In 1871, the New Currency Act was enacted and on May 27, 1878, the edict of Dajokan (Grand Council of state) was issued to coin silver trade dollars in Japan equivalent to Spanish dollars and use the trade dollar as one-yen silver coin across the nation, and on September 12, the following year, the gold and silver standard system was declared to allow the use of Spanish dollars and silver trade dollars in accordance with the exchange rate set between the both governments (gold and silver bimetallism).
明治4年（1871年）の新貨条例制定後Spanishdollarとほぼ同品位の貿易銀を鋳造し、明治11年（1878年）5月27日にこれを1円銀貨として日本全国に通用させる太政官布告を公布、翌年9月12日には洋銀と貿易銀との平価通用が布告された（金銀複本位制）。