This grand Buddhist tapestry, which is more than three square meters, is believed to have been made in early 18th century Korea.
It shows Buddha giving a sermon to his followers.
Experts believe the textile's artistic value lies in the way it depicts Buddha and his followers.
Most paintings show Buddha's disciples sitting behind him.
But in the tapestry, two disciples sit in front of Buddha, listening attentively as he speaks.
"Numerous artists have drawn Buddha's disciples, but this tapestry depicts them in a deeply moving way that touches the hearts of viewers. I personally believe that proves that the tapestry has artistic value and should be designated a National Treasure."
The tapestry was stolen from a Buddhist temple in Korea during Japan's colonial rule in the early 20th century.
It was then sold to a famous Japanese art dealer.
Later, it was auctioned in New York in 1944 and sold for 4-hundred-50 dollars to a museum in Virginia.
The tapestry had been rolled up in a storeroom for some 40 years, until the museum turned it over to the Overseas Korean Cultural Heritage Foundation last month.
It is currently housed at the National Museum of Korea.
The tapestry is one of the many artworks that were taken or stolen during Japan's 35-year colonial rule over the peninsula in the early 20th century.
Park Ji-won, Arirang News.