Fifth series of the new Taiwan dollar banknote

Last updated

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. [1]

Contents

Background

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 yuán (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.

Along with the introduction of this series of banknotes, the New Taiwan dollar became the official currency of the ROC and is no longer secondary to the silver yuan. For the first time, the Central Bank of the Republic of China began the issuing authority of the banknotes directly, rather than the Bank of Taiwan. [1] This series also ends a four-decade tradition of including Chiang Kai-shek in most of the banknotes of higher denominations except for the NT$ 200 issue, [2] opting for the more "modern" themes.

Two new denominations were issued in this series, the NT$ 200 and NT$ 2,000. [3] The NT$ 100 and NT$ 200 banknotes features national figures and buildings, while the other denominations present more general national themes and natural habitats in Taiwan. The groups of people depicted on themes of the NT$ 500 and NT$ 1,000 banknotes are real personalities taken by photographers. [4] [5] [6]

Security features

Several new security features have been incorporated into this series. Microprinting, windowed security threads, perfect registration devices and lithographic printing have been included. [3] The NT$ 2,000 was initially the only banknote to feature a holographic patch, being the highest denomination banknote in public circulation. This feature has since been extended to NT$ 500 and NT$ 1,000 banknotes, which now include a holographic strip.

Banknotes in general circulation

NT$ 100 banknote

The Chung-Shan Building is shown in the NT$100 banknote. YMS-ZhongshanBuilding-1.jpg
The Chung-Shan Building is shown in the NT$ 100 banknote.

The obverse of the banknote features the first president of the ROC, Dr. Sun Yat-sen, with the verses of "The Chapter of Great Harmony" by Confucius in the background. The reverse shows the Chung-Shan Building. It was first issued on 2 July 2001 for general circulation.

NT$ 200 banknote

The Presidential Office Building in Taipei is shown in the NT$200 banknote. Presidential Building, Taiwan (0750).JPG
The Presidential Office Building in Taipei is shown in the NT$ 200 banknote.

The obverse of the banknote features the Generalissimo and Chairman of the Nationalist Government of the ROC Chiang Kai-shek, with his Land Reform Policy and Public Education in the background. The reverse shows the Presidential Office Building in Taipei.

The NT$ 200 banknote was first issued on 2 January 2002 for general circulation.

NT$ 500 banknote

Dabajian Mountain is depicted on the NT$500 banknote. DabajianMountain.jpg
Dabajian Mountain is depicted on the NT$ 500 banknote.

The obverse of the banknote features youth baseballers, known for their achievements as 17 times champion in the Little League World Series. The reverse of the banknote features the sika deer and Dabajian Mountain.

First introduced on 15 December 2000 for general circulation, the Central Bank of China relaunched the banknote with a holographic stripe and a darker color due to counterfeiting concerns and possible confusion with the NT$ 100 banknote. NT$ 500 banknotes without the holographic stripe have been recalled and withdrawn from use on 1 August 2007. As of 1 October 2007, only the Bank of Taiwan (now the Central Bank of the Republic of China) accepts such notes. [7]

NT$ 1,000 banknote

Jade Mountain is depicted on the NT$1,000 banknote. Mount Yu Shan - Taiwan.jpg
Jade Mountain is depicted on the NT$ 1,000 banknote.

The obverse of the banknote features four children studying around a globe, symbolizing education. It is nicknamed 小朋友, "little children" (literally young friends) by the general public. The reverse of the banknote features the Mikado pheasant and Jade Mountain.

The erroneously labeled angle on the initial issue of the NT$1,000 banknote. 1999NT1000Banknote flawed triangle.jpg
The erroneously labeled angle on the initial issue of the NT$ 1,000 banknote.

First introduced on 3 July 2000, the banknote was found to have contained several factual discrepancies that was subject to criticism. The globe that the children were surrounding appears to be a mirror image, possibly resulting from an invert error. The background shows a 45 degree angle labeled as 60 degrees. [8] [9]

Accordingly, the Central Bank of China relaunched the banknote with a holographic strip with the two errors rectified and the globe now rotated to the 140th meridian east [9] on 20 July 2005. NT$ 1,000 banknotes without the holographic stripe have been recalled and withdrawn from use on 1 August 2007. As of 1 October 2007, only the Bank of Taiwan (now the Central Bank of the Republic of China) accepts such notes. [7]

NT$ 2,000 banknote

Nanhu Mountain is depicted on the NT$2,000 banknote. NanhuMountain 02.jpg
Nanhu Mountain is depicted on the NT$ 2,000 banknote.

The obverse of the banknote depicts technological advances with the FORMOSAT-1. The reverse of the banknote features the Formosan landlocked salmon and Nanhu Mountain.

First introduced on 1 July 2002, de facto this banknote does not appear common to the public possibly due to its new denomination and fears of losses through receiving a large-value counterfeit banknote.

Specifications

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
[ permanent dead link ] NT$ 200150 × 70 mmGreen Chiang Kai-shek, theme of land reform and public education Presidential Office Building Orchid and numeral 2002001
(Minguo year 90)
2002-01-02Limited
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$ 1,000160 × 70 mmBlueElementary Education
(1999 errors [10] [11] )
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
[ permanent dead link ] NT$ 2,000165 × 70 mmPurple FORMOSAT-1, technology Formosan landlocked salmon and Mount Nanhu Pine and numeral 20002001
(Minguo year 90)
2002-07-01Limitedwith holographic strip

Related Research Articles

The Kwacha is the currency of Zambia. It is subdivided into 100 Ngwee.

