The
New Taiwan dollar (currency code
TWD and common abbreviation
NT$), or simply
Taiwan dollar, is the official
currencyIn economics, the term currency can refer either to a particular currency, for example the US dollar, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply...
of the Taiwan Area of the
Republic of China (ROC)The Republic of China , commonly known as Taiwan, is a state in East Asia that has evolved from a single-party state with full global recognition and jurisdiction over China into a democratic state with limited international recognition and jurisdiction only over Taiwan and minor islands, though it...
since 1949. Originally issued by the
Bank of TaiwanThe Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:...
, it has been issued by the Central Bank of the Republic of China since 2000.
The Chinese term for "New Taiwan Dollar" (新臺幣 or 新台幣, literally "new Taiwan currency") typically is only used for banking and in legal contracts where it is necessary to avoid any possible ambiguity, or when talking about foreign exchange or other currencies.
In common usage, the dollar unit is typically referred to as
yuánThe yuan is, in the Chinese language, the base unit of a number of modern Chinese currencies. The same character is used to refer to the cognate currency units of Japan and Korea, and is used to translate the currency unit "dollar"; for example, the US dollar is called Meiyuan , or "American...
.
The
New Taiwan dollar (currency code
TWD and common abbreviation
NT$), or simply
Taiwan dollar, is the official
currencyIn economics, the term currency can refer either to a particular currency, for example the US dollar, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply...
of the Taiwan Area of the
Republic of China (ROC)The Republic of China , commonly known as Taiwan, is a state in East Asia that has evolved from a single-party state with full global recognition and jurisdiction over China into a democratic state with limited international recognition and jurisdiction only over Taiwan and minor islands, though it...
since 1949. Originally issued by the
Bank of TaiwanThe Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:...
, it has been issued by the Central Bank of the Republic of China since 2000.
Etymology
The Chinese term for "New Taiwan Dollar" (新臺幣 or 新台幣, literally "new Taiwan currency") typically is only used for banking and in legal contracts where it is necessary to avoid any possible ambiguity, or when talking about foreign exchange or other currencies.
In common usage, the dollar unit is typically referred to as
yuánThe yuan is, in the Chinese language, the base unit of a number of modern Chinese currencies. The same character is used to refer to the cognate currency units of Japan and Korea, and is used to translate the currency unit "dollar"; for example, the US dollar is called Meiyuan , or "American...
. In Taiwan, the
characterA Chinese character, also known as a Han character , is a logogram used in writing Chinese , Japanese , less frequently Korean , and formerly Vietnamese , and other languages...
for yuán can be written in either of two forms, an informal 元 or a formal 圓, both of which are interchangeable. Mandarin speakers also use
kuài. Kuài is written 塊 and is an abbreviation for 塊錢 (kuài qián), which literally means "piece of money". In the context of discussing prices, 錢 (qián; money) can be omitted. In general, yuán is more commonly used when writing and kuài is more commonly used when speaking.
Taiwanese speakers may also use the word
kho͘ (箍 ; literally "circle").
In English usage the New Taiwan Dollar is often abbreviated as NT, NT$, NT Dollar or NTD, while the abbreviation TWD is typically used in the context of foreign exchange rates. Subdivisions of a New Taiwan Dollar are rarely used, since practically all products on the consumer market are being sold at whole dollars.
History
The New Taiwan dollar was first issued by the Bank of Taiwan on June 15, 1949, to replace the
Old Taiwan dollarThe Old Taiwan dollar , sometimes called Old Taiwan yuan, was the currency of Taiwan, Republic of China from 1946 to 1949. It was issued by the Bank of Taiwan.-History of the Old Taiwan dollar:...
at a 40,000-to-1 ratio. The first goal of the New Taiwan dollar was to end the
hyperinflationIn economics, hyperinflation is inflation that is very high or "out of control", a condition in which prices increase rapidly as a currency loses its value....
that had plagued Taiwan and
Mainland ChinaMainland China, Continental China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China , excluding Hong Kong and Macau, which are under the jurisdiction of the PRC but run on different economic and...
due to the
civil warThe Chinese Civil War was fought between the Kuomintang and the Communist Party of China . The war began in April 1927, amidst the Northern Expedition,. The war represented an ideological split between the Western-supported Nationalist KMT and the Soviet-supported Communist CPC...
