This printing plate for convertible notes, known as Taehwan-gwon was issued by Hojo, the Ministry of Taxation, Taehwan-gwon was the first modern paper currency of Korea and a certificate to convert old banknotes to new ones. In 1892, King Gojong promulgated the New Money Ordinance to introduce the modern currency system, and established Taehwanseo (兌換署), the office for conversion, in charge of the exchange of old and new banknotes. The office manufactured 4 types of convertible currency bills worth with 50, 20, 10, and 5 nyang (the currency unit of Joseon) to withdraw the old money, yeopjeon (brass coin). This plan, however, was not in practice due to administrative difficulties. This particular plate was for the 10 nyang bill.