New Taiwan dollar
| 新臺幣 / 新台幣 Template:Zh icon | |||||
|---|---|---|---|---|---|
| |||||
| ISO 4217 | |||||
| Code | TWD (numeric: 901) | ||||
| Subunit | 0.01 | ||||
| Unit | |||||
| Plural | dollars (English only) | ||||
| Symbol | $ or NT$ | ||||
| Nickname | kuài (塊) | ||||
| Denominations | |||||
| Subunit | |||||
| 1/10 | 角 Jiao, but no official translation | ||||
| 1/100 | cent (分, Fen) Subunits are rarely used | ||||
| Plural | |||||
| cent (分, Fen) | cents (English only) | ||||
| Nickname | |||||
| 角 | máo (毛) | ||||
| Banknotes | |||||
| Freq. used | $100, $500, $1000 | ||||
| Rarely used | $200, $2000 | ||||
| Coins | |||||
| Freq. used | $1, $5, $10, $50 | ||||
| Rarely used | $0.5, $20 | ||||
| Demographics | |||||
| User(s) | Republic of China | ||||
| Issuance | |||||
| Central bank | Central Bank of China | ||||
| Website | www.cbc.gov.tw | ||||
| Printer | China Engraving and Printing Works | ||||
| Website | www.cepp.gov.tw | ||||
| Mint | Central Mint of China | ||||
| Website | www.cmc.gov.tw | ||||
| Valuation | |||||
| Inflation | 0.59% | ||||
| Source | Central Bank of China, Jan-Nov 2006 | ||||
| Method | CPI | ||||
The New Taiwan dollar (Chinese: 新臺幣 or 新台幣; pinyin: Xīntáibì) (currency code TWD and common abbreviation NT$), or simply Taiwan dollar (臺幣), is the official currency of the Republic of China (ROC) within the areas of Taiwan, Penghu, Kinmen, and Matsu since 1949. Originally issued by the Bank of Taiwan, it has been issued by the Central Bank of China since 2000.
Although the official English word for the currency is dollar, in Mandarin it is known as yuan (as with Chinese numerals, this character has two forms — an informal form 元 and a formal form 圓 used to prevent alterations and accounting mistakes). Colloquially, it is called a kuài (塊 lit. piece) in Mandarin or kho͘ (箍 lit. circle) in Taiwanese. It is frequently called "NT" by expatriates living and working in Taiwan and by local people, when speaking English. Subdivisions of a yuan are rarely used, since practically all products on the consumer market are being sold at whole units of yuan.
History
The New Taiwan dollar was first issued by the Bank of Taiwan in 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 yuan (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 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 over 40 TWD per 1 USD in the 1960s to about 25 TWD per 1 USD around 1992. The exchange rate has been around 33 TWD per 1 USD in recent years.
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$0.5 | $0.5 | 18 mm | 3 g | 97 % copper 2.5% zinc 0.5% tin |
Mei Blossom, "中華民國XX年"1 | Value | 1981 (Republic Year 70) |
|
|
$1 | 20 mm | 3.8 g | 92% copper 6% nickel 2% aluminium |
Chiang Kai-shek, "中華民國XX年" | |||
| NT$5 | $5 | 22 mm | 4.4 g | Cupronickel 75% copper 25% nickel |
Chiang Kai-shek, "中華民國XX年" | Value | 1981 (Republic Year 70) |
|
| NT$10 | $10 | 26 mm | 7.5 g | |||||
| NT$20 | $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 (Republic Year 90) |
July 9, 2001[1] |
| NT$50 | $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 (Republic Year 91) |
April 26, 2002[2] |
| These images are to scale at 2.5 pixels per millimetre. 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 China. $0.5 is rare because of its low value. $20 is rare because of the government's lack of willingness to promote it.
Remarks
- "中華民國XX年" = "Republic Year XX". "中華民國" is also the state title "Republic of China".
- "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 plastic money.
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 when 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 | $100 | 145 × 70 mm | Red | Sun Yat-sen, "The Chapter of Great Harmony" by Confucius | Chung-Shan Building | Mei flower and numeral 100 | 2000 (Republic Year 89) |
July 2, 2001 | ||
| NT$200 | $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 (Republic Year 90) |
January 2, 2002 | ||
| front back |
$500 | 155 × 70 mm | Brown | Youth baseball | Sika Deer and Dabajian Mountain | Bamboo and numeral 500 | 2000 (Republic Year 89) |
December 15, 2000 | August 1, 2007 | without holographic strip |
| NT$500 | Dark brown | 2004 (Republic Year 93) |
July 20, 2005 | with holographic strip | ||||||
| front back |
$1000 | 160 × 70 mm | Blue | Elementary Education | Mikado Pheasant and Jade Mountain | Chrysanthemum and numeral 1000 | 1999 (Republic Year 88) |
July 3, 2000 | August 1, 2007 | without holographic strip |
| NT$1000 | 2004 (Republic Year 93) |
July 20, 2005 | with holographic strip | |||||||
| NT$2000 | $2000 | 165 × 70 mm | Purple | FORMOSAT-1, technology | Formosan landlocked salmon and Nanhu Mountain | Pine and numeral 2000 | 2001 (Republic Year 90) |
July 1, 2002 | ||
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. | ||||||||||
The $500 and $1000 notes without holographic strip are officially taken out of circulation on August 1, 2007. They may be redeemed at commercial banks until September 30, 2007. From October 1 2007, only the Bank of Taiwan accepts such notes.[3]
| Current TWD exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD CNY |
| From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD CNY |
| From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD CNY |
| From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD CNY |
See also
References
- ^ "20元新硬幣亮相！" (in Chinese). 大紀元. 2001-07-05. Retrieved 2006-11-26.
{{cite news}}: Check date values in:|date=(help) - ^ 郭文平 (2002-04-25). "新版50元硬幣 明發行" (in Chinese). 自由時報. Retrieved 2006-11-26.
{{cite news}}: Check date values in:|date=(help) - ^ 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. Retrieved 2007-08-20.
{{cite news}}: Check date values in:|date=(help)
External links
Template:Standard numismatics external links
- Virginia Sheng, "Notes from a Small Island", Taipei Review, September 1, 2000
- The Taiwanese hyperinflation and stabilization of 1945 - 1952
- Banknotes of Matsu, Quemoy and Tachen
News
- Chuang Chi-ting, "Legislator pans new bank notes", Taipei Times, February 17, 2001
- New NT$500 and NT$1000 banknotes introduced, anti-counterfeit measures taken [1] Taiwan News (online), July 20, 2005
| Preceded by: Old Taiwan dollar Reason: inflation Ratio: 1 new dollar = 40,000 old dollars |
Currency of Taiwan (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 |
