50 Won

Thomas De La Rue printed the bulk of South Korea's banknote requirements through the 1960s, a period when the Bank of Korea lacked domestic production capacity adequate for a full currency series. This 50 Won belongs to the second post-reform issue following the 1962 monetary restructuring — the currency conversion that slashed ten old Hwan to one new Won, effectively wiping out a decade of inflationary erosion in a single decree.

The watermark is the sole security feature on this denomination, a relatively modest specification that reflects both the note's face value and the era's printing economics. Pick #34 examples with sharp paper are increasingly difficult to locate given the note's active use through a period of rapid economic expansion.