Exchange Currency
Taiwan dollar
The New Taiwan dollar or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China (ROC) since 1949, when it replaced the Old Taiwan dollar.
Originally issued by the Bank of Taiwan, it has been issued by the Central Bank of the Republic of China since 2000.
For the most part, Chinese coins were imported into Taiwan until the 1800s. In the 1840s, China issued a silver dollar for military pay. Chinese Taels (CNT) were used in Taiwan while it was part of the Chinese Empire. The Japanese issued Yen banknotes (TWY) at par with the Japanese Yen when they took over the island. The Yen was divisible into 100 Sen. After the Japanese were defeated, the Taiwan Nationalist Yuan (TWN) became the unit of account, and was an independent currency from the Chinese Nationalist Yuan. Although the Nationalist Bank of Taiwan was controlled by the Nationalist Central Bank of Taiwan, but the Taiwanese Dollar acted as a separate currency from the Nationalist Yuan since the Taiwanese Dollar, which had been tied to the yen, had depreciated at a slower rate than the Nationalist Yuan. After the Nationalist forces occupied Taiwan, a new Taiwan Dollar (TWD) was introduced on June 15, 1949 at the rate of 1 New Dollar equal to 10,000 old Dollars.
The Chinese Nationalist government did not move to Taiwan until December 1949, so the issuance of the New Taiwan Dollar was a separate event from the removal of the Nationalist government to Taiwan. The Taiwan Dollar is divisible into 100 Cents. The Bank of Taiwan has been the sole note-issuing authority under Japanese, Chinese and Taiwanese administrations. Although technically the entities were different banks, each used the name Bank of Taiwan. The Japanese Bank of Taiwan also issued some notes in mainland China, prior to 1920, where it operated as a foreign (Japanese) bank.
Even though the Taiwan dollar was the de facto currency of Taiwan, for years the old Chinese Nationalist yuan was still the official national currency of the Republic of China. The Chinese Nationalist yuan was also known as the fiat currency or the silver yuán, even though it was decoupled from the value of silver during World War II. Many older statutes in ROC law have fines and fees denominated in this currency.
According to the Regulation of exchange rate between New Taiwan Dollars and the fiat currency in the ROC laws, the exchange rate is fixed at 3 TWD per 1 silver yuan and has never been changed despite decades of inflation. Despite the silver yuan being the primary legal tender currency, it was impossible to buy, sell, or use it, so it effectively did not exist to the public.
In July 2000, the New Taiwan dollar became the official currency of the ROC and is no longer secondary to the silver yuan. At the same time, the Central Bank of China (now known as the Central Bank of the Republic of China) began issuing New Taiwan dollar banknotes directly and the old notes issued by the Bank of Taiwan were taken out of circulation.
In the history of the currency, the exchange rate as compared to the United States dollar (USD) has varied from less than 10 TWD per USD in the mid-1950s to more than 40 TWD per 1 USD in the 1960s and about 25 TWD per 1 USD around 1992. The exchange rate as of October 26, 2011 sits around 30.105 TWD per 1 USD.
The current set includes banknotes for NT$100, NT$200, NT$500, NT$1000, and NT$2000. Note that the NT$200 and NT$2000 banknotes are not commonly used by consumers. This may be due to the tendencies of consumers to simply use multiple NT$100 or NT$500 bills to cover the range of the NT$200, as well as using NT$1000 bills or credit/debit cards instead of the NT$2000 bill. Lack of government promotion may also be a contributing factor to the general lack of usage.
It is relatively easy for the government to disseminate these denominations through various government bodies that do official business with the citizens, such as the post office, the tax authority, or state owned banks. There is also a conspiracy theory against the Democratic Progressive Party, the ruling party at the time the two denominations were issued. The conspiracy states that putting Chiang Kai-shek on a rarely used banknote would "practically" remove him from the currency, while "nominally" including him on the currency would not upset supporters on the other side of the political spectrum that much (the Pan-Blue Coalition).
Originally issued by the Bank of Taiwan, it has been issued by the Central Bank of the Republic of China since 2000.
Summary info
Summary information about Taiwan dollar- ISO 4217 Code:
- TWD
- Currency sign:
- $ or NT$
- Country:
- Republic of China (Taiwan)
- Subunit:
- cent
- Coins:
- ½ Taiwan dollar, 2 Taiwan dollars, 5 Taiwan dollars, 10 Taiwan dollars, 20 Taiwan dollars, 50 Taiwan dollars
- Banknotes:
- 100 Taiwan dollars, 200 Taiwan dollars, 500 Taiwan dollars, 1000 Taiwan dollars, 2000 Taiwan dollars
- Central bank:
- Central Bank of the Republic of China
History
Major Chinese settlement of Taiwan did not begin until the 1600s. The Portuguese first visited the island in 1590, naming it Ilha Formosa, or beautiful island. In 1683 the Manchus (Ch'ing dynasty) took control of Taiwan, attaching it to Fukien (Fujian) province. Numerous revolts occurred under Manchu rule, but all were suppressed. Taiwan was part of the Chinese Empire until the Treaty of Shimonoseki handed Taiwan over to Japan on May 8, 1895. Taiwan was returned to the Republic of China on October 25, 1945. Taiwan became the seat of government for the defeated Nationalist Chinese forces on December 8, 1949.For the most part, Chinese coins were imported into Taiwan until the 1800s. In the 1840s, China issued a silver dollar for military pay. Chinese Taels (CNT) were used in Taiwan while it was part of the Chinese Empire. The Japanese issued Yen banknotes (TWY) at par with the Japanese Yen when they took over the island. The Yen was divisible into 100 Sen. After the Japanese were defeated, the Taiwan Nationalist Yuan (TWN) became the unit of account, and was an independent currency from the Chinese Nationalist Yuan. Although the Nationalist Bank of Taiwan was controlled by the Nationalist Central Bank of Taiwan, but the Taiwanese Dollar acted as a separate currency from the Nationalist Yuan since the Taiwanese Dollar, which had been tied to the yen, had depreciated at a slower rate than the Nationalist Yuan. After the Nationalist forces occupied Taiwan, a new Taiwan Dollar (TWD) was introduced on June 15, 1949 at the rate of 1 New Dollar equal to 10,000 old Dollars.
The Chinese Nationalist government did not move to Taiwan until December 1949, so the issuance of the New Taiwan Dollar was a separate event from the removal of the Nationalist government to Taiwan. The Taiwan Dollar is divisible into 100 Cents. The Bank of Taiwan has been the sole note-issuing authority under Japanese, Chinese and Taiwanese administrations. Although technically the entities were different banks, each used the name Bank of Taiwan. The Japanese Bank of Taiwan also issued some notes in mainland China, prior to 1920, where it operated as a foreign (Japanese) bank.
Even though the Taiwan dollar was the de facto currency of Taiwan, for years the old Chinese Nationalist yuan was still the official national currency of the Republic of China. The Chinese Nationalist yuan was also known as the fiat currency or the silver yuán, even though it was decoupled from the value of silver during World War II. Many older statutes in ROC law have fines and fees denominated in this currency.
According to the Regulation of exchange rate between New Taiwan Dollars and the fiat currency in the ROC laws, the exchange rate is fixed at 3 TWD per 1 silver yuan and has never been changed despite decades of inflation. Despite the silver yuan being the primary legal tender currency, it was impossible to buy, sell, or use it, so it effectively did not exist to the public.
In July 2000, the New Taiwan dollar became the official currency of the ROC and is no longer secondary to the silver yuan. At the same time, the Central Bank of China (now known as the Central Bank of the Republic of China) began issuing New Taiwan dollar banknotes directly and the old notes issued by the Bank of Taiwan were taken out of circulation.
In the history of the currency, the exchange rate as compared to the United States dollar (USD) has varied from less than 10 TWD per USD in the mid-1950s to more than 40 TWD per 1 USD in the 1960s and about 25 TWD per 1 USD around 1992. The exchange rate as of October 26, 2011 sits around 30.105 TWD per 1 USD.
Coins
Coins are minted by the Central Mint of China, while notes are printed by the China Engraving and Printing Works. Both are run by the Central Bank of the Republic of China. The NT$½ coin is rare because of its low value, while the NT$20 coin is rare because of the government's lack of willingness to promote it. As of 2010, the cost of the raw materials in a NT$½ coin is worth more than the face value of the coin.Banknotes
The current series of banknotes for the New Taiwan Dollar began circulation in July 2000. This set was introduced when the New Taiwan Dollar succeeded the silver yuan as the official currency within the Republic of China.The current set includes banknotes for NT$100, NT$200, NT$500, NT$1000, and NT$2000. Note that the NT$200 and NT$2000 banknotes are not commonly used by consumers. This may be due to the tendencies of consumers to simply use multiple NT$100 or NT$500 bills to cover the range of the NT$200, as well as using NT$1000 bills or credit/debit cards instead of the NT$2000 bill. Lack of government promotion may also be a contributing factor to the general lack of usage.
