty (918–1392) when the first iron coins were minted. During that period, even though some imported Chinese currency was also in circulation, commodity currency such as grain and linen continued in general circulation. It was not until the beginning of the Joseon period that copper coins were minted for wide circulation. Jeohwa (저화/楮貨), which was made of standardized mulberry-bark paper early in the Joseon period, become the first legal paper money and was used as a medium of exchange in place of coins until it disappeared in the early