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New Taiwan dollar

From Wikipedia, the free encyclopedia
"TWD" redirects here. For other uses, see TWD (disambiguation).
New Taiwan dollar
新臺幣[I]
ISO 4217
CodeTWD (numeric: 901)
Subunit0.01
Unit
Unityuan (圓)
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
SymbolNT$, 元, $‎
NicknameMandarin: 元 (yuán), 塊 (kuài)
Hokkien: 箍 (kho͘ )
Hakka: 銀 (ngiùn)
Denominations
Subunit
 1⁄10Jiǎo (角)
 1⁄100Fēn (分)
Subunits used only in stocks and currency transactions, and are rarely referred to
Nickname
 Jiǎo (角)Mandarin: 毛 (máo)
Hokkien: 角 (kak)
Hakka: 角 (kok)
 Fēn (分)Hokkien: 仙 (sian)
Hakka: 仙 (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 used1⁄2¢, 1¢, 2¢, 5¢, 10¢, 20¢, 50¢, NT$20
Demographics
Date of introduction15 June 1949
ReplacedOld Taiwan dollar
User(s) Republic of China
Issuance
Central bankCentral 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新臺幣
Simplified Chinese新台币
Alternative Chinese name
Chinese新臺票

The New Taiwan dollar[I] (code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of the Republic of China. The New Taiwan dollar has been the currency of the island of Taiwan since 1949, when it replaced the old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar.[1] The basic unit of the New Taiwan dollar is called a yuan (圓) and is subdivided into ten chiao (角), and into 100 fen (分) or cents, although in practice both chiao and fen are never actually used.

There are a variety of alternative names for the units in Taiwan. The unit of the dollar is typically informally written with the simpler equivalent character as 元, except when writing it for legal transactions such as at the bank, when it has to be written as 圓. Colloquially, the currency unit is called both 元 (yuán, literally "circle") and 塊 (kuài, literally "piece") in Mandarin, 箍 (kho͘, literally "hoop") in Hokkien, and 銀 (ngiùn, literally "silver") in Hakka.

The Central Bank of the Republic of China (Taiwan) has issued the New Taiwan Dollar since 2000. Prior to 2000, the Bank of Taiwan issued banknotes as the de facto central bank between 1949 and 1961, and after 1961 continued to issue banknotes as a delegate of the central bank. The central bank began issuing New Taiwan dollar banknotes in July 2000, and the notes issued by the Bank of Taiwan were taken out of circulation.[2]

Terminology[edit]

Mandarin Taiwanese Hokkien Hakka English Symbol
Currency name Formal 新臺幣 (Xīntáibì) 新臺票 (Sin-tâi-phiò) 新臺幣 (Sîn-thòi-pi) New Taiwan Dollar NTD, TWD
Other 臺幣 (Táibì) 臺票 (Tâi-phiò) 臺幣 (Thòi-pi)
Unit name Formal 圓 (yuán) 箍 (kho͘ ) 銀 (ngiùn), 箍 (khiêu) dollar $
Other 元 (yuán), 塊 (kuài)
1⁄10 Unit name Formal 角 (jiǎo) 角 (kak) 角 (kok) dime 角
Other 毛 (máo)
1⁄100 Unit name 分 (fēn) 仙 (sian) 仙 (siên) cent ¢

The adjective "new" (新) 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 as 圓 or 元, which are interchangeable. They are both pronounced yuán in Mandarin but have different pronunciations in Taiwanese Hokkien (îⁿ, goân) and Hakka (yèn, ngièn). The name 仙 in Taiwanese Hokkien and Hakka for cent is likely from the hundredth unit 錢 (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 dollars).

History[edit]

The various currencies called yuan or dollar issued in China, as well as the Japanese yen, were all derived from the Spanish American silver dollar, which China imported in large quantities from Spanish America through Spanish Philippines in the Manila-Acapulco Galleon Trade from the 16th to 20th centuries. After the use of the Spanish dollar and silver Chinese yuan in Taiwan, it issued the Taiwanese yen in 1895, followed by the Old Taiwan dollar in 1946.

The Bank of Taiwan first issued the New Taiwan dollar on 15 June 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. 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.[3]

Even though the New Taiwan dollar was the de facto currency of Taiwan, statutes after 1949 still define the silver yuan or silver dollar as the legal currency, worth NT$3.[4] Many older statutes have fines and fees given in silver yuan. Its value of NT$3 has not been updated despite decades of inflation, making the silver yuan a purely notional currency a long time ago, inconvertible to actual silver.

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.[3] 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 July 2021 is NT$27.93 per US$.[5]

Coins[edit]

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][permanent dead link] 50¢ (NT$0.5) 18 mm 3 g 97% copper
2.5% zinc
0.5% tin 		Mei Blossom, "中華民國XX年"[6] Value 1981
(Minguo year 70) 		1981-12-08[7]
[3] NT$1 20 mm 3.8 g 92% copper
6% nickel
2% aluminium 		Chiang Kai-shek, "中華民國XX年" 1981-12-08[7]
[4] 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) 		1981-12-08[7]
[5] NT$10 26 mm 7.5 g
Chiang Kai-shek, "中華民國XX年" (1981-2010)
Chiang Ching-kuo, "中華民國100年" (2011)
Sun Yat-sen, "中華民國XX年" (2012-present) 		Value, continuous hidden words "國泰", "民安", continuous hidden Taiwan island and Mei Blossom in "0" 2011
(Minguo year 100) 		2011-01-11[7]
[6] NT$20 26.85 mm 8.5 g Bi-metallic:
Ring: Aluminium bronze (as $50)
Centre: Cupronickel (as $10) 		Mona Rudao, "莫那魯道",[8] "中華民國XX年" Traditional canoes used by the Tao people 2001
(Minguo year 90) 		2001-07-09
[7] 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) 		2002-04-26[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 50¢ 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[citation needed]. As of 2010, the cost of the raw materials in a 50¢ coin was more than the face value of the coin.

Banknotes[edit]

Main article: Fifth series of the new Taiwan dollar banknote

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 tendency of consumers to simply use multiple NT$100 or NT$500 bills to cover the range of NT$200, as well as using multiple 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 NT$200 and NT$2000 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)[citation needed].

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) 		2001-07-02
[8][permanent dead link] 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 Limited
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
2004
(Minguo 93) 		2005-07-20 with holographic strip
NT$1,000 160 × 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
2004
(Minguo year 93) 		2005-07-20 with holographic strip
[9][permanent dead link] NT$2,000 165 × 70 mm Purple FORMOSAT-1, technology Formosan landlocked salmon and Mount Nanhu Pine and numeral 2000 2001
(Minguo year 90) 		2002-07-01 Limited with holographic strip

The year 2000 version $500 and 1999 version $1000 notes without holographic strip were officially taken out of circulation on 1 August 2007. They were redeemable at commercial banks until 30 September 2007. As of 1 October 2007, only Bank of Taiwan accepts such notes.[12]

100-dollar commemorative note[edit]

On 6 January 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 (慶祝中華民國建國一百年)".[13]

Exchange rates[edit]

Current TWD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD JPY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD JPY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD JPY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW SGD JPY
Most traded currencies by value
Currency distribution of global foreign exchange market turnover[14]
Rank Currency ISO 4217
code 		Symbol or
abbreviation 		Proportion of daily volume Change
(2019–2022)
April 2019 April 2022
1 U.S. dollar USD US$ 88.3% 88.5% Increase 0.2pp
2 Euro EUR € 32.3% 30.5% Decrease 1.8pp
3 Japanese yen JPY ¥ / 円 16.8% 16.7% Decrease 0.1pp
4 Sterling GBP £ 12.8% 12.9% Increase 0.1pp
5 Renminbi CNY ¥ / 元 4.3% 7.0% Increase 2.7pp
6 Australian dollar AUD A$ 6.8% 6.4% Decrease 0.4pp
7 Canadian dollar CAD C$ 5.0% 6.2% Increase 1.2pp
8 Swiss franc CHF CHF 4.9% 5.2% Increase 0.3pp
9 Hong Kong dollar HKD HK$ 3.5% 2.6% Decrease 0.9pp
10 Singapore dollar SGD S$ 1.8% 2.4% Increase 0.6pp
11 Swedish krona SEK kr 2.0% 2.2% Increase 0.2pp
12 South Korean won KRW ₩ / 원 2.0% 1.9% Decrease 0.1pp
13 Norwegian krone NOK kr 1.8% 1.7% Decrease 0.1pp
14 New Zealand dollar NZD NZ$ 2.1% 1.7% Decrease 0.4pp
15 Indian rupee INR ₹ 1.7% 1.6% Decrease 0.1pp
16 Mexican peso MXN MX$ 1.7% 1.5% Decrease 0.2pp
17 New Taiwan dollar TWD NT$ 0.9% 1.1% Increase 0.2pp
18 South African rand ZAR R 1.1% 1.0% Decrease 0.1pp
19 Brazilian real BRL R$ 1.1% 0.9% Decrease 0.2pp
20 Danish krone DKK kr 0.6% 0.7% Increase 0.1pp
21 Polish złoty PLN zł 0.6% 0.7% Increase 0.1pp
22 Thai baht THB ฿ 0.5% 0.4% Decrease 0.1pp
23 Israeli new shekel ILS ₪ 0.3% 0.4% Increase 0.1pp
24 Indonesian rupiah IDR Rp 0.4% 0.4% Steady
25 Czech koruna CZK Kč 0.4% 0.4% Steady
26 UAE dirham AED د.إ 0.2% 0.4% Increase 0.2pp
27 Turkish lira TRY ₺ 1.1% 0.4% Decrease 0.7pp
28 Hungarian forint HUF Ft 0.4% 0.3% Decrease 0.1pp
29 Chilean peso CLP CLP$ 0.3% 0.3% Steady
30 Saudi riyal SAR ﷼ 0.2% 0.2% Steady
31 Philippine peso PHP ₱ 0.3% 0.2% Decrease 0.1pp
32 Malaysian ringgit MYR RM 0.2% 0.2% Steady
33 Colombian peso COP COL$ 0.2% 0.2% Steady
34 Russian ruble RUB ₽ 1.1% 0.2% Decrease 0.9pp
35 Romanian leu RON L 0.1% 0.1% Steady
36 Peruvian sol PEN S/ 0.1% 0.1% Steady
37 Bahraini dinar BHD .د.ب 0.0% 0.0% Steady
38 Bulgarian lev BGN BGN 0.0% 0.0% Steady
39 Argentine peso ARS ARG$ 0.1% 0.0% Decrease 0.1pp
… Other 1.8% 2.3% Increase 0.5pp
Total[a] 200.0% 200.0%

See also[edit]

Notes[edit]

  1. ^ The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the one being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on. For example, the US dollar is bought or sold in 88% of all currency trades, while the euro is bought or sold in 31% of all trades.

Words in different languages[edit]

  1. ^ Jump up to: a b

References[edit]

  1. ^ Chuang, Chi-ting (17 February 2001). "Legislator pans new bank notes". Taipei Times. p. 4.
  2. ^ Han Cheung (9 June 2024). "Taiwan in Time: How the New Taiwan dollar became the national currency". Taipei Times. Retrieved 16 June 2024.
  3. ^ Jump up to: a b Chuang, Chi-ting (17 February 2001). "Legislator pans new bank notes". Taipei Times.
  4. ^ "Regulation for the exchange rate between New Taiwan Dollars and the fiat currency in the laws of the Republic of China".
  5. ^ "US Dollar / New Taiwan Dollar". Google Finance. Archived from the original on 1 July 2021. Retrieved 1 July 2021.
  6. ^ "zhonghua minguo XX", "中華民國" is the also the state title "Republic of China", an era name of the Minguo calendar.
  7. ^ Jump up to: a b c d "中央銀行發行之貨幣及真偽鈔辨識". Archived from the original on 17 December 2008. Retrieved 30 January 2015. 中央銀行發行之貨幣及偵偽鈔辨識
  8. ^ Mona Rudao, anti-Japanese leader of the Wushe Incident.
  9. ^ 郭文平 (25 April 2007). 新版50元硬幣 明發行 (in Chinese). 自由時報. Retrieved 26 November 2007.[dead link]
  10. ^ Commons:Category:Taiwan $1000 banknote 1999 edition
  11. ^ Taiwan's 1999 $1000 bill globe reversed
  12. ^ 劉姿麟、蔣紀威 (31 July 2007). 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 20 August 2007.
  13. ^ The Central Bank of the Republic of China (Taiwan) (6 January 2011). "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".
  14. ^ Triennial Central Bank Survey Foreign exchange turnover in April 2022 (PDF) (Report). Bank for International Settlements. 27 October 2022. p. 12. Archived (PDF) from the original on 27 October 2022.

External links[edit]

Wikimedia Commons has media related to Money of Taiwan.
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
Retrieved from "https://en.wikipedia.org/w/index.php?title=New_Taiwan_dollar&oldid=1229283270"