A number of currencies were circulating in the province, as was the custom in China, and the paper notes issued by the provincial government had experienced a steady depreciation in value. Wang decided to switch to a silver standard and set the initial value of the new silver yuan equal to the Japanese gold yen, which was accepted throughout Korea and Manchuria. Much to the surprise of the Chinese, the new currency even gained in value against the gold yen, although Japanese businessmen claimed that it was not backed up by sufficient silver reserves. Wang then used the newly gained credibility to introduce another note, the Fengtian dollar, which was not convertible into silver anymore. However, it was accepted by the government for the payment of taxes, a sign of faith in its own currency.