New Taiwan dollar

From Free net encyclopedia

The New Taiwan dollar (新臺幣 or 新台幣) (currency code TWD and common abbreviation NT$), or simply Taiwan dollar, is the official currency of the Republic of China (Taiwan) since 2000, although it has been in circulation since 1949. Originally issued by the Bank of Taiwan, it is now issued by the Central Bank of China.

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, Taiwanese: kho·). Subdivisions of a yuan are rarely used, since practically all products on the consumer market are being sold at whole units of yuan.

1 History of New Taiwan dollar
2 Coins
3 Banknotes
4 See also
5 External links

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History of New Taiwan dollar

Image:Taiwan 100 nt.jpg

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 which had plagued Taiwan and Mainland China due to the civil war. A few months later, the ROC government under the Kuomintang 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.

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Coins

The denominations of the Taiwan dollar in circulation are

Currently Circulating Coins
Image	Denomination	Diameter	Weight	Composition	Obverse	Reverse	First Minted Year
Image:NThalf.jpg	$0.5	18 mm	3 g	Tin-Bronze	Mei Blossom	Face value	1981 (Republic Year 70)
Image:NT1.jpg	$1	20 mm	3.8 g	Aluminium bronze	Chiang Kai-shek	Face value	1981 (Republic Year 70)
Image:NT5.jpg	$5	22 mm	4.4 g	Cupronickel	Chiang Kai-shek	Face value	1981 (Republic Year 70)
Image:NT10.jpg	$10	26 mm	7.5 g	Cupronickel	Chiang Kai-shek	Face value	1981 (Republic Year 70)
Image:NT20.jpg	$20	26.85 mm	8.5 g	Ring: Aluminium bronze Center: Cupronickel	Mona Rudao	Traditional canoes used by the Yami tribe	2001 (Republic Year 90)
Image:NT50.jpg	$50	28 mm	10 g	Aluminium bronze	Sun Yat-sen	Latent images of both Chinese and Hindu Arabic numerals for fifty	2002 (Republic Year 91)

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.

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Banknotes

The current series
Image Front and Back	Denomination	Dimensions	Dominant Color	Obverse	Reverse	Printed Date	Issued Date	Watermark	Note
Image:NT100.gif	$100	145 x 70 mm	Red	Sun Yat-sen, "The Chapter of Great Harmony" by Confucius	Chung-Shan Hall	2000 (Republic Year 89)	July 2, 2001	Plum flower and numeral 100
Image:NT200.gif	$200	150 x 70 mm	Green	Chiang Kai-shek, theme of land reform and public education	The Office of the President	2001 (Republic Year 90)	January 2, 2002	Orchid and numeral 200
front back	$500	155 x 70 mm	Brown	Youth baseball	Sika Deer and Dabajian Mountain	2000 (Republic Year 89)	December 15, 2000	Bamboo and numeral 500	without holographic strip
Image:NT500.jpg	$500	155 x 70 mm	Dark brown	Youth baseball	Sika Deer and Dabajian Mountain	2004 (Republic Year 93)	July 20, 2005	Bamboo and numeral 500	with holographic strip
front back	$1000	160 x 70 mm	Blue	Elementary Education	Mikado Pheasant and Jade Mountain	1999 (Republic Year 88)	July 3, 2000	Chrysanthemum and numeral 1000	without holographic strip
Image:NT1000.jpg	$1000	160 x 70 mm	Blue	Elementary Education	Mikado Pheasant and Jade Mountain	2004 (Republic Year 93)	July 20, 2005	Chrysanthemum and numeral 1000	with holographic strip
Image:NT2000.gif	$2000	165 x 70 mm	Purple	FORMOSAT-1	Formosan landlocked salmon and Nanhu Mountain	2001 (Republic Year 90)	July 1, 2002	Pine and numeral 2000