Take a look back at Koreans' history with money in 'Dream of Big Savings' exhibit

In the past, preserving mokdon, or a large lump sum, did not typically mean securing them in a bank account. It was customary for Koreans to bury it in their front lawns or stick it in-between books, meaning that it would be more accurate to say...

Poster on small bond from the 1970s, now on view at the National Museum of Korean Contemporary History for its "Dream of Big Savings: Household Finance in Korean Contemporary History" exhibition [NATIONAL MUSEUM OF KOREAN CONTEMPORARY HISTORY]

In the past, preserving mokdon, or a large lump sum, did not typically mean securing them in a bank account. It was customary for Koreans to bury it in their front lawns or stick it in-between books, meaning that it would be more accurate to say that it was more about “hiding,” less than “saving” money.

Such practices highly contrasted what people nowadays opt for, usually storing their mokdon in a bank or searching for a good investment in stocks, installment savings or even cryptocurrency.

The dream to save big has changed very little across generations, but methods have significantly transformed. How did Koreans go from concealing their cash to betting on bold investments?

The National Museum of Korean Contemporary History in Jongno District, central Seoul, kicked off its latest exhibition “Dream of Big Savings: Household Finance in Korean Contemporary History” which it provides a fresh view on historical data and relics on how Koreans have accumulated their assets since the 20th century.

The exhibition’s Korean title translates to “The Dream of Mokdon.”

An Asahi safe from Japan's colonial rule (1910-1945) [NATIONAL MUSEUM OF KOREAN CONTEMPORARY HISTORY]

The museum had been planning to open this exhibition “for years,” according to the officials, after agreeing back in 2021 that one common interest among Koreans would be jaetech, or investment techniques.

“Back then, the asset market was overheated but while curating the exhibition it’s now facing some difficulties,” said Nam Hee-suk, director of the museum, during a press tour on Thursday. “The economy tends to fluctuate frequently, and we realized that when there are hardships, people find ways to overcome that, and we were able to see this while we were collecting data.”

“It stems from a rather impure motivation, but this exhibition started from how my mother got cheated off her gyetdon,” curator Ham Young-hoon said.

Gyetdon refers to a large chunk of money that members of a savings club pool together by paying on a regular basis, for which they take turns getting themselves. It is usually comprised of close individuals who have already formed a mutual trust. The downfall to gyetdon was that gyetdon fraud was so common to the point that it was a recurring topic in not only news reports, but also movies and television.

The first lottery-type deposit certificate issued to commemorate the national foundation from 1949. It was issued to prevent inflation after Korea gained independence in 1945. [NATIONAL MUSEUM OF KOREAN CONTEMPORARY HISTORY]

“I think that with our gyetdon section of the exhibition, the older generation will probably look back at their own related experiences as bitter memories,” Ham said.

“It’s really important that people know about finance and get educated,” he continued. “But considering how the concept is difficult to comprehend, we curated the exhibition in a colloquial style: the sections are divided according to simple questions.”

The exhibition starts out with “How much does it cost?” and continues with historical information on mokdon, gyetdon, interest, jeonse (when a very large refundable deposit is paid up front for rent-free occupancy for a fixed period) and investments.

“It’s important that students and children, who frequently visit our museum, understand our exhibition, so we’ve added games on touch screens for anyone to experience signing up for interest rate products or testing out their investment skills.”

A jeolmitong, or a rice jar from 1962 [NATIONAL MUSEUM OF KOREAN CONTEMPORARY HISTORY]

The exhibition includes an interesting collection of items that have practically disappeared in contemporary society, like jeolmitong, or a rice jar from 1962.

The jar’s original intention was to save up on rice by adding a spoonful each time before cooking. Jeolmitong was considered as a means for investment, as it represented the phrase “many a mickle makes a muckle.”

It also puts emphasis on the significance of lottery tickets, which Ham explained that “it helped contribute to economic development in that not only was it like a pastime for people, it also helped raise funds to hold big events like the 1988 Seoul Olympics.”

The Olympic Lottery was issued by the Seoul Olympic Organizing Committee from 1983 for 1988 and sold 2.5 million lottery tickets each week with up to 460 million won ($350,000) in profits every week.

There were also financial products offered by banks, some of the names which translate to “lucky time deposits” in that they are a merge of lottery and a savings account.

For example, in 2003, KB Kookmin Bank released a “game-type” product that allowed clients to choose a series of lottery numbers. If at least one of the six numbers were identical to one of the winning first to third place numbers, the bank would pay the client 1 million won.

A portable wireless stock terminal from the 2000s [NATIONAL MUSEUM OF KOREAN CONTEMPORARY HISTORY]

Korea is notable for achieving rapid economic growth in just a few generations to become one of the most developed high-income countries in the world, and this can be attributed to many government-led endeavors since the 1950s.

People were encouraged to save money, precisely a fixed amount each month, so that the country would be able to raise enough revenue for economic development. The government even established the Day of Savings, which falls on the last Tuesday of October every year, in 1964.

However, as the meaning of money has transformed over the years, the day changed its name to the Day of Finance in 2016 to “stimulate investment and consumption more than just saving up,” curator Ham said.

A money box made by Daehan Kyoyuk Insurance from after 1945 [NATIONAL MUSEUM OF KOREAN CONTEMPORARY HISTORY]

“The point of the exhibition is to encourage people to be wise about what they spend and invest in,” he said. “The economy always circulates; that’s why people should be smart about where they’re putting their money in. It’s the ultimate goal to prevent more people from get scammed.”

The “Dream of Big Savings” exhibition continues until June 25. National Museum of Korean Contemporary History is open from 10 a.m. to 6 pm. on weekdays. Hours extend to 9 p.m. on Saturdays and Wednesdays. The museum is free to all.

BY SHIN MIN-HEE [shin.minhee@joongang.co.kr]