A gisaeng named Cho-Yeon promises to give herself to the man who finds her ring, which into a pond. Min Jang-Whee tries to find the ring, but cannot because he falls in love with her. Jang-Whee's friend In-Sung helps Cho-Yeon who fell into to the water. In-Sung is poor, but well learned. Their sad triangular love affair begins. 15 years later, Jun Ki-Soo, who looks like In-Sung, appears and tells of their fate.

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