After 13 days of its establishment on June 12, 1950, Bank of Korea faced the Korean War outbreak, being unable to issue its first banknotes. However, the Bank made an urgent decision to issue banknotes to prevent the cash shortage stemmed from the increased demand for military expenditure. On July 22, 15.2 billion won in 1,000-won note, and 200 million won in 100-won note were printed at the former Japanese National Printing Bureau of the Ministry of the Treasury. A portrait of the first President Rhee Syng-man and Gwanghwamun Gate of Gyeongbokgung Palace were applied in the design of the 1,000-won note and 100-won note, respectively.