. A few months later, the ROC government under the
KuomintangThe Kuomintang of China , translated as the Chinese Nationalist Party, is a political party of the Republic of China , commonly known as Taiwan since the 1970s. It is the founding and the ruling political party of the ROC...
(KMT) was defeated by the
Chinese communistsThe Communist Party of China , also known as the Chinese Communist Party , is the founding and the ruling political party of the People's Republic of China and the world's largest political party...
and retreated to Taiwan.
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 (法幣) or the
silver yuán (銀元), even though it was decoupled from the value of silver during World War II. Many older
statuteA statute is a formal written enactment of a legislative authority that governs a country, state, city, or county. Typically, statutes command or prohibit something, or declare policy. The word is often used to distinguish law made by legislative bodies from case law and the regulations issued by...
s in ROC law have fines and
feeA fee is the price one pays as remuneration for services, especially the honorarium paid to a doctor, lawyer, consultant, or other member of a learned profession...
s denominated in this currency.
According to the
Regulation of exchange rate between New Taiwan Dollars and the fiat currency in the ROC laws (現行法規所定貨幣單位折算新臺幣條例), 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 tenderLegal tender or forced tender is an offered payment that, by law, cannot be refused in settlement of a debt, and have the debt remain in force....
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 dollarThe United States dollar is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents .The U.S...
(USD) has varied from less than 10 TWD per USD in the mid-1950s, from over 40 TWD per 1 USD in the 1960s to about 25 TWD per 1 USD around 1992. The exchange rate as of July 24 2009 sits around 328 TWD per 10 USD.
Coins
The
denominationsDenomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards.-Subunit and super unit:...
of the Taiwan dollar in circulation are
| Currently Circulating Coins |
| Image | | Technical parameters | | Date of |
|---|
| Diameter | Weight | Composition | Obverse | Reverse | first minting | issue |
|---|
| |
NT$½ |
18 mm |
3 g |
97 % copper Copper is a chemical element with the symbol Cu and atomic number 29.It is a ductile metal with very high thermal and electrical conductivity. Pure copper is rather soft and malleable and a freshly-exposed surface has a pinkish or peachy color...
2.5% zincZinc , also known as spelter, is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...
0.5% tinTin is a chemical element with the symbol Sn and atomic number 50. It is a main group metal in group 14 of the periodic table. Tin shows chemical similarity to both neighboring group 14 elements, germanium and lead, like the two possible oxidation states +2 and +4...
|
Mei BlossomPrunus mume, commonly known as or Japanese apricot, or Chinese plum is a species of Asian plum in the family Rosaceae. The flower, long a beloved subject in the traditional painting of East Asia and Vietnam, is usually translated as plum blossom.The tree originates from China, and was brought to...
, "中華民國XX年"1 |
Value |
1981
(MinguoThe Republic of China calendar is the method of numbering years currently used in the Republic of China...
year 70) |
December 8, 1981 |
| |
NT$1 |
20 mm |
3.8 g |
92% copper Copper is a chemical element with the symbol Cu and atomic number 29.It is a ductile metal with very high thermal and electrical conductivity. Pure copper is rather soft and malleable and a freshly-exposed surface has a pinkish or peachy color...
6% nickelNickel is a chemical element, with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. It is one of the four ferromagnetic elements at about room temperature, other three being iron, cobalt and gadolinium...
2% aluminiumAluminium or aluminum is a silvery white and ductile member of the boron group of chemical elements. It has the symbol Al; its atomic number is 13. It is not soluble in water under normal circumstances....
|
Chiang Kai-shekChiang Kai-shek was a political and military leader of 20th century China. He was an influential member of the Kuomintang and Sun Yat-sen's close ally. He became the commandant of Kuomintang's Whampoa Military Academy and took Sun's place in the party when the latter died in 1925...
