100 Won

The 1965 series marked a significant shift for Korean currency printing — earlier high-denomination notes had been produced abroad, but by the mid-1960s the Korea Security Printing Corporation had consolidated domestic production capacity sufficiently to handle the full range. P#38A is part of that consolidation effort, printed entirely within Korea.

Watermark security was relatively modest for the period, reflecting the printing infrastructure available domestically at the time rather than any policy decision about the note's importance.