New Taiwan Dollar
Get New Taiwan Dollar essential facts below. View Videos or join the New Taiwan Dollar discussion. Add New Taiwan Dollar to your PopFlock.com topic list for future reference or share this resource on social media.
New Taiwan Dollar
New Taiwan dollar

X?ntáibì (Mandarin)
Sin-tâi-phiò (Taiwanese)
Sîn-thòi-pi or Sîn-thòi-phêu (Hakka)
NT$500 obverse.jpg
NT$500 banknote obverse
ISO 4217
CodeTWD
Number901
Exponent2
Denominations
Subunit
 ​dime
 ​cent
Subunits used only in stocks and currencies, and rarely referred to in such cases.
Pluraldollars (English only)
The language(s) of this currency do(es) not have a morphological plural distinction.
 dimedimes (English only)
 centcents (English only)
SymbolNT$, ?, $
NicknameMandarin: ? (yuán), ? (kuài)
Taiwanese: ? (kho? )
Hakka: ? (ngiùn)
 dimeMandarin: ? (ji?o), ? (máo)
Taiwanese: ? (kak)
Hakka: ? (kok)
 centMandarin: ? (f?n)
Hokkien: ? (sian)
Hakka: ? (siên)
Banknotes
 Freq. usedNT$100, NT$500, NT$1000
 Rarely usedNT$200, NT$2000
Coins
 Freq. usedNT$1, NT$5, NT$10, NT$50
 Rarely usedNT$​, NT$20
Demographics
Date of introduction15 June 1949
ReplacedOld Taiwan dollar
User(s) Republic of China (Taiwan and Fujian)
Issuance
Central Bank of the Republic of China (Taiwan)
 Websitewww.cbc.gov.tw
PrinterCentral Engraving and Printing Plant
 Websitewww.cepp.gov.tw
MintCentral Mint
 Websitewww.cmc.gov.tw
Valuation
Inflation0.85%
 Source[1] 2008-2018
 MethodCPI 10-year average
New Taiwan dollar
Traditional Chinese
Simplified Chinese
Alternative Chinese name
Chinese

The New Taiwan dollar (Chinese: ; pinyin: X?ntáibì; Pe?h-?e-j?: Sin-tâi-phiò; code: TWD; symbol: NT$, also abbreviated as NT) is the official currency used in Taiwan. Formally, one dollar (?) is divided into ten dimes (?), and to 100 cents (?), although cents are never used in practice. The New Taiwan dollars has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar.[1] There are a variety of alternative names to the units in Taiwan. The unit of dollar is usually written in simpler form as ?. Colloquially, the currency unit is called ? (kuài, literally "piece") in Mandarin, ? (kho?, literally "hoop") in Taiwanese Hokkien, and ? (ngiùn, literally "silver") in Hakka.

Since the year 2000, the Central Bank of the Republic of China (Taiwan) is the central bank of Taiwan, which currently issues the New Taiwan dollar. While the Bank of Taiwan issued banknotes prior to 2000, it was also the de facto central bank between 1949 and 1961.

Terminology

Mandarin Taiwanese Hakka English Symbol
Currency name Formal (X?ntáibì) (Sin-tâi-phiò) (Sîn-thòi-pi) New Taiwan Dollar NTD, TWD
Other (Táibì) (Tâi-phiò) (Thòi-pi)
1 Unit name Formal ? (yuán) ? (kho? ) ? (ngiùn), ? (khiêu) dollar $
Other ? (yuán), ? (kuài)
​ Unit name Formal ? (ji?o) ? (kak) ? (kok) dime
Other ? (máo)
​ Unit name ? (f?n) ? (sian) ? (siên) cent ¢

The adjective "new" (?) is only added in formal contexts where it is necessary to avoid any ambiguity, even though ambiguity is virtually non-existent today. These contexts include banking, contracts, or foreign exchange. The currency unit name can be written in ? or ?, which are interchangeable. They are both pronounced yuán in Mandarin. But they have different pronunciations in Taiwanese Hokkien (î?, goân) and Hakka (yèn, ngièn). The name ? in Taiwanese Hokkien and Hakka for cent is likely from the hundredth unit ? (sen) of Japanese era Taiwanese yen or from English.

