 In 1868, the government also issued coins and gold-convertible paper money, called "" (太政官札), denominated in "Ryō", an old unit from the Edo period, and private banks called "Kawase Kaisha" were allowed to issue their own currency as well.Complexity, widespread counterfeiting of gold coins and feudal notes led to widespread confusion.Through the New Currency Act of 1871, Japan adopted the gold standard along international lines, with 1 yen corresponding to 1.5g of pure gold.