In the past you might think that the Taiwan currency is the same as the Chinese currency, namely the Yuan. However, Taiwan turns out to have its own currency, namely the New Taiwan Dollar. The New Taiwan Dollar has been in effect officially since 1949.
Initially, the New Taiwan Dollar was issued by the Bank of Taiwan. Now the New Dollar has been issued by the Central Bank of the Republic of China since 2000. The official ISO 4217 code for the New Taiwan Dollar is TWD (NTD or NT$).
Taiwan currency history
If there is a New Taiwan Dollar, you will definitely think that the Old Taiwan Dollar has been used before. It is true, before Taiwan used the New Dollar, they had already used the Old Dollar or Old Taiwan Dollar.
The Old Taiwan Dollar was apparently only used from 1946 to 1949, to be exact when there was a handover of power from the Japanese empire to the Chinese Nationalists.
This Old Taiwan Dollar was issued and inaugurated by the Bank of Taiwan. However, its lifespan is not long due to hyperinflation.
Hyperinflation that occurred in the Old Taiwan Dollar finally made the Bank of Taiwan decide to issue a new currency, namely the New Taiwan Dollar.
The value of 1 NTD is equivalent to 40,000 OTD. This step was taken as an effort to stop the hyperinflation that occurred due to the civil war in China.
The NTD code for the New Taiwan Dollar itself is more commonly used for domestic trade transactions. While trading transactions abroad or internationally, the New Taiwan Dollar code is TWD.
Taiwan New Dollar Fraction
Similar to the currencies of other countries, the New Taiwan Dollar also has two types: coins and paper money.
- 5 jiao
- $ 1
- $ 5
- $ 10
- $ 20
- $ 50
- $ 100
- $ 200
- $ 500
- $ 1,000
- $ 2,000
That was brief information about the New Taiwan Dollar. For those of you who want to know more about currency or insurance?
Frequently Asked Questions about the New Dollar
What is Taiwan’s currency?
What is the history of the Taiwan New Dollar?