One theory explains that Kowado coins were issued in the early Wado-kaichin currency period and the other theory says that Kowado coins were issued as Shichusen (counterfeit money) or as trial coins before Wado-kaichin was officially issued.
古和同は、和同開珎の初期のものとする説と、和同開珎を正式に発行する前の私鋳銭または試作品であるとする説がある。