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New Taiwan dollar
新臺幣 / 新台幣 (Chinese)
NT$2000 NT$50
NT$2000 NT$50
ISO 4217 Code TWD
User(s)  Republic of China
Inflation 2.34%,3.7% (CIA World Factbook, 2008 est.)
Source Central Bank of the Republic of China, Jul-Dec 2007
Method CPI
Subunit
1/10
Jiao, but no official translation
1/100 cent (分, Fen)
Subunits used only in stocks and currencies
Symbol $ or NT$
Nickname kuài (塊)
máo (毛)
Plural dollars (English only)
cent (分, Fen) cents (English only)
Coins
Freq. used $1, $5, $10, $50
Rarely used $½, $20
Banknotes
Freq. used $100, $500, $1000
Rarely used $200, $2000
Central bank Central Bank of the Republic of China
Website www.cbc.gov.tw
Printer China Engraving and Printing Works
Website www.cepp.gov.tw
Mint Central Mint of China
Website www.cmc.gov.tw

The New Taiwan dollar (traditional Chinese: 新臺幣 or 新台幣Hanyu Pinyin: XīntáibìTongyong Pinyin: Sīntáibì) (currency code TWD and common abbreviation NT$), or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China (ROC) since 1949. Originally issued by the Bank of Taiwan, it has been issued by the Central Bank of the Republic of China since 2000.

Contents

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 yuán. In Taiwan, the character 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

A NT$100 note issued by Bank of Taiwan in February 1988. It was taken out of circulation on July 1, 2002, as it had been replaced by a new NT$100 note on July 2, 2001 issued by the Central Bank of the Republic of China.

The New Taiwan dollar was first issued by the Bank of Taiwan on June 15, 1949, to replace the Old Taiwan dollar at a 40,000-to-1 ratio. The first goal of the New Taiwan dollar was to end the hyperinflation that had plagued Taiwan and Mainland China due to the civil war. A few months later, the ROC government under the Kuomintang (KMT) was defeated by the Chinese communists 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 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 (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 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, 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 32.8 TWD per 1 USD.

Coins

The denominations of the Taiwan dollar in circulation are

Currently Circulating Coins
Image Value Technical parameters Description Date of
Diameter Weight Composition Obverse Reverse first minting issue
NT$½ NT$½ 18 mm 3 g 97 % copper
2.5% zinc
0.5% tin
Mei Blossom, "中華民國XX年"1 Value 1981
(Minguo year 70)
December 8, 1981 [1]
NT$1 NT$1 20 mm 3.8 g 92% copper
6% nickel
2% aluminium
Chiang Kai-shek, "中華民國XX年" December 8, 1981 [1]
NT$5 NT$5 22 mm 4.4 g Cupronickel
75% copper
25% nickel
Chiang Kai-shek, "中華民國XX年" Value 1981
(Minguo year 70)
December 8, 1981 [1]
NT$10 NT$10 26 mm 7.5 g December 8, 1981 [1]
NT$20 NT$20 26.85 mm 8.5 g Ring: Aluminium bronze (as $50)
Center: Cupronickel (as $10)
Mona Rudao, "莫那魯道"2, "中華民國XX年" Traditional canoes used by the Tao people 2001
(Minguo year 90)
July 9, 2001[2]
NT$50 NT$50 28 mm 10 g Aluminium bronze
92% copper
6% aluminium
2% nickel
Sun Yat-sen, "中華民國XX年" Latent images of both Chinese and Arabic numerals for 50 2002
(Minguo year 91)
April 26, 2002[3]
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.

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.

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Remarks

  1. "中華民國XX年" = "Minguo XX". "中華民國" is also the state title "Republic of China".
  2. "莫那魯道" = "Mona Rudao", anti-Japanese leader at the Wushe Incident.

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 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).

1999 Series
Image Value Dimensions Main Color Description Date of Remark
Obverse Reverse Watermark printing issue withdrawal
NT$100 NT$100 145 × 70 mm Red Sun Yat-sen, "The Chapter of Great Harmony" by Confucius Chung-Shan Building Mei flower and numeral 100 2000
(Minguo 89)
July 2, 2001
NT$200 NT$200 150 × 70 mm Green Chiang Kai-shek, theme of land reform and public education The Office of the President Orchid and numeral 200 2001
(Minguo year 90)
January 2, 2002
front
back
NT$500 155 × 70 mm Brown Youth baseball Sika Deer and Dabajian Mountain Bamboo and numeral 500 2000
(Minguo year 89)
December 15, 2000 August 1, 2007 without holographic strip
NT$500 Dark brown 2004
(Minguo 93)
July 20, 2005 with holographic strip
front
back
NT$1000 160 × 70 mm Blue Elementary Education (errors[4][5]) Mikado Pheasant and Jade Mountain Chrysanthemum and numeral 1000 1999
(Minguo year 88)
July 3, 2000 August 1, 2007 without holographic strip
NT$1000 2004
(Minguo year 93)
July 20, 2005 with holographic strip
NT$2000 NT$2000 165 × 70 mm Purple FORMOSAT-1, technology Formosan landlocked salmon and Nanhu Mountain Pine and numeral 2000 2001
(Minguo year 90)
July 1, 2002
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

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 Taiwan accepts such notes.[6]

Current TWD exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY TRY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY TRY
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY TRY
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD CNY TRY

See also

References

  1. ^ a b c d http://www.cbc.gov.tw/issue/money/tb1.htm 中央銀行發行之貨幣及偵偽鈔辨識
  2. ^ "20元新硬幣亮相!" (in Chinese). 大紀元. 2001-07-05. http://www.epochtimes.com/b5/1/7/5/n106577.htm. Retrieved 2006-11-26.  
  3. ^ 郭文平 (2002-04-25). "新版50元硬幣 明發行" (in Chinese). 自由時報. http://www.libertytimes.com.tw/2002/new/apl/25/today-c4.htm. Retrieved 2006-11-26.  
  4. ^ Commons:Category:Taiwan $1000 banknote 1999 edition
  5. ^ Taiwan's 1999 $1000 bill globe reversed
  6. ^ 劉姿麟、蔣紀威 (2007-07-31). "8/1新制∕健保費漲價 金融機構舊鈔換新鈔延至9月底" (in Chinese). ETToday. http://www.ettoday.com/2007/07/31/320-2134376.htm. Retrieved 2007-08-20.  

External links

News

Preceded by:
Old Taiwan dollar
Reason: inflation
Ratio: 1 new dollar = 40,000 old dollars
Currency of Republic of China
1949
Note: After the communists took over most of China, the ROC government controlled only Taiwan and some offshore islands.
Succeeded by:
Current

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