New Taiwan dollar - wikipedia New Taiwan dollar `` TWD '' redirects here. For other uses, see TWD ( disambiguation ). New Taiwan dollar 新 臺 幣 ( Taiwanese Mandarin ) NT $100 banknote obverse ( 1999 series ) ISO 4217 Code TWD Number 901 Exponent Denominations Subunit ​ ⁄ 角 jiǎo ​ ⁄ cent ( 分, fēn ) Subunits used only in stocks and currencies, and rarely referred to in such cases. Plural dollars ( English only ) The language ( s ) of this currency does not have a morphological plural distinction. cent ( 分, fēn ) cents ( English only ) Symbol NT $ or $ Nickname kuài ( 塊 ) or yuán ( 元, 圓 ) 角 máo ( 毛 ) 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 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.cbc.gov.tw Printer China Engraving and Printing Works Website www.cepp.gov.tw Mint Central Mint Website www.cmc.gov.tw Valuation Inflation 1.06 % Source ( 1 ) 2007 -- 2017 Method CPI 10 - year average New Taiwan dollar Also Spelled in Taiwanese Mandarin Taiwān Cheng Wan Hiyan Dollar Cang : 13 $, 78 $ Shib Dollar ( Mandarin ) Traditional Chinese 新 臺 幣 or 新 台幣 Simplified Chinese 新 台币 Transcriptions Standard Mandarin Hanyu Pinyin Xīntáibì Wade -- Giles Hsint'aipi Yue : Cantonese Yale Romanization Sāntòihbaih Jyutping san1toi4bai6 Southern Min Hokkien POJ Sin - tâi - pè Alternative Chinese name Chinese 新 臺 票 Transcriptions Yue : Cantonese Yale Romanization Sāntòihpiu Southern Min Hokkien POJ Sin - tâi - phiò New Taiwan dollar ( Chinese : 新 臺 幣 ; pinyin : xīn tái bì ; sign : NT $ ; code : TWD ) is the official currency of Taiwan. It is subdivided into 100 cents ( Chinese : 分 ; pinyin : fēn ), although cents are rarely used in practice. The New Taiwan dollars has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars per NT $. In Mandarin, the unit of the dollar is referred to as `` 元 '' or `` 圓 '' ( pinyin : yuán ). Since the year 2000, the Central Bank of the Republic of China ( Taiwan ) is the central bank of Taiwan, which currently issues the New Taiwan dollar. While the Bank of Taiwan issued banknotes prior to 2000, it was also the de facto central bank between 1949 and 1961. Contents 1 Terminology 2 History 3 Coins 3.1 Remarks 4 Banknotes 5 Taiwan 100 - dollar commemorative note 6 See also 7 References 8 External links 8.1 News Terminology Chinese ( pinyin ) English Symbol Formal currency name 新 臺 幣 ( xīn tái bì ) New Taiwan dollar NTD, NT $, TWD Formal unit name 元 or 圓 ( yuán ) Other currency names 台幣 or 臺 幣 ( tái bì ) NT, Taiwan dollar etc. $, NT, etc. Other unit names 塊 ( kuài ), 箍 ( kho͘ ) In Chinese, the `` 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 unit name in Chinese is yuán. In Taiwan, the character for yuan can be written in either of two forms : 元 or 圓, which are interchangeable. Colloquial alternatives for the currency unit include the Mandarin kuài ( 塊 ), meaning `` piece '', and the Taiwanese Hokkien kho͘ ( 箍 ; literally `` circle '' ). In English usage the New Taiwan dollar is often abbreviated as NT, NT $, NT Dollar or NTD, 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 dollars ). 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. 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. 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. 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. 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 March 2018 is NT $29.2 per US $. Coins 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 ( 2 ) NT $ ​ ⁄ 18 mm 3 g 97 % copper 2.5 % zinc 0.5 % tin Mei Blossom, `` 中華 民國 XX 年 '' Value 1981 ( Minguo year 70 ) 8 December 1981 NT $1 20 mm 3.8 g 92 % copper 6 % nickel 2 % aluminium Chiang Kai - shek, `` 中華 民國 XX 年 '' 8 December 1981 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 ) 8 December 1981 NT $10 26 mm 7.5 g ( 3 ) NT $10 26 mm 7.5 g 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 ) 11 January 2011 ( 4 ) NT $20 26.85 mm 8.5 g Ring : Aluminium bronze ( as $50 ) Center : Cupronickel ( as $10 ) Mona Rudao, `` 莫 那 魯 道 '', `` 中華 民國 XX 年 '' Traditional canoes used by the Tao people 2001 ( Minguo year 90 ) 9 July 2001 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 2007 ( Minguo year 96 ) 26 April 2007 Coins are minted by the Central Mint of China, while notes are printed by the China Engraving and Printing Works. Both are run by the Central Bank. The NT $ ​ ⁄ 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. As of 2010, the cost of the raw materials in a NT $ ​ ⁄ coin was more than the face value of the coin. Remarks `` 中華 民國 XX 年 '' = `` Minguo XX ''. `` 中華 民國 '' is also the state title `` Republic of China ''. `` 莫 那 魯 道 '' = `` Mona Rudao '', anti-Japanese leader at the Wushe Incident. Banknotes Main article : Fifth series of the new Taiwan dollar banknote 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 ). 