New Taiwan dollar

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New Taiwan dollar
新臺幣 [upper-roman 1]
ISO 4217
CodeTWD
Number901
Exponent2
Denominations
Subunit
110dime
1100cent
Subunits used only in stocks and currencies, and rarely referred to in such cases.
Plural dollars (English only)
The language(s) of this currency do(es) not have a morphological plural distinction.
centcents (English only)
Symbol NT$, , $
Nickname Mandarin: (yuán), (kuài)
Hokkien: (kho͘ )
Hakka: (ngiùn)
dime Mandarin: (jiǎo), (máo)
Hokkien: (kak)
Hakka: (kok)
cent Mandarin: (fēn)
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 used50¢ (discontinued, still legal tender); NT$20
Demographics
Date of introduction15 June 1949
Replaced Old Taiwan dollar
User(s)Flag of the Republic of China.svg  Republic of China (Taiwan)
Issuance
Central bank Central Bank of the Republic of China (Taiwan)
Website www.cbc.gov.tw
Printer Central Engraving and Printing Plant
Website www.cepp.gov.tw
Mint Central Mint
Website www.cmc.gov.tw
Valuation
Inflation 0.85%
Source 2008–2018
Method CPI 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 [upper-roman 1] (code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of Taiwan. Formally, one dollar () is divided into ten dimes (), and to 100 cents (), although cents are never used in practice. The New Taiwan dollar 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]

Contents

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

The Central Bank of the Republic of China (Taiwan), the central bank of 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, until 2000.

Terminology

Mandarin Taiwanese Hokkien Hakka EnglishSymbol
Currency nameFormal新臺幣 (Xīntáibì)新臺票 (Sin-tâi-phiò)新臺幣 (Sîn-thòi-pi)New Taiwan DollarNTD, TWD
Other臺幣 (Táibì)臺票 (Tâi-phiò)臺幣 (Thòi-pi)
1 Unit nameFormal (yuán) (kho͘ ) (ngiùn), (khiêu)dollar$
Other (yuán), (kuài)
110 Unit nameFormal (jiǎo) (kak) (kok)dime
Other (máo)
1100 Unit name (fēn) (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 as or , 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 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 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. China's gold reserve was moved to Taiwan in February 1949.[ citation needed ] 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 July 2021 is NT$27.93 per US$. [4]

Coins

The denominations of the New Taiwan dollar in circulation are:

Currently Circulating Coins
ImageValueTechnical parametersDescriptionDate of
DiameterWeightCompositionObverseReversefirst mintingissue
0.5 ntd.jpg 50¢ (NT$0.5)18 mm3 g97% copper
2.5% zinc
0.5% tin
Mei Blossom, "中華民國XX年" [5] Value1981
(Minguo year 70)
1981-12-08 [6]
TWD1.JPG NT$120 mm3.8 g92% copper
6% nickel
2% aluminium
Chiang Kai-shek, "中華民國XX年"1981-12-08 [6]
TWD5.JPG NT$522 mm4.4 g Cupronickel
75% copper
25% nickel
Chiang Kai-shek, "中華民國XX年"Value1981
(Minguo year 70)
1981-12-08 [6]
TWD10.JPG NT$1026 mm7.5 g
Taiw 100ann 10yuan.jpg 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)
2011-01-11 [6]
NT$2026.85 mm8.5 gRing: Aluminium bronze (as $50)
Centre: Cupronickel (as $10)
Mona Rudao, "莫那魯道", [7] "中華民國XX年"Traditional canoes used by the Tao people 2001
(Minguo year 90)
2001-07-09
TWD50.jpg NT$5028 mm10 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 502002
(Minguo year 91)
2002-04-26 [8]

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

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)[ citation needed ].

1999 Series
ImageValueDimensionsMain ColorDescriptionDate ofRemark
ObverseReverseWatermarkprintingissuewithdrawal
NT$100145 × 70 mmRed Sun Yat-sen, "The Chapter of Great Harmony" by Confucius Chung-Shan Building Mei flower and numeral 1002000
(Minguo 89)
2001-07-02
NT$200150 × 70 mmGreen Chiang Kai-shek, theme of land reform and public education Presidential Office Building Orchid and numeral 2002001
(Minguo year 90)
2002-01-02
NT$500155 × 70 mmBrownYouth baseball Formosan sika deer and Dabajian Mountain Bamboo and numeral 5002000
(Minguo year 89)
2000-12-152007-08-01without holographic strip
2004
(Minguo 93)
2005-07-20with holographic strip
NT$1000160 × 70 mmBlueElementary Education
(1999 errors [9] [10] )
Mikado pheasant and Yushan (Jade Mountain) Chrysanthemum and numeral 10001999
(Minguo year 88)
2000-07-032007-08-01without holographic strip
2004
(Minguo year 93)
2005-07-20with holographic strip
NT$2000165 × 70 mmPurple FORMOSAT-1, technology Formosan landlocked salmon and Mount Nanhu Pine and numeral 20002001
(Minguo year 90)
2002-07-01with 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. [11]

