In 1866 (the 3rd year of King Gojong’s reign), Heungseon Daewongun, King Gojong’s biological father and regent during the king’s youth, created these coins, called Dangbaekjeon, to secure the funds required to reconstruct Gyeongbokgung Palace and see the government through its dire financial situation. The coins’ real value was much lower than intended, leading to hyperinflation and, as a consequence, an extremely difficult financial situation for ordinary people.