Bank of Korea
In 1909, the Bank of Korea (1909) (韓國銀行) was founded in Seoul as a central bank and began issuing currency of modern type. Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable "in gold or Nippon Ginko notes." Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.