1999 Series Image Value 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 ) 2 July 2001 ( 5 ) NT $200 150 × 70 mm Green Chiang Kai - shek, theme of land reform and public education The Office of the President Orchid and numeral 200 2001 ( Minguo year 90 ) 2 January 2002 NT $500 155 × 70 mm Brown Youth baseball Formosan sika deer and Dabajian Mountain Bamboo and numeral 500 2000 ( Minguo year 89 ) 15 December 2000 1 August 2007 without holographic strip Dark brown ( Minguo 93 ) 20 July 2005 with holographic strip NT $1000 160 × 70 mm Blue Elementary Education ( 1999 errors ) Mikado pheasant and Yushan ( Jade Mountain ) Chrysanthemum and numeral 1000 1999 ( Minguo year 88 ) 3 July 2000 1 August 2007 without holographic strip ( Minguo year 93 ) 20 July 2005 with holographic strip ( 6 ) NT $2000 165 × 70 mm Purple FORMOSAT - 1, technology Formosan landlocked salmon and Nanhu Mountain Pine and numeral 2000 2001 ( Minguo year 90 ) 1 July 2002 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 the Bank of Taiwan ( now the Central Bank of the Republic of China ) accepts such notes. Taiwan 100 - dollar commemorative note On 6 January 2011, the Central Bank 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 wording in Chinese language in the reverse of the note, which reads : `` Celebrating the 100 years of founding of the Republic of China. '' 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 : 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 See also Economy of Taiwan Taxation in Taiwan Old Taiwan dollar History of the Republic of China ROC consumer voucher References Jump up ^ Chuang, Chi - ting ( February 17, 2001 ). `` Legislator pans new bank notes ''. Taipei Times. p. 4. ^ Jump up to : Chuang, Chi - ting ( February 17, 2001 ). `` Legislator pans new bank notes ''. Taipei Times. Jump up ^ s : Regulation of exchange rate between new Taiwan dollars and the fiat currency in the ROC laws Jump up ^ Google Finance. `` US Dollar / New Taiwan Dollar ''. Google. Retrieved 23 October 2013. ^ Jump up to : `` Archived copy ''. Archived from the original on 2008 - 12 - 17. Retrieved 2015 - 01 - 30. 中央 銀行 發行 之 貨幣 及 偵 偽鈔 辨識 Jump up ^ 20 元 新 硬幣 亮相 ! ( in Chinese ). 大 紀元. 2001 - 07 - 05. Retrieved 2006 - 11 - 26. Jump up ^ 郭 文平 ( 2007 - 04 - 25 ). 新版 50 元 硬幣 明 發行 ( in Chinese ). 自由 時報. Retrieved 2007 - 11 - 26. Jump up ^ Commons : Category : Taiwan $1000 banknote 1999 edition Jump up ^ Taiwan 's 1999 $1000 bill globe reversed Jump up ^ 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. Jump up ^ The Central Bank of the Republic of China ( Taiwan ) ( 2011 - 01 - 06 ). `` 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 ''. External links Wikimedia Commons has media related to Money of Taiwan. ( in Chinese ) ( in English ) SinoBanknote Virginia Sheng, `` Notes from a Small Island '', Taipei Review, 1 September 2000 Banknotes of Matsu, Quemoy and Tachen Close up image of a circulated 50 NT coin The Central Bank page showcasing all obsolete issues of the new Taiwan dollar in all denominations News New NT $500 and NT $1000 banknotes introduced, anti-counterfeit measures taken ( 7 ) Taiwan News ( online ), 20 July 2005 Preceded by : Old Taiwan dollar Reason : inflation Ratio : 1 new dollar = 40,000 old dollars Currency of Taiwan 1949 -- Note : After the communists took over most of Mainland China, the government of the Republic of China controlled only Taiwan and some offshore islands. 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Question: what kind of money do they use in taiwan
Answer: New Taiwan dollar (Chinese: 新臺幣; pinyin: xīn tái bì; sign: NT$; code: TWD)