The New Coinage Act of 1871 declared the gold yen as the standard unit of value and legal tender for transactions of "any value. Silver coins were relegated to subsidiary money," "legal tender up to 10 yen. However, the Act also declared the" silver Yen Trade Dollar as legal tender within the confines of treaty ports. An amendment in May 1878 made the silver Trade Dollar legal tender throughout the Empire of Japan. Thus both gold and silver were legal tender within Japan and for all foreign transactions from 1878 to 1897. It wasn’t until the Coinage Act of 1897 declared the gold yen as the standard unit of value and legal tender that Japan officially adopted the "gold standard. The coinage of the Yen Trade Dollar ceased, and" they were gradually withdrawn from circulation. GDP: GDP calculated by subtracting net factor incomes and transfers received from the rest of the world from GNP. Gross national expenditure (GNE) data from 1885 to 1929 are from Ohkawa et "al. (1979, T. A1, pp. 251-253, col. 7), gross national" "expenditure at market prices, millions of yen, current prices." "GNE data from 1930 to 1944 are from Ohkawa et al. (1979, T." "A2, p. 254, col. 7), gross national expenditure at market" "prices, millions of yen, current prices. GNP figures are" "calculated as GNE plus the current account balance, as" calculated below. Data on net factor incomes received from the "rest of the world are from Ohkawa et al. (1979, T. A31, pp." "332-335, cols. 3, 6), exports: income from abroad less" imports: income from abroad. Data on net transfers from abroad "are from Ohkawa et al. (1979, T. A31, pp. 332-335, col. 8)," net transfers from abroad. Capital Formation: Capital formation data equal gross domestic fixed capital "formation plus changes in stocks. Data from 1885 to 1929 from Ohkawa et al. (1979, T. A1, pp. 251-253, col. 3), gross" domestic fixed capital formation. Data from 1930 to 1944 from "Ohkawa et al. (1979), T. A2, p. 254, col. 3, gross domestic" fixed capital formation. Change in stocks data from 1885 to 1929 are calculated by taking inventory change as percent of "GNE from p. 63 of Ohkawa et al. (1979) quoting from Fujino," "Shozaburo and Akiyama, Ryoko (1973), Zaiko to Zaiko Toshi," "1880-1940, Hitotsubashi Daigaku, Keizai Kenkyujo, and" multiplying by GNE. Inventories data from 1930 to 1944 are "from Ohkawa et al. (1979, T. A2, p. 254, col. 4), increase in" stocks. Current Account: "Data for 1868 to 1940 from Ohkawa et al. (1979, T. A31, pp." "332-335, col. 9), surplus on current account (excluding" reparations). Data does not include nonmonetary or monetary gold shipments. Data from 1940 to 1944 from Ohkawa et al. "(1979, T. A32, p. 336, col. 9) surplus on current account" (excluding reparations). Gold: "Gold coinage data for 1871 to 1897 are from Matsukata (1899)," "T. II, p. 13, Amount of gold coins issued, and T. III, p. 14," Amount of silver coins issued. Data for 1900 to 1939 are from "Japan, Ministry of Finance, Financial Annual of Japan, nos. 1," "10,16, 26, 36, 40, coins turned out by the mint. Data for 1913" "to 1936 on coinage withdrawn are from Japan, Bank of Japan" "(1932, 1937), Economic Statistics of Japan, p. 2, amount of" coin melted by the mint. Data on gold exports and imports for 1872-1933 on exports "and imports of gold from Ishibashi (1935), details of coin and" "bullion exported, pp. 431-433, details of coin and bullion" "imported, pp. 436-437, gold bullion and total of gold coin and" bullion. Data are for Japan Proper (ie excludes Korea and Taiwan after annexation). Data for 1934-1936 on net exports of "gold coin and bullion from Japan, Japan Statistical Yearbook" "(1949, T. 280, pp. 520-521, col. 