<span class="mw-page-title-main">Renminbi</span> Official currency of the Peoples Republic of China

The renminbi is the official currency of the People's Republic of China. It is the 5th most traded currency as of April 2022.

<span class="mw-page-title-main">Mexican peso</span> Currency of Mexico

The Mexican peso is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 16th–19th century Spanish dollar, most continuing to use its sign, "$".

<span class="mw-page-title-main">Russian ruble</span> Currency of the Russian Federation

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.

The New Taiwan dollar is the official currency of the Republic of China (Taiwan). 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. The basic unit of the New Taiwan dollar is called a yuan (圓) and is subdivided into ten jiao (角), and into 100 fen (分) or cents, although in practice both jiao and fen are never actually used.

<span class="mw-page-title-main">Malaysian ringgit</span> Official currency of Malaysia

The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen. The ringgit is issued by the Central Bank of Malaysia.

<span class="mw-page-title-main">Czech koruna</span> Currency of the Czech Republic

The koruna, or crown, has been the currency of the Czech Republic since 1993. The koruna is one of the European Union's 8 currencies, and the Czech Republic is legally bound to adopt the euro currency in the future.

<span class="mw-page-title-main">Guinean franc</span> Currency of Guinea

The Guinean franc is the currency of Guinea. It is subdivided into one hundred centimes, but no centime denominations were ever issued.

<span class="mw-page-title-main">History of Chinese currency</span> 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.

The fifth series of the renminbi is the current coin and banknote series of the Chinese currency, the renminbi. They were progressively introduced since 1999 and consist of ¥0.1, ¥0.5, and ¥1 coins, and ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 notes. The ¥20 banknote is a new denomination, and was added in this series. All banknotes in this series feature a portrait of Chinese Communist Party chairman Mao Zedong by artist Liu Wenxi.

<span class="mw-page-title-main">North Vietnamese đồng</span> Former currency of North Vietnam (1946-78)

The đồng was the currency of North Vietnam from 3 November 1946 to 2 May 1978. It was subdivided into 10 hào, each itself divided into 10 xu.

<span class="mw-page-title-main">Canadian Journey</span>

Canadian Journey is the sixth series of banknotes of the Canadian dollar designed and circulated by the Bank of Canada. It succeeded the 1986 Birds of Canada banknote series. The first banknote of the Canadian Journey series issued into circulation was the $10 bill on 17 January 2001, and the last to be issued was the $50 bill on 17 November 2004. The series was succeeded by the 2011 Frontier Series, the banknotes of which were first issued into circulation from 2011 to 2013.

<span class="mw-page-title-main">Birds of Canada (banknotes)</span>

Birds of Canada is the fifth series of banknotes of the Canadian dollar issued by the Bank of Canada and was first circulated in 1986 to replace the 1969 Scenes of Canada series. Each note features a bird indigenous to Canada in its design. The banknotes weigh 1 gram with dimensions of 152.40 by 69.85 millimetres. It was succeeded by the 2001 Canadian Journey series.

<span class="mw-page-title-main">Indian 1000-rupee note</span> Obsolete denomination of the Indian Currency

The Indian 1000-rupee banknote is an obsolete denomination of the Indian rupee. It was first introduced by the Reserve Bank of India in 1938 under British rule and subsequently demonetized in 1946. Post-independence, the denomination was re-introduced in 1954. In January 1978, all high-denomination banknotes of 1000, 5000, and 10000 were demonetized in order to curb unaccounted cash money.

<span class="mw-page-title-main">Da Ming Baochao</span>

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.

<span class="mw-page-title-main">Paper money of the Qing dynasty</span>

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.

<span class="mw-page-title-main">Banknotes of the Ta-Ching Government Bank</span>

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.

<span class="mw-page-title-main">Chinese gold yuan</span>

The Chinese gold yuan was a defunct 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 known as Taiwan Province, R.O.C., 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 Fabi $3 million, 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.

References

  1. 1 2 Bank notes get makeover with modern flair Archived 2008-04-07 at the Wayback Machine , Brian Cheng, Government Information Office, July 14, 2000
  2. Taiwan ends currency tradition, BBC News, July 3, 2000
  3. 1 2 Notes From a Small Island Archived 2008-04-07 at the Wayback Machine , Virginia Sheng, Government Information Office, September 1, 2000
  4. Pony-tail girl on banknote is now a university student, 楊惠琪, United Daily News, January 29, 2007
  5. Moment of glory immortalized on the NT$500 banknote, 鄭光隆 and 羅紹平, United Daily News, 29 January 2007
  6. Nan Wang Elementary Principal : Everytime I see the NT$1,000 banknote, I think of them, 羅紹平, United Daily News, January 29, 2007
  7. 1 2 劉姿麟、蔣紀威 (2007-07-31). 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 2007-08-20.
  8. Commons:Category:Taiwan $1000 banknote 1999 edition
  9. 1 2 1999年版台幣千元鈔地球儀印相反 Taiwan's 1999 $1000 bill globe reversed, Dan Jidanni Jacobson, retrieved April 14, 2013
  10. Commons:Category:Taiwan $1000 banknote 1999 edition
  11. Taiwan's 1999 $1000 bill globe reversed