In English usage, the New Taiwan dollar is often abbreviated as NT, NT$, or NT dollar, 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 sold in whole dollars. Nevertheless, banks do record cents (hundredth of dollar).

History

The New Taiwan dollar was first issued by the Bank of Taiwan on June 15, 1949, to replace the Old Taiwan dollar at a ratio of 40,000 to one. The first goal of the New Taiwan dollar was to end the hyperinflation that had plagued Nationalist China due to the Chinese Civil War.

After the communists captured Beijing in January 1949, the Nationalists began to retreat to Taiwan. China's gold reserve was moved to Taiwan in February 1949.[] The government then declared in the Temporary Provisions Effective During the Period of Communist Rebellion that dollars issued by the Bank of Taiwan would become the new currency in circulation.[2]

Even though the New Taiwan dollar was the de facto currency of Taiwan, for years the silver yuan remained the legal currency. The value of the silver yuan was decoupled from the value of silver during World War II. Many older statutes have fines and fees given in this currency.

According to statute, one silver yuan is worth three New Taiwan dollars.[3] Despite decades of inflation, this ratio has not been adjusted. This made the silver yuan a purely notational currency long ago, nearly impossible to buy, sell, or use.

When the Temporary Provisions were made ineffective in 1991, the ROC lacked a legal national currency until the year 2000, when the Central Bank of China (CBC) replaced the Bank of Taiwan in issuing NT bills.[2] In July 2000, the New Taiwan dollar became Taiwan's legal currency. It is no longer secondary to the silver yuan. At this time, the central bank began issuing New Taiwan dollar banknotes, and the notes issued earlier by the Bank of Taiwan were taken out of circulation.

The exchange rate compared to the United States dollar has varied from less than ten to one in the mid-1950s, more than forty to one in the 1960s, and about twenty-five to one in 1992. The exchange rate as of June 2019 is NT$31.3 per US$.[4]

Coins

The denominations of the New Taiwan dollar in circulation are:

Currently Circulating Coins
Image Value Technical parameters Description Date of
Diameter Weight Composition Obverse Reverse first minting issue
[2] NT$​ 18 mm 3 g 97% copper
2.5% zinc
0.5% tin
Mei Blossom, "?XX?"[5] Value 1981
(Minguo year 70)
1981-12-08[6]
TWD1.JPG NT$1 20 mm 3.8 g 92% copper
6% nickel
2% aluminium
Chiang Kai-shek, "?XX?" 1981-12-08[6]
TWD5.JPG NT$5 22 mm 4.4 g Cupronickel
75% copper
25% nickel
Chiang Kai-shek, "?XX?" Value 1981
(Minguo year 70)
1981-12-08[6]
TWD10.JPG NT$10 26 mm 7.5 g
Taiw 100ann 10yuan.jpg[3] NT$10 26 mm 7.5 g Sun Yat-sen, "?XX?" Value, continuous hidden words "", "", continuous hidden Taiwan island and Mei Blossom in "0" 2011
(Minguo year 100)
2011-01-11[6]
[4] NT$20 26.85 mm 8.5 g Ring: Aluminium bronze (as $50)
Center: Cupronickel (as $10)
Mona Rudao, "?"[7], "?XX?" Traditional canoes used by the Tao people 2001
(Minguo year 90)
2001-07-09[8]
TWD50.jpg NT$50 28 mm 10 g Aluminium bronze
92% copper
6% aluminium
2% nickel
Sun Yat-sen, "?XX?" Latent images of both Chinese and Arabic numerals for 50 2007
(Minguo year 96)
2007-04-26[9]

Coins are minted by the Central Mint, while notes are printed by the Central Engraving and Printing Plant. Both are run by the Central Bank. The NT$​ coin is rare because of its low value, while the NT$20 coin is rare because of the government's lack of willingness to promote it[]. As of 2010, the cost of the raw materials in a NT$​ coin was 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 Taiwan.