It is relatively easy for the government to disseminate these denominations through various government bodies that do official business with the citizens, such as the post office, the tax authority, or state owned banks. There is also a conspiracy theory against the Democratic Progressive Party, the ruling party at the time the two denominations were issued. The conspiracy states that putting Chiang Kai-shek on a rarely used banknote would "practically" remove him from the currency, while "nominally" including him on the currency would not upset supporters on the other side of the political spectrum that much (the Pan-Blue Coalition).
TWD banknotes pictures gallery
| 100 Taiwan dollars | |
|---|---|
| Banknote of 100 Taiwan dollars has dimensions 145×70 mm and main colors are candy pink, ruddy pink, deep chestnut, indian red, pale chestnut, almond, melon and silver. The banknote of 100 New Taiwan dollars was issued on the 2 July 2001. | |
 Obverse side of the 100 Taiwan dollars is showing the portrait of Dr. Sun Yat-Sen (1866-1925). "The Chapter of Great Harmony" by Confucius. |
 Reverse side of the 100 Taiwan dollars is showing the Chung-Shan Building, part of the Sun Yat-Sen Memorial Hall complex, located in the Yangmingshan National Park in Taipei and the Plum (Prunus mume; Mei flower) blossoms. |
| 200 Taiwan dollars | |
|---|---|
| Banknote of 200 Taiwan dollars has dimensions 151×70 mm and main colors are camouflage green, khaki, ash grey, fern green, beige, desert sand, pale silver and pale spring bud. The banknote of 200 New Taiwan dollars was issued on the 2 January 2002. | |
 Obverse side of the 200 Taiwan dollars is showing the portrait of Late President Chiang Kai-shek (1887-1975) seated holding a book. Theme of land reform and public education: school kids (pupils) and farmer in field. |
 Reverse side of the 200 Taiwan dollars is showing the Presidential Office Building in the Zhongzheng District in the national capital of Taipei and the Orchid blossoms. |
| 500 Taiwan dollars | |
|---|---|
| Banknote of 500 Taiwan dollars has dimensions 156×70 mm and main colors are old rose, rose taupe, pale pink, cordovan, tea rose, rose vale, pale silver and thistle. The banknote of 500 New Taiwan dollars was issued on the 20 July 2005. | |
 Obverse side of the 500 Taiwan dollars is showing the Young baseball team players. |
 Reverse side of the 500 Taiwan dollars is showing the Formosan Sika Deer family, Mt. Dabajian, a Bamboo stems and foliage. |
| 1000 Taiwan dollars | |
|---|---|
| Banknote of 1000 Taiwan dollars has dimensions 160×70 mm and main colors are ucla blue, st. patrick’s blue, slate gray, cadet grey, gainsboro, wild blue yonder, gainsboro and ube. The banknote of 1000 New Taiwan dollars was issued on the 20 July 2005. | |
 Obverse side of the 1000 Taiwan dollars is showing the Elementary Education. |
 Reverse side of the 1000 Taiwan dollars is showing the Mikado Pheasant and Yushan (Jade Mountain). |
| 2000 Taiwan dollars | |
|---|---|
| Banknote of 2000 Taiwan dollars has dimensions 165×70 mm and main colors are pastel purple, opera mauve, pastel pink, thistle, almond, manatee, dark lavender, purple mountain majesty, pastel violet and lavender purple. The banknote of 2000 New Taiwan dollars was issued on the 1 July 2002. | |
 Obverse side of the 2000 Taiwan dollars is showing the Satellite dishes. |
 Reverse side of the 2000 Taiwan dollars is showing the Taiwan Salmon and Mt. Nanhu. |
Useful links
- About Central Bank of the Republic of China:
- Central Bank of the Republic of China
- List of currencies:
- Currencies
- Security and design features of TWD banknotes:
- TWD banknotes
- TWD currency on Wikipedia:
- Taiwan dollar
- Official Website of Central Bank of the Republic of China:
- www.cbc.gov.tw
- Commemorative coins:
- Commemorative Coins