New Taiwan dollar

New Taiwan dollar
新臺幣 (Taiwanese Mandarin)

NT$100 banknote obverse (1999 series)
ISO 4217
Code TWD
Number 901
Exponent 2
Denominations
Subunit
  1⁄10 角
jiǎo
  1⁄100 cent (分, fēn)
Subunits used only in stocks and currencies, and rarely referred to in such cases.
Plural dollars (English only)
 cent (分, fēn) cents (English only)
Symbol NT$ or $
Nickname kuài (塊)
 角 máo (毛)
Banknotes
 Freq. used NT$100, NT$500, NT$1000
 Rarely used NT$200, NT$2000
Coins
 Freq. used NT$1, NT$5, NT$10, NT$50
 Rarely used NT$20
Demographics
Date of introduction June 15, 1949
Replaced Old Taiwan dollar
User(s)  Republic of China (Taiwan area)
Issuance
Central bank Central Bank of the Republic of China (Taiwan)
 Website www.cbc.gov.tw
Printer China Engraving and Printing Works
 Website www.cepp.gov.tw
Mint Central Mint
 Website www.cmc.gov.tw
Valuation
Inflation 1.24%
 Source , May 2016
 Method CPI
New Taiwan dollar
Traditional Chinese 新臺幣 or 新台幣
Simplified Chinese 新台币
Alternative Chinese name
Chinese 新臺票

The New Taiwan dollar (Chinese: 新臺幣; pinyin: xīn tái bì; sign: NT$; code: TWD) is the official currency of Taiwan. It is subdivided into 100 cents (Chinese: 分; pinyin: fēn). The New Taiwan dollars has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at the rate TW$40,000 = NT$1.[1]

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 dollars. While the Bank of Taiwan issued banknotes prior to 2000, it was also the de facto central bank between 1949 and 1961.

Terminology

Chinese (pinyin) English Symbol
Formal currency name 新臺幣 (xīn tái bì) New Taiwan dollar NTD, TWD
Formal unit name 元 or 圓 (yuán)
Other currency names 台幣 or 臺幣 (tái bì) Taiwan dollar, NT dollar, NT $, NT, NT$
Other unit names 塊 (kuài), 箍 (kho͘ )

In Chinese, the "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 unit name in Chinese is yuán. In Taiwan, the character for yuan can be written in either of two forms: 元 or 圓, which are interchangeable. Colloquial alternatives for the currency unit include the Mandarin kuài (塊), meaning "piece", and the Taiwanese Hokkien 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 sold in whole dollars. Nevertheless, banks do record cents (hundredth dollars).

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. 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 March 2017 is 30.2 to one.[4]

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$ 1⁄2 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[5]
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[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[5]
NT$10 26 mm 7.5 g
NT$10 26 mm 7.5 g Sun Yat-sen, "中華民國XX年" Value, continuous hidden words "國泰", "民安", continuous hidden Taiwan island and Mei Blossom in "0" 2011
(Minguo year 100)		 January 11, 2011[5]
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[6]
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 2007
(Minguo year 96)		 April 26, 2007[7]

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. The NT$ 1⁄2 coin is rare because of its low value, while the NT$20 coin is rare because of the government's lack of willingness to promote it. As of 2010, the cost of the raw materials in a NT$ 1⁄2 coin was more than the face value of the coin.

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

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$100 145 × 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$200 150 × 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
NT$500 155 × 70 mm Brown Youth baseball Formosan sika deer and Dabajian Mountain Bamboo and numeral 500 2000
(Minguo year 89)		 December 15, 2000 August 1, 2007 without holographic strip
Dark brown 2004
(Minguo 93)		 July 20, 2005 with holographic strip
NT$1000 160 × 70 mm Blue Elementary Education (errors[8][9]) Mikado pheasant and Yushan (Jade Mountain) Chrysanthemum 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, technology Formosan landlocked salmon and Nanhu Mountain Pine 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 Taiwan (now the Central Bank of the Republic of China) accepts such notes.[10]

Taiwan 100-dollar commemorative note


On 6 January 2011, the Central Bank 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 wording in Chinese language in the reverse of the note, which reads: “Celebrating the 100 years of founding of the Republic of China.”[11]

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

See also

References

  1. ↑ Chuang, Chi-ting (February 17, 2001). "Legislator pans new bank notes". Taipei Times. p. 4.
  2. 1 2 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 23 October 2013.
  5. 1 2 3 4 http://www.cbc.gov.tw/issue/money/tb1.htm 中央銀行發行之貨幣及偵偽鈔辨識
  6. ↑ 20元新硬幣亮相！ (in Chinese). 大紀元. 2001-07-05. Retrieved 2006-11-26.
  7. ↑ 郭文平 (2007-04-25). 新版50元硬幣 明發行 (in Chinese). 自由時報. Retrieved 2007-11-26.
  8. ↑ Commons:Category:Taiwan $1000 banknote 1999 edition
  9. ↑ Taiwan's 1999 $1000 bill globe reversed
  10. ↑ 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.
  11. ↑ 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".

News

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
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