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)[].

1999 Series
Image Value Dimensions Main Color Description Date of Remark
Obverse Reverse Watermark printing issue withdrawal
NT$100 obverse.jpgNT$100 reverse.jpg 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)
2001-07-02
[5] NT$200 150 × 70 mm Green Chiang Kai-shek, theme of land reform and public education Presidential Office Building Orchid and numeral 200 2001
(Minguo year 90)
2002-01-02
NT$500 155 × 70 mm Brown Youth baseball Formosan sika deer and Dabajian Mountain Bamboo and numeral 500 2000
(Minguo year 89)
2000-12-15 2007-08-01 without holographic strip
NT$500 obverse.jpgNT$500 reverse.jpg 2004
(Minguo 93)
2005-07-20 with holographic strip
NT$1000 160 × 70 mm Blue Elementary Education
(1999 errors[10][11])
Mikado pheasant and Yushan (Jade Mountain) Chrysanthemum and numeral 1000 1999
(Minguo year 88)
2000-07-03 2007-08-01 without holographic strip
NT$1000 obverse.jpgNT$1000 reverse.jpg 2004
(Minguo year 93)
2005-07-20 with holographic strip
[6] NT$2000 165 × 70 mm Purple FORMOSAT-1, technology Formosan landlocked salmon and Mount Nanhu Pine and numeral 2000 2001
(Minguo year 90)
2002-07-01 with holographic strip

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 (now the Central Bank of the Republic of China) accepts such notes.[12]

100-dollar commemorative note

100-dollar commemorative note, with the commemorative text

On January 6, 2011, the Central Bank of the Republic of China issued a new 100-dollar legal tender circulating commemorative in celebration of the 100th anniversary of the founding of the Republic of China. The red paper note measures 145 × 70 mm and features a portrait of Dr. Sun Yat-sen on the front, and the Chung-Shan Building on the back. The design is no different from the ordinary NT$100 note, except for the Chinese wording on the reverse of the note, which reads "Celebrating 100 years since the founding of the Republic of China ()".[13]

See also

References

  1. ^ Chuang, Chi-ting (February 17, 2001). "Legislator pans new bank notes". Taipei Times. p. 4.
  2. ^ a b Chuang, Chi-ting (February 17, 2001). "Legislator pans new bank notes". Taipei Times.
  3. ^ s:Regulation of exchange rate between new Taiwan dollars and the fiat currency in the ROC laws
  4. ^ Google Finance. "US Dollar / New Taiwan Dollar". Google. Retrieved 2013.
  5. ^ "zhonghua minguo XX", "?" is the also the state title "Republic of China", an era name of the Minguo calendar.
  6. ^ a b c d "Archived copy". Archived from the original on 2008-12-17. Retrieved .CS1 maint: archived copy as title (link)
  7. ^ Mona Rudao, anti-Japanese leader of the Wushe Incident.
  8. ^ 20! (in Chinese). . 2001-07-05. Retrieved .
  9. ^ (2007-04-25). 50 (in Chinese). ?. Retrieved .[permanent dead link]
  10. ^ Commons:Category:Taiwan $1000 banknote 1999 edition
  11. ^ Taiwan's 1999 $1000 bill globe reversed
  12. ^ ? (2007-07-31). 8/1/ 9 (in Chinese). ETToday. Retrieved .
  13. ^ The Central Bank of the Republic of China (Taiwan) (2011-01-06). "Issue a commemorative NT$100 banknote for circulation and uncut commemorative NT$100 currency sheets in celebration of the 100th anniversary of the founding of the Republic of China on January 6, 2011".
  • New NT$500 and NT$1000 banknotes introduced, anti-counterfeit measures taken [7] Taiwan News (online), 20 July 2005

External links


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

  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

New_Taiwan_dollar
 



 



 
Music Scenes