, "中華民國XX年" |
December 8, 1981 |
| |
NT$5 |
22 mm |
4.4 g |
CupronickelCupronickel or Coppernickel is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
75% copperCopper is a chemical element with the symbol Cu and atomic number 29.It is a ductile metal with very high thermal and electrical conductivity. Pure copper is rather soft and malleable and a freshly-exposed surface has a pinkish or peachy color...
25% nickelNickel is a chemical element, with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. It is one of the four ferromagnetic elements at about room temperature, other three being iron, cobalt and gadolinium...
|
Chiang Kai-shekChiang Kai-shek was a political and military leader of 20th century China. He was an influential member of the Kuomintang and Sun Yat-sen's close ally. He became the commandant of Kuomintang's Whampoa Military Academy and took Sun's place in the party when the latter died in 1925...
, "中華民國XX年" |
Value |
1981
(Minguo year 70) |
December 8, 1981 |
| |
NT$10 |
26 mm |
7.5 g |
December 8, 1981 |
| |
NT$20 |
26.85 mm |
8.5 g |
Ring: Aluminium bronze Aluminium bronze is a type of bronze in which aluminium is the main alloying metal added to copper. A variety of aluminium bronzes of differing compositions have found industrial use, with most ranging from 5% to 11% aluminium by weight, the remaining mass being copper; other alloying agents such...
(as $50)
Center: CupronickelCupronickel or Coppernickel is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
(as $10) |
Mona Rudao Mona Rudao, or Rudao Bai was the son of a chief of the Seediq tribe. In 1911, he made a visit to Japan. He succeeded his father as a chief of the village of Mahebo and became one of the most influential chiefs of the area of Wushe....
, "莫那魯道"2, "中華民國XX年" |
Traditional canoes used by the Tao peopleThe Tao , commonly known by the misnomer Yami , are a Taiwanese aboriginal people, native to tiny outlying Orchid Island in Taiwan. The Tao are an Austronesian people linguistically and culturally closer to the Ivatan people of the Batanes islands in the Philippines than to other aboriginal peoples...
|
2001
(Minguo year 90) |
July 9, 2001 |
| |
NT$50 |
28 mm |
10 g |
Aluminium bronze Aluminium bronze is a type of bronze in which aluminium is the main alloying metal added to copper. A variety of aluminium bronzes of differing compositions have found industrial use, with most ranging from 5% to 11% aluminium by weight, the remaining mass being copper; other alloying agents such...
92% copperCopper is a chemical element with the symbol Cu and atomic number 29.It is a ductile metal with very high thermal and electrical conductivity. Pure copper is rather soft and malleable and a freshly-exposed surface has a pinkish or peachy color...
6% aluminiumAluminium or aluminum is a silvery white and ductile member of the boron group of chemical elements. It has the symbol Al; its atomic number is 13. It is not soluble in water under normal circumstances....
2% nickelNickel is a chemical element, with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. It is one of the four ferromagnetic elements at about room temperature, other three being iron, cobalt and gadolinium...
|
Sun Yat-senSun Yat-sen was a Chinese revolutionary and political leader. As the foremost pioneer of Republican China, Sun is frequently referred to as the Father of the Nation. Sun played an instrumental role in overthrowing the Qing Dynasty in October 1911, the last imperial dynasty of China...
, "中華民國XX年" |
Latent images of both ChineseChinese or the Sinitic language is a language family consisting of languages mutually unintelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the two branches of Sino-Tibetan family of languages...
and Arabic numeralsThe Arabic numerals are the ten digits . They are descended from Indian numerals and the Hindu-Arabic numeral system developed by Indian mathematicians, by which a sequence of digits such as "975" is read as a whole number...
for 50 |
2002
(Minguo year 91) |
April 26, 2002 |
|
Coins are minted by the
Central Mint of ChinaThe Central Mint of China is a subsidiary of the Central Bank of China in the Republic of China . The major activities of the mint are minting and melting circulation and commemorative coins, and producing commemorative medals and other kind of casting products for government institutions and...