7-8), domestic (Japan" Proper) exports and imports of gold coin and bullion. Silver exports and imports data for 1872-1933 are from Ishibashi "(1935), details of coin and bullion exported, pp. 433-435," "details of coin and bullion imported, pp. 437-439, silver" bullion and total of silver coin and bullion. Data are for Japan proper (ie excludes Korea and Taiwan). Data for 1934-1936 on net exports of silver coin and bullion from Japan "Statistical Yearbook (1949), T. 280, pp. 520-521, col. 7-8," domestic (Japan Proper) exports and imports of silver coin and "bullion. Data on gold coin and bullion imports and exports and silver coin and bullion imports and exports for 1937 to 1945 are from Japan, Hundred Year Statistics of the Japanese" "Economy (p. 561, and Supplement, p. 157)" Data on coins existing in the country from 1868 to 1900 "from Japan, Financial Annual of Japan (1901). Data on coins" "existing in the country from 1901 to 1914 from Shinjo (1962)," "T. XXB, p. 101. Data on the estimated stock of specie in the" country from 1872 to 1914 is derived from the data on coins existing in the country. Data after 1914 take the previous "years estimate of specie existing in the country, plus coins" "turned out by the mint, less coin melted by the mint, less net" exports of specie. Changes in the monetary stock take the "change in estimated stock of specie, less net exports of" bullion. Data after 1934 are based on coinage less recoinage less net exports of gold coin and bullion. Refs: "Baba, Masao and Tatemoto, Masahiro (1968), Foreign Trade and" Economic Growth in Japan: "1858-1937, ch. 6 in Klein, Lawrence and Ohkawa, Kazushi (1968)," Economic Growth "The Japanese Experience since the Meiji Era, the Economic Growth" "Center, Yale University," "Richard D. Irwin Inc, Homewood Illinois." "Economic Statistics of Japan (1932, 1937), Bank of Japan, Tokyo." "Financial Annual of Japan (1901, 1910, 1916, 1926, 1940), Department" "of Finance, Tokyo." "Fujino, Shozaburo and Akiyama, Ryoko (1973)," "Zaiko to Zaiko Toshi, 1880-1940, Hitotsubashi Daigaku, Keizai" Kenkyujo. "Japan Statistical Yearbook (1949), edited by the Executive Office of" the Statistics Commission "and the Statistics Bureau of the Prime Minister's Office, published" "by the National Statistical Association, Tokyo." "Key, Bernard Merril (1971), The Role of Foreign Contributions in" "Japanese Capital Formation, 1868-1936," "with Special Reference to the Period 1904-1914, unpublished doctoral" "dissertation," "University of California, Berkeley." "Matsukata, Masayoshi (1899), Report on the Adoption of the Gold" "Standard in Japan, Tokyo." "Ohkawa, Kazushi; Shinohara, Miyohei and Meissner, Larry (1979)," Patterns of Japanese Economic Development A Quantative Appraisal "Economic Growth Center and Council on East Asian Studies," "Yale University, Yale University Press, New Haven." "Oriental Economist (1935), The Foreign Trade of Japan A Statistical" "Review, Tanzan Ishibashi (ed.), Tokyo." "Shinjo, Hiroshi (1962), History of the Yen - 100 Years of Japanese" "Money-Economy," "The Research Institute for Economics and Business Administration," "Kobe University, Kobe." "Yamamoto, Yuzo (1975), Japanese Balance of Payments 1868-1967: Data" "and Findings," "Institute of Economic Research, Kobe University of Commerce, Working" "Paper No. 24, August." "Yamazawa, Ippei and Yamamoto, Yuzo (1979), Trade and Balance of" "Payments, ch. 7 in" "Ohkawa, Kazushi; Shinohara, Miyohei and Meissner, Larry (eds) (1979)," "Patterns of Japanese Economic Development A Quantative Appraisal," "Economic Growth Center and Council on East Asian Studies," "Yale University, Yale University Press, New Haven."