Notes and Coins of the New Taiwan Dollar

The New Taiwan dollar (TWD or NT$) was first issued on June 15, 1949 to replace the Old Taiwan dollar in an effort to end the hyperinflation caused by the Chinese Civil War. However, the silver Chinese yuan remained the official currency of the Republic of China (ROC or Taiwan) until July 2000, when the Central Bank of China replaced the Bank of Taiwan in issuing TWD. The currency issued by the Central Bank is legally recognized as the national currency, thus TWD succeeded the silver yuan.

The images depicted on banknotes are often graphic representations of a country’s unique features. The Taiwanese banknotes currently in circulation depict important figures such as the nation’s first president Sun Yat-sen, as well as designs inspired by local culture, indigenous flora and fauna, and historical buildings. For example, the 2000 NT note depicts the Nanhu mountain and the Formosan landlocked salmon, the 500 NT note depicts Mount Dabajian and Formosan sika deer, and the 100 NT note illustrates the Chung-Shan Building.

Taiwan has a separate currency from the People’s Republic of China (PRC) primarily as a result of its unique political status and historical context. It is not widely recognized as a sovereign state and is asserted to be a part of China by the PRC, yet has its own government, military, and economic system. Its separate currency reflects a distinct identity despite the ongoing tensions regarding its ambiguous status as either a nation-state or province.