Currency issued in 1950

This is currency issued by the Bank of Korea after the government introduced its first currency measures on August 28, 1950. These measures mainly abolished the Bank of Chosen denominations and introduced the Bank of Korea ones to replace them. The government introduced South Korea's first monetary measures shortly after the provisional capital was relocated to Busan, because the North Korean military had disrupted the South Korean economy by circulating illegal banknotes. Right after the Korean War broke out, the North Koreans occupied Seoul and circulated unissued Bank of Chosen denominations they found in the warehouse at the Bank of Korea headquarters. They also printed money using the printing machines they seized. The government responded to the North Korean military's sabotage by distributing new denominations. However, since the North Korean military had seized all the printing equipment, the government had to print the new money in Japan. The 1,000-won bill featured the portrait of President Syngman Rhee that was hanging in the office of the Korean Diplomatic Mission in Japan. The 100-won bill included an image of Seoul's Gwanghwamun Gate, taken from a booklet belonging to an employee in the Bank of Korea's Tokyo branch. People exchanged their old Bank of Chosen denominations for the new Bank of Korea ones. The government therefore managed to exchange a total of 71.9 billion won in five stages from September 1950 to January 1953. However, for small denominations of less than 100 won, the old Joseon banknotes continued to be used.