Established in 1574, during the seventh year of King Seonjo's reign, this school was built in memory of Confucian scholar Yi Hwang by some of his disciples. Like other schools of this type, it was built both as a place for education and in honor of past Confucian scholars. Although its scholarly functions ceased long ago, it still serves as a ceremonial center, with commemorations held here twice a year. It has been featured on the back of the W1,000 bill since 1975.