, while notes are printed by the
China Engraving and Printing WorksThe China Engraving and Printing Works is a subsidiary of the Central Bank of China in the Republic of China . It is responsible for printing the paper bank notes of Taiwan in its currency, the New Taiwan Dollar....
. 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.
Remarks
- "中華民國XX年" = "Minguo
The Republic of China calendar is the method of numbering years currently used in the Republic of China...
XX". "中華民國" is also the state title "Republic of ChinaThe Republic of China , commonly known as Taiwan, is a state in East Asia that has evolved from a single-party state with full global recognition and jurisdiction over China into a democratic state with limited international recognition and jurisdiction only over Taiwan and minor islands, though it...
".
- "莫那魯道" = "Mona Rudao
Mona Rudao, or Rudao Bai was the son of a chief of the Seediq tribe. In 1911, he made a visit to Japan. He succeeded his father as a chief of the village of Mahebo and became one of the most influential chiefs of the area of Wushe....
", anti-Japanese leader at the Wushe IncidentThe "Wùshè Incident" was the biggest and the last rebellion against Japanese colonial forces in Taiwan, resulting in a massacre of Atayal tribespeople in 1930.The cause of the rebellion is attributed to Japanese policy toward Taiwanese natives...
.
Banknotes
Note that the $200 and $2000 banknotes are not commonly used. The exact reason is yet unknown. One plausible explanation is that these two denominations are new and it takes time for the people to get used to. Another likely cause is the lack of promotion from the government. For the $2000 banknotes, it might be that the level of consumption has not reached high enough levels to justify carrying banknotes of such value, especially since transactions of larger amounts are widely made through debit or credit cards.
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 PartyThe Democratic Progressive Party is a major political party in the Republic of China, commonly known as Taiwan. It is the dominant party in the Pan-Green Coalition. It has traditionally been associated with strong advocacy of human rights and a distinct Taiwanese identity, including promotion of...
, the ruling party at the time the two denominations were issued. The conspiracy states that putting
Chiang Kai-shekChiang Kai-shek was a political and military leader of 20th century China. He was an influential member of the Kuomintang and Sun Yat-sen's close ally. He became the commandant of Kuomintang's Whampoa Military Academy and took Sun's place in the party when the latter died in 1925...
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 CoalitionThe Pan-Blue Coalition or Pan-Blue Force is a political alliance in the Republic of China , commonly known as "Taiwan", consisting of the Kuomintang , the People First Party , and the New Party . The name comes from the party colors of the Kuomintang...
).
| 1999 Series |
| Image | | Dimensions | | Description | | Remark |
|---|
| Obverse | Reverse | Watermark | printing | issue | withdrawal |
|---|
| |
NT$100 |
145 × 70 mm |
Red |
Sun Yat-senSun Yat-sen was a Chinese revolutionary and political leader. As the foremost pioneer of Republican China, Sun is frequently referred to as the Father of the Nation. Sun played an instrumental role in overthrowing the Qing Dynasty in October 1911, the last imperial dynasty of China...
, "The Chapter of Great Harmony" by ConfuciusConfucius , lit. "Master Kong," was a Chinese thinker and social philosopher, whose teachings and philosophy have deeply influenced Chinese, Korean, Japanese and Vietnamese thought and life....
|
Chung-Shan Building The Chung-Shan Building is part of the Sun Yat-sen Memorial Hall complex. Completed in 1966, the building is located in the Yanmingshan National Park in Taipei. The building is placed on the reverse of the 100 New Taiwan Dollar bill...
|
Mei flowerPrunus mume, commonly known as or Japanese apricot, or Chinese plum is a species of Asian plum in the family Rosaceae. The flower, long a beloved subject in the traditional painting of East Asia and Vietnam, is usually translated as plum blossom.The tree originates from China, and was brought to...
and numeral 100 |
2000
(MinguoThe Republic of China calendar is the method of numbering years currently used in the Republic of China...
