New Taiwan dollar

Last updated

New Taiwan dollar
新臺幣 [upper-roman 1]
ISO 4217
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)
Freq. usedNT$100, NT$500, NT$1000
Rarely usedNT$200, NT$2000
Freq. usedNT$1, NT$5, NT$10, NT$50
Rarely used50¢ (discontinued, still legal tender); NT$20
Date of introduction15 June 1949
Replaced Old Taiwan dollar
User(s)Flag of the Republic of China.svg  Republic of China (Taiwan)
Central bank Central Bank of the Republic of China (Taiwan)
Printer Central Engraving and Printing Plant
Mint Central Mint
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]


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.


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).


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]


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)
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.


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
NT$100145 × 70 mmRed Sun Yat-sen, "The Chapter of Great Harmony" by Confucius Chung-Shan Building Mei flower and numeral 1002000
(Minguo 89)
NT$200150 × 70 mmGreen Chiang Kai-shek, theme of land reform and public education Presidential Office Building Orchid and numeral 2002001
(Minguo year 90)
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
(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
(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
Most traded currencies by value
Currency distribution of global foreign exchange market turnover [13]
RankCurrency ISO 4217 code
 % of daily trades
(bought or sold)
(April 2019)
Flag of the United States.svgUnited States dollar
Flag of Europe.svgEuro
EUR (€)
Flag of Japan.svgJapanese yen
JPY (¥)
Flag of the United Kingdom.svgPound sterling
GBP (£)
Flag of Australia (converted).svgAustralian dollar
AUD (A$)
Flag of Canada (Pantone).svgCanadian dollar
CAD (C$)
Flag of Switzerland.svgSwiss franc
Flag of the People's Republic of China.svgRenminbi
CNY (元 / ¥)
Flag of Hong Kong.svgHong Kong dollar
Flag of New Zealand.svgNew Zealand dollar
Flag of Sweden.svgSwedish krona
SEK (kr)
Flag of South Korea.svg South Korean won
KRW (₩)
Flag of Singapore.svgSingapore dollar
SGD (S$)
Flag of Norway.svg Norwegian krone
NOK (kr)
Flag of Mexico.svgMexican peso
MXN ($)
Flag of India.svg Indian rupee
INR (₹)
Flag of Russia.svgRussian ruble
RUB (₽)
Flag of South Africa.svg South African rand
Flag of Turkey.svgTurkish lira
TRY (₺)
Flag of Brazil.svg Brazilian real
BRL (R$)
Flag of the Republic of China.svg New Taiwan dollar
Flag of Denmark.svg Danish krone
DKK (kr)
Flag of Poland.svg Polish złoty
PLN (zł)
Flag of Thailand.svg Thai baht
THB (฿)
Flag of Indonesia.svg Indonesian rupiah
IDR (Rp)
Flag of Hungary.svg Hungarian forint
HUF (Ft)
Flag of the Czech Republic.svg Czech koruna
CZK (Kč)
Flag of Israel.svg Israeli new shekel
ILS (₪)
Flag of Chile.svg Chilean peso
Flag of the Philippines.svg Philippine peso
PHP (₱)
Flag of the United Arab Emirates.svg UAE dirham
AED (د.إ)
Flag of Colombia.svg Colombian peso
Flag of Saudi Arabia.svg Saudi riyal
SAR (﷼)
Flag of Malaysia.svg Malaysian ringgit
Flag of Romania.svg Romanian leu
Total [note 1] 200.0%

See also


  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

Related Research Articles

Japanese yen Official currency of Japan

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 U.S. dollar and the euro.

Renminbi Official currency of the Peoples Republic of China

The renminbi is the official currency of the People's Republic of China and one of the world's reserve currencies, ranking as the eighth most traded currency in the world as of April 2019.

The Mexican peso is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 15th–19th century Spanish dollar, most continuing to use its sign, "$". The Mexican peso is the 15th most traded currency in the world, the third most traded currency from the Americas, and the most traded currency from Latin America.

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.

Hong Kong dollar Currency of Hong Kong

The Hong Kong dollar is the official currency of the Hong Kong Special Administrative Region of the People's Republic of China. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.

Macanese pataca Currency of Macau

The Macau pataca or Macanese pataca is the currency of Macau. It is subdivided into 100 avos, with 10 avos called ho (毫) in Cantonese. The abbreviation MOP$ is commonly used.

Malagasy ariary currency of Madagascar

The ariary is the currency of Madagascar. It is subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating. The names ariary and iraimbilanja derive from the pre-colonial currency, with ariary being the name for a silver dollar. Iraimbilanja means literally "one iron weight" and was the name of an old coin worth 15 of an ariary.

Taiwanese yen

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.

Manchukuo yuan

The Manchukuo yuan was the official unit of currency of the Empire of Manchuria, from June 1932 to August 1945.

History of Chinese currency History of money in China

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 in Chinese.

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.

Chinese customs gold unit

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 guānjīnyuán, literally "customs gold yuan" 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.

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 1 yen note (1円券) was a denomination of Japanese yen in seven different series from 1872 to 1946 for use in commerce. These circulated with the 1 yen coin until 1914, and briefly again before the notes were suspended in 1958. Notes from the Japanese government, known as "government notes," were the first to be issued through a company in Germany. Because they were being counterfeited, they were replaced by a new series which included the first portrait on a Japanese banknote. Almost concurrently, the government established a series of national banks modeled after the system in the United States. These national banks were private entities that also released their own notes which were later convertible into gold and silver. All three of these series came to an end due to massive inflation from the Satsuma Rebellion in 1877. National bank notes were re-issued as fiat currency before the national banks themselves were abolished. Both national bank and government one yen notes were gradually redeemed for Bank of Japan note starting in 1885. This redemption process lasted until all three series were abolished in 1899.

Da Ming Baochao

The Da Ming Baochao was a series of banknotes issued during the Ming dynasty in China. They were first issued in 1375 under the Hongwu Emperor. Although initially the Da Ming Baochao paper money was successful, the fact that it was a fiat currency and that the government largely stopped accepting these notes caused the people to lose faith in them as a valid currency causing the price of silver relative to paper money to increase. The negative experiences with inflation that the Ming dynasty had witnessed signaled the Manchus to not repeat this mistake until the first Chinese banknotes after almost 400 years were issued again in response to the Taiping Rebellion under the Qing dynasty's Xianfeng Emperor during the mid-19th century.

Paper money of the Qing dynasty

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.

Da-Qing Baochao

The Da-Qing Baochao refers to a series of Qing dynasty banknotes issued under the reign of the Xianfeng Emperor issued between the years 1853 and 1859. These banknotes were all denominated in wén and were usually introduced to the general market through the salaries of soldiers and government officials.


The Zhuangpiao, alternatively known as Yinqianpiao, Huipiao, Pingtie (憑帖), Duitie (兌帖), Shangtie (上帖), Hupingtie (壺瓶帖), or Qitie (期帖) in different contexts, refer to privately produced paper money made in China during the Qing dynasty and early Republic of China periods issued by small private banks known as qianzhuang. Other than banknotes qianzhuang also issued Tiexian.

Banknotes of the Ta-Ching Government Bank

The banknotes of the Ta-Ching Government Bank, known as the banknotes of the Ta-Ching Bank of the Ministry of Revenue from 1905 to 1908, were intended to become the main form of paper money in the Qing currency system. These banknotes were issued by the Ta-Ching Government Bank, a national bank established to serve as the central bank of the Qing dynasty. The Ta-Ching Government Bank had branches throughout China and many of its branches outside of its headquarters in Beijing also issued banknotes.


  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
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: