新臺幣 [I] | |
---|---|
ISO 4217 | |
Code | TWD (numeric:901) |
Subunit | 0.01 |
Unit | |
Unit | yuan (圓) |
Plural | The language(s) of this currency do(es) not have a morphological plural distinction. |
Symbol | NT$, 元, $ |
Nickname | Mandarin: 元 (yuán), 塊 (kuài) Hokkien: 箍 (kho͘ ) Hakka: 銀 (ngiùn) |
Denominations | |
Subunit | |
1⁄10 | Jiǎo (角) |
1⁄100 | Fēn (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. 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 | 1⁄2¢, 1¢, 2¢, 5¢, 10¢, 20¢, 50¢, NT$20 |
Demographics | |
Date of introduction | 15 June 1949 |
Replaced | Old Taiwan dollar |
User(s) | Republic of China |
Issuance | |
Central bank | Central Bank of the Republic of China (Taiwan) |
Website | www |
Printer | Central Engraving and Printing Plant |
Website | www |
Mint | Central Mint |
Website | www |
Valuation | |
Inflation | 0.85% |
Source | 2008–2018 |
Method | CPI 10-year average |
New Taiwan dollar | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Traditional Chinese | 新臺幣 | ||||||||||||||||||||||
Simplified Chinese | 新台币 | ||||||||||||||||||||||
| |||||||||||||||||||||||
Alternative Chinese name | |||||||||||||||||||||||
Chinese | 新臺票 | ||||||||||||||||||||||
|
The New Taiwan dollar [I] (code:TWD;symbol:NT$,also abbreviated as NT) is the official currency of the Republic of China. Usually,the $ sign precedes the amount,but NT$ is used to distinguish from other currencies named dollar. 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 base unit of the New Taiwan dollar is called a yuan (圓),subdivided into ten chiao (角) or 100 fen (分),although in practice neither chiao nor fen are 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 the homophonous 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]
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 a loanword borrowed 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,electronic transactions and bank statements can be expressed to 1 fen ($0.01).
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]
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 | ||
[ 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] |
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] | |||
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] | |
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] | |||||
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 | |
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.
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 | |||
[ 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 | ||||||||
[ 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]
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]
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 |
Currency | ISO 4217 code | Symbol or Abbrev. [15] | Proportion of daily volume | Change (2019–2022) | |
---|---|---|---|---|---|
April 2019 | April 2022 | ||||
U.S. dollar | USD | $, US$ | 88.3% | 88.5% | 0.2pp |
Euro | EUR | € | 32.3% | 30.5% | 1.8pp |
Japanese yen | JPY | ¥, 円 | 16.8% | 16.7% | 0.1pp |
Sterling | GBP | £ | 12.8% | 12.9% | 0.1pp |
Renminbi | CNY | ¥, 元 | 4.3% | 7.0% | 2.7pp |
Australian dollar | AUD | $, $A | 6.8% | 6.4% | 0.4pp |
Canadian dollar | CAD | $, Can$ | 5.0% | 6.2% | 1.2pp |
Swiss franc | CHF | Fr., fr. | 4.9% | 5.2% | 0.3pp |
Hong Kong dollar | HKD | $, HK$, 元 | 3.5% | 2.6% | 0.9pp |
Singapore dollar | SGD | $, S$ | 1.8% | 2.4% | 0.6pp |
Swedish krona | SEK | kr, Skr | 2.0% | 2.2% | 0.2pp |
South Korean won | KRW | ₩, 원 | 2.0% | 1.9% | 0.1pp |
Norwegian krone | NOK | kr, Nkr | 1.8% | 1.7% | 0.1pp |
New Zealand dollar | NZD | $, $NZ | 2.1% | 1.7% | 0.4pp |
Indian rupee | INR | ₹ | 1.7% | 1.6% | 0.1pp |
Mexican peso | MXN | $, Mex$ | 1.7% | 1.5% | 0.2pp |
New Taiwan dollar | TWD | $, NT$, 圓 | 0.9% | 1.1% | 0.2pp |
South African rand | ZAR | R | 1.1% | 1.0% | 0.1pp |
Brazilian real | BRL | R$ | 1.1% | 0.9% | 0.2pp |
Danish krone | DKK | kr., DKr | 0.6% | 0.7% | 0.1pp |
Polish złoty | PLN | zł, Zl | 0.6% | 0.7% | 0.1pp |
Thai baht | THB | ฿, B | 0.5% | 0.4% | 0.1pp |
Israeli new shekel | ILS | ₪, NIS | 0.3% | 0.4% | 0.1pp |
Indonesian rupiah | IDR | Rp | 0.4% | 0.4% | |
Czech koruna | CZK | Kč, CZK | 0.4% | 0.4% | |
UAE dirham | AED | د.إ, Dh(s) | 0.2% | 0.4% | 0.2pp |
Turkish lira | TRY | ₺, TL | 1.1% | 0.4% | 0.7pp |
Hungarian forint | HUF | Ft | 0.4% | 0.3% | 0.1pp |
Chilean peso | CLP | $, Ch$ | 0.3% | 0.3% | |
Saudi riyal | SAR | ﷼, SRl(s) | 0.2% | 0.2% | |
Philippine peso | PHP | ₱ | 0.3% | 0.2% | 0.1pp |
Malaysian ringgit | MYR | RM | 0.2% | 0.2% | |
Colombian peso | COP | $, Col$ | 0.2% | 0.2% | |
Russian ruble | RUB | ₽, руб | 1.1% | 0.2% | 0.9pp |
Romanian leu | RON | —, leu | 0.1% | 0.1% | |
Peruvian sol | PEN | S/. | 0.1% | 0.1% | |
Bahraini dinar | BHD | .د.ب, BD | 0.0% | 0.0% | |
Bulgarian lev | BGN | лв., lv., lev | 0.0% | 0.0% | |
Argentine peso | ARS | $, Arg$ | 0.1% | 0.0% | 0.1pp |
Other currencies | 1.8% | 2.3% | 0.5pp | ||
Total: | 200.0% | 200.0% |
The yen is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro.
The renminbi, also known as the Chinese yuan, is the official currency of the People's Republic of China. The renminbi is issued by the People's Bank of China, the monetary authority of China. It is the world's fifth-most-traded currency as of April 2022.
The ruble or rouble is the currency of the Russian Federation. The ruble is subdivided into 100 kopecks. It is used in Russia as well as in the parts of Ukraine under Russian military occupation and in Russian-occupied parts of Georgia.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
The Korean People's won, more commonly known as the North Korean won and sometimes known as the Democratic People's Republic of Korea won, is the official currency of North Korea. It is subdivided into 100 chon. The currency is issued by the Central Bank of the Democratic People's Republic of Korea, based in the North Korean capital city of Pyongyang.
The Hong Kong dollar is the official currency of Hong Kong. It is subdivided into 100 cents. Historically, it was also subdivided into 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.
The Malaysian ringgit is the currency of Malaysia. Issued by the Central Bank of Malaysia, it is divided into 100 cents.
The Macanese pataca or Macau pataca is the currency of Macau. It is subdivided into 100 avos, with 10 avos called ho (毫) in Cantonese.
The hryvnia has been the national currency of Ukraine since 2 September 1996. The hryvnia is divided into 100 kopiyok. It is named after a measure of weight used in Kievan Rus'.
The Dominican peso, officially the peso dominicano since 2010, is the currency of the Dominican Republic. Its symbol is "$", with "RD$" used when distinction from other pesos is required; its ISO 4217 code is "DOP". Each peso is divided into 100 centavos ("cents"), for which the ¢ symbol is used. With exception of the United States dollar, it is the only currency that is legal tender in the Dominican Republic for all monetary transactions, whether public or private.
The Taiwanese yen was the currency of Japanese Taiwan from 1895 to 1946. It was on a par with and circulated alongside the Japanese yen. The yen was subdivided into 100 sen (錢). It was replaced by the Old Taiwan dollar in 1946, which in turn was replaced by the New Taiwan dollar in 1949.
The Manchukuo yuan was the official unit of currency of the Empire of Manchuria, from June 1932 to August 1945.
The history of Chinese currency spans more than 3000 years. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. Cowry shells are believed to have been the earliest form of currency used in Central China, and were used during the Neolithic period.
The yuan is the base unit of a number of former and present-day currencies throughout China.
The Old Taiwan dollar was in use from 1946 to 1949, beginning shortly after Taiwan's handover from Japan to the Republic of China. The currency was issued by the Bank of Taiwan. Hyperinflation prompted the introduction of the New Taiwan dollar in June 1949, shortly before the Nationalist evacuation from mainland China in December.
The customs gold unit (CGU) was a currency issued by the Central Bank of China between 1930 and 1948. In Chinese, the name of the currency was 關金圓 but the English name given on the back of the notes was "customs gold unit". It was divided into 100 cents (關金分). As the name suggests, this currency was initially used for customs payments, but in 1942 it was put into general circulation for use by the public at 20 times its face value in terms of the first Chinese yuan.
Japanese currency has a history covering the period from the 8th century CE to the present. After the traditional usage of rice as a currency medium, Japan adopted currency systems and designs from China before developing a separate system of its own.
The fifth series of the new Taiwan dollar banknotes is the current and latest series to be issued for circulation in the Republic of China (Taiwan). It was first introduced by the Central Bank of the Republic of China (Taiwan) on 3 July 2000.
The paper money of the Qing dynasty was periodically used alongside a bimetallic coinage system of copper-alloy cash coins and silver sycees; paper money was used during different periods of Chinese history under the Qing dynasty, having acquired experiences from the prior Song, Jin, Yuan, and Ming dynasties which adopted paper money but where uncontrolled printing led to hyperinflation. During the youngest days of the Qing dynasty paper money was used but this was quickly abolished as the government sought not to repeat history for a fourth time; however, under the reign of the Xianfeng Emperor, due to several large wars and rebellions, the Qing government was forced to issue paper money again.
The Chinese gold yuan was a legal tender currency of China between August 1948 and 1949. It was a method used by the Republic of China government to accumulate gold from its citizens in preparation to relocate to Taiwan. It circulated in the country under the effective control of the Government of the Republic of China, which issued paper money on August 19, 1948. This currency was notorious for vicious inflation due to inadequate issuance preparation and failure to strictly enforce issuance limits. In the early days of the issuance of the Golden yuan, the government used executive actions to force the public to exchange gold, foreign currency for the new currency. The legal exchange rate was 0.22217 grams of gold per gold yuan but it could not be honored. The sharply depreciating Fabi currency was at the rate of one golden yuan of the yen to 3 million fabi yuan, and this rate was used for the compulsory collection of public gold, silver, and foreign currency. In particular, the economic losses suffered by the urban middle class were so great that the ROC government lost its original most important supporters and was one of the reasons why the ROC government failed so quickly in the Chinese Civil War.
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 |