89) |
July 2, 2001 |
|
|
| |
NT$200 |
150 × 70 mm |
Green |
Chiang Kai-shekChiang Kai-shek was a political and military leader of 20th century China. He was an influential member of the Kuomintang and Sun Yat-sen's close ally. He became the commandant of Kuomintang's Whampoa Military Academy and took Sun's place in the party when the latter died in 1925...
, theme of land reform and public education |
The Office of the PresidentThe Presidential Office Building houses the Office of the President of the Republic of China . The building, located in the Zhongzheng District in the national capital of Taipei, Republic of China , was designed by architect Uheiji Nagano during the period of Japanese rule of Taiwan...
|
Orchid and numeral 200 |
2001
(Minguo year 90) |
January 2, 2002 |
|
|
front
back |
NT$500 |
155 × 70 mm |
Brown |
Youth baseball |
Sika DeerThe Sika Deer is a member of the deer family Cervidae that inhabits much of East Asia. It is found in mixed deciduous forests to the north, and mixed subtropical deciduous and evergreen forests to the south. The Sika Deer are closely related to Red Deer, Central Asian Red Deer and elk...
and Dabajian MountainDabajian Mountain is located in the northern section of the Shei-Pa National Park. It is surrounded by numerous other peaks, the most predominant including Mount Nanhuda, Mount Yize, Mt. Zhongyangjian, Mt. Pintian, and Mt. Mutule. It is also near the Madala River.- Terrain :The first half of...
|
BambooThe bamboos are a group of woody perennial evergreen plants in the true grass family Poaceae, subfamily Bambusoideae, tribe Bambuseae. Some are giant bamboos, the largest members of the grass family. Bamboos are the fastest growing woody plants in the world...
and numeral 500 |
2000
(Minguo year 89) |
December 15, 2000 |
August 1, 2007 |
without holographic strip |
| |
Dark brown |
2004
(MinguoThe Republic of China calendar is the method of numbering years currently used in the Republic of China...
93) |
July 20, 2005 |
|
with holographic strip |
front
back |
NT$1000 |
160 × 70 mm |
Blue |
Elementary Education (errors) |
Mikado Pheasant The Mikado Pheasant, Syrmaticus mikado, is a gamebird in the pheasant family Phasianidae of the order Galliformes, gallinaceous birds. It is endemic to mountainous regions of Taiwan....
and Jade MountainYushan Chinese characters, both traditional and simplified: 玉山, pinyin Yu Shan is the highest mountain in Taiwan and the fourth highest mountain on an island...
|
ChrysanthemumChrysanthemums, often called mums, are a genus of about 30 species of perennial flowering plants in the family Asteraceae, native to Asia and northeastern Europe.-Taxonomy:...
and numeral 1000 |
1999
(Minguo year 88) |
July 3, 2000 |
August 1, 2007 |
without holographic strip |
| |
2004
(Minguo year 93) |
July 20, 2005 |
|
with holographic strip |
| |
NT$2000 |
165 × 70 mm |
Purple |
FORMOSAT-1 FORMOSAT-1 is an Earth observation satellite operated by the National Space Organization of the Republic of China to conduct observations of the ionosphere and oceans...
, technology |
Formosan landlocked salmonSeema, also sima and sema , Japanese salmon, Masu salmon, or cherry salmon, Oncorhynchus masou, is a salmon of the western Pacific Ocean:...
and Nanhu MountainNanhu Mountain is a mountain in Taiwan with an elevation of 3,740 m . It is one of the highest mountains in Taiwan....
|
PinePines are coniferous trees in the genus Pinus , in the family Pinaceae. They make up the monotypic subfamily Pinoideae. There are about 115 species of pine, although different authorities accept between 105 and 125 species.-Distribution:...
and numeral 2000 |
2001
(Minguo year 90) |
July 1, 2002 |
|
|
|
The year 2000 version $500 and 1999 version $1000 notes without holographic strip were officially taken out of circulation on August 1, 2007. They were redeemable at commercial banks until September 30, 2007. As of October 1 2007, only the
Bank of TaiwanThe Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:...
accepts such notes.
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