diff --git a/.changelog/unreleased/bug-fixes/1244-conversion-loading-fix.md b/.changelog/unreleased/bug-fixes/1244-conversion-loading-fix.md
new file mode 100644
index 0000000000..16594a471b
--- /dev/null
+++ b/.changelog/unreleased/bug-fixes/1244-conversion-loading-fix.md
@@ -0,0 +1,2 @@
+- Now load conversions from storage even for epoch 1.
+  ([\#1244](https://github.com/anoma/namada/pull/1244))
\ No newline at end of file
diff --git a/core/src/ledger/storage/mod.rs b/core/src/ledger/storage/mod.rs
index 0ddbc600c5..c9c4f95449 100644
--- a/core/src/ledger/storage/mod.rs
+++ b/core/src/ledger/storage/mod.rs
@@ -379,7 +379,7 @@ where
             self.next_epoch_min_start_height = next_epoch_min_start_height;
             self.next_epoch_min_start_time = next_epoch_min_start_time;
             self.address_gen = address_gen;
-            if self.last_epoch.0 > 1 {
+            if self.last_epoch.0 > 0 {
                 // The derived conversions will be placed in MASP address space
                 let masp_addr = masp();
                 let key_prefix: Key = masp_addr.to_db_key().into();