Currency Issuance

The New Taiwan Dollar

The New Taiwan dollar (NT$), issued by the Central Bank, is the national currency of Taiwan. As a major medium of exchange, the currency is an integral part of daily life here. This section will tell you about banknotes and coins issued by the Central Bank and give you a number of tips for detecting counterfeit money.

A Brief History of the New Taiwan Dollar

In 1946, the national currency of the Republic of China was the Silver Dollar, but in an effort to stabilize regional finance, the Bank of Taiwan was authorized to issue the Taiwan dollar (now referred to as the Old Taiwan dollar) to be used in Taiwan only. When hyperinflation ensued, the Taiwan Provincial Government started currency reform in 1949 and issued the New Taiwan dollar. The new currency officially only became the national currency in 2000. Let's take a look at the history of the New Taiwan dollar.

June 15, 1949

In 1949, the Taiwan Provincial Government promulgated the “Regulations Governing the Issuance of the New Taiwan Dollar” and started currency reform. The Bank of Taiwan issued the New Taiwan dollar, which replaced the Old Taiwan dollar at conversion rate of 40,000 Old Taiwan dollars to 1 New Taiwan dollar. At first, the public was ordered to exchange all currency by December 31; later, the deadline was extended to January 14 of the following year. All Old Taiwan dollars that had not been exchanged by the deadline were rendered void.

June 21, 1950

An Executive Yuan (cabinet) meeting established the conversion rate of 1 Silver Dollar to 3 New Taiwan dollars.

May 1, 1952

New Taiwan dollar notes bearing the name of the outlying island of Kinmen were issued for use exclusively in that area.

January 1, 1953

New Taiwan dollar notes bearing the name of the outlying island of Dachen were issued for use exclusively in that area.

November 1, 1959

New Taiwan dollar notes bearing the name of the outlying island of Matsu were issued for use exclusively in that area.

July 1, 1961

The Central Bank resumed operations in Taiwan and entrusted the Bank of Taiwan with the task of issuing currency, pursuant to the “Regulations Governing the Entrustment to the Bank of Taiwan of the Issuance of the New Taiwan Dollar in Taiwan by the Central Bank of the Republic of China”.

November 8, 1979

"The Central Bank of the Republic of China (Taiwan) Act" was amended to stipulate that the currency of the Republic of China (Taiwan) should be issued by the Bank, or, if necessary, by other state-owned banks entrusted by the Bank in certain regions. The currency issued would be regarded as the national currency.

January 26, 2000

With the promulgation of the “Regulations Governing the Issuance of New Taiwan Dollar by the Central Bank of the Republic of China (Taiwan)”, the New Taiwan dollar officially became the national currency.

July 3, 2000

The Central Bank issued a new series of banknotes bearing an inscription citing the bank of issuance as the “Central Bank” rather than the “Bank of Taiwan”. New regulations were formulated (“Regulations Governing the Entrustment to the Bank of Taiwan of Matters Associated with the Issuance of the New Taiwan Dollar by the Central Bank of the Republic of China (Taiwan)”) and related matters continued to be entrusted to the Bank of Taiwan.

Currency in Circulation

Banknotes in Circulation

Images chosen for the current series of banknotes include themes on education, sport, technology and ecological conservation, reflecting Taiwan's diverse cultural values. With built-in security features to prevent counterfeiting, the banknotes come in five denominations: NT$100, NT$200, NT$500, NT$1,000, and NT$2,000.

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Coins in Circulation

To facilitate the daily small-value transactions for the general public, five denominations of coins were issued: NT$1, NT$5, NT$10, NT$20, and NT$50. Of these, NT$10, NT$20, and NT$50 coins have security features including tactile marks and latent images.

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A Retrospective of the New Taiwan Dollar

Do you know how many different New Taiwan dollar banknotes and coins have been issued by the Central Bank since 1949?

  1. NT$100 Banknote

    NT$100 Banknote

    Date of Issuance:June 9, 1961
    Version:1949
    Diameter (mm):162X75
  2. NT$100 Banknote

    NT$100 Banknote

    Date of Issuance:June 9, 1961
    Version:1949
    Diameter (mm):162X75
  3. NT$0.01 Banknote

    NT$0.01 Banknote

    Date of Issuance:June 15, 1949
    Version:1949
    Diameter (mm):79X43
  4. NT$0.05 Banknote

    NT$0.05 Banknote

    Date of Issuance:June 15, 1949
    Version:1949
    Diameter (mm):85X43
  5. NT$0.1 Banknote

    NT$0.1 Banknote

    Date of Issuance:June 15, 1949
    Version:1949
    Diameter (mm):95X49
  6. NT$0.5 Banknote

    NT$0.5 Banknote

    Date of Issuance:June 15, 1949
    Version:1949
    Diameter (mm):105.5X49
  7. NT$1 Banknote,Dachen

    NT$1 Banknote,Dachen

    Date of Issuance:January 1, 1953
    Version:1949
    Diameter (mm):136X54
  8. NT$0.5 Banknote

    NT$0.5 Banknote

    Date of Issuance:September 24, 1973
    Version:1949
    Diameter (mm):105.5 X49
  9. NT$5 Banknote

    NT$5 Banknote

    Date of Issuance:June 15, 1949
    Version:1949
    Diameter (mm):147X60
  10. NT$1 Banknote,Kinmen

    NT$1 Banknote,Kinmen

    Date of Issuance:May 1, 1952
    Version:1949
    Diameter (mm):137X55.5
  11. NT$1 Banknote

    NT$1 Banknote

    Date of Issuance:June 15, 1949
    Version:1949
    Diameter (mm):134X55.5
  12. NT$10 Banknote

    NT$10 Banknote

    Date of Issuance:June 15, 1949
    Version:1949
    Diameter (mm):156X64
  13. NT$5 Banknote

    NT$5 Banknote

    Date of Issuance:July 13, 1950
    Version:1949
    Diameter (mm):147X60
  14. NT$10 Banknote

    NT$10 Banknote

    Date of Issuance:June 7, 1951
    Version:1949
    Diameter (mm):153X62.5
  15. NT$1 Banknote

    NT$1 Banknote

    Date of Issuance:January 4, 1952
    Version:1949
    Diameter (mm):137.5X55
  16. NT$1 Banknote,Kinmen

    NT$1 Banknote,Kinmen

    Date of Issuance:June 1, 1963
    Version:1949
    Diameter (mm):137X55.5

Commemorative Currency

The Central Bank issues not only banknotes and coins but also high-quality, beautifully designed gold and silver coin sets and commemorative banknotes and coins that are coveted by collectors.

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Counterfeit Detection Tips

Banknotes and coins issued by the Central Bank are designed with state-of-the-art anti- counterfeiting security features. Here are some tips on detecting counterfeit banknotes.

Look

Hold the banknote up to the light and look for the watermark and latent text.

Tilt

Tilt the banknote and look for the security thread and optically variable color-changing ink and foil patch.

Feel

Rub the banknote with your fingers. Certain parts are printed with raised ink.

Damaged Currency

What can you do if your banknotes are missing a corner, soiled, or damaged by insects or fire? What if your coins are soiled? Find out here.

No redemption

A. Specimen banknotes.
B. Banknotes rendered void.
C. Intentionally damaged banknotes.
D. Banknotes that have been intentionally cut, gouged, altered, or peeled off on either side.
E. Banknotes whose remaining parts make up less than half of