The first western-style coins stamped in Yen units and the 1 yen silver coin used for trading following the New currencyact promulgated by the Meiji government in Meiji 4 (1871).
The Meiji government started to reform the complicated monetary system of Edo Period into a modern system resembling those in European countries. It was accomplished by the enactment of the New currencyact, which stipulated:
the adoption of the decimal accounting system of yen, sen, and rin.
that gold coins shall be the monetary standard, while silver and copper coins be subsidiary.
(Adoption of the gold standard).
the adoption of round-shaped stamped-out currency for gold and silver coins as in the modern western countries.
Yen, literally means "circle". One yen corresponds to 100 sen. However, sen are not used in everyday life anymore.
Similar financial terms
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