Construction of the park began in March 1998 and was completed in December 1999.

[1] It is named for and commemorates the 1907–1908 National Debt Repayment Movement (국채보상운동), an act of the Korean independence movement, when the country was indirectly ruled through the Japanese Resident-General of Korea.

[1] It also commemorates the 1998 gold-collecting campaign during the 1997 Asian financial crisis.

The Dalgubeol Grand Bell was installed in a pavilion in the park in December 1998.

[1] The National Debt Redemption Movement Memorial Museum opened in the park on October 5, 2011.