100-dollar commemorative note

100-dollar commemorative note, with the commemorative text Taiwan 100 2011.01.06 text.jpg
100-dollar commemorative note, with the commemorative text

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)". [12]

Exchange rates

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.com: 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
Most traded currencies by value
Currency distribution of global foreign exchange market turnover [13]
RankCurrency ISO 4217 code
(symbol)
 % of daily trades
(bought or sold)
(April 2019)
1
Flag of the United States.svgUnited States dollar
USD (US$)
88.3%
2
Flag of Europe.svgEuro
EUR (€)
32.3%
3
Flag of Japan.svgJapanese yen
JPY (¥)
16.8%
4
Flag of the United Kingdom.svgPound sterling
GBP (£)
12.8%
5
Flag of Australia (converted).svgAustralian dollar
AUD (A$)
6.8%
6
Flag of Canada (Pantone).svgCanadian dollar
CAD (C$)
5.0%
7
Flag of Switzerland.svgSwiss franc
CHF (CHF)
5.0%
8
Flag of the People's Republic of China.svgRenminbi
CNY (元 / ¥)
4.3%
9
Flag of Hong Kong.svgHong Kong dollar
HKD (HK$)
3.5%
10
Flag of New Zealand.svgNew Zealand dollar
NZD (NZ$)
2.1%
11
Flag of Sweden.svgSwedish krona
SEK (kr)
2.0%
12
Flag of South Korea.svg South Korean won
KRW (₩)
2.0%
13
Flag of Singapore.svgSingapore dollar
SGD (S$)
1.8%
14
Flag of Norway.svg Norwegian krone
NOK (kr)
1.8%
15
Flag of Mexico.svgMexican peso
MXN ($)
1.7%
16
Flag of India.svg Indian rupee
INR (₹)
1.7%
17
Flag of Russia.svgRussian ruble
RUB (₽)
1.1%
18
Flag of South Africa.svg South African rand
ZAR (R)
1.1%
19
Flag of Turkey.svgTurkish lira
TRY (₺)
1.1%
20
Flag of Brazil.svg Brazilian real
BRL (R$)
1.1%
21
Flag of the Republic of China.svg New Taiwan dollar
TWD (NT$)
0.9%
22
Flag of Denmark.svg Danish krone
DKK (kr)
0.6%
23
Flag of Poland.svg Polish złoty
PLN (zł)
0.6%
24
Flag of Thailand.svg Thai baht
THB (฿)
0.5%
25
Flag of Indonesia.svg Indonesian rupiah
IDR (Rp)
0.4%
26
Flag of Hungary.svg Hungarian forint
HUF (Ft)
0.4%
27
Flag of the Czech Republic.svg Czech koruna
CZK (Kč)
0.4%
28
Flag of Israel.svg Israeli new shekel
ILS (₪)
0.3%
29
Flag of Chile.svg Chilean peso
CLP (CLP$)
0.3%
30
Flag of the Philippines.svg Philippine peso
PHP (₱)
0.3%
31
Flag of the United Arab Emirates.svg UAE dirham
AED (د.إ)
0.2%
32
Flag of Colombia.svg Colombian peso
COP (COL$)
0.2%
33
Flag of Saudi Arabia.svg Saudi riyal
SAR (﷼)
0.2%
34
Flag of Malaysia.svg Malaysian ringgit
MYR (RM)
0.1%
35
Flag of Romania.svg Romanian leu
RON (L)
0.1%
Other2.2%
Total [note 1] 200.0%

See also

Notes

  1. The total sum is 200% because each currency trade always involves a currency pair; one currency is sold (e.g. US$) and another bought (€). Therefore each trade is counted twice, once under the sold currency ($) and once under the bought currency (€). The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.g. the U.S. Dollar is bought or sold in 88% of all trades, whereas the Euro is bought or sold 32% of the time.

Words in different languages

  1. 1 2

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References

  1. Chuang, Chi-ting (17 February 2001). "Legislator pans new bank notes". Taipei Times. p. 4.
  2. 1 2 Chuang, Chi-ting (17 February 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". Archived from the original on 1 July 2021. Retrieved 1 July 2021.
  5. "zhonghua minguo XX", "中華民國" is the also the state title "Republic of China", an era name of the Minguo calendar.
  6. 1 2 3 4 "Archived copy". Archived from the original on 17 December 2008. Retrieved 30 January 2015.CS1 maint: archived copy as title (link) 中央銀行發行之貨幣及偵偽鈔辨識
  7. Mona Rudao, anti-Japanese leader of the Wushe Incident.
  8. 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 ]
  9. Commons:Category:Taiwan $1000 banknote 1999 edition
  10. Taiwan's 1999 $1000 bill globe reversed
  11. 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.
  12. 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".
  13. "Triennial Central Bank Survey Foreign exchange turnover in April 2019" (PDF). Bank for International Settlements. 16 September 2019. p. 10. Retrieved 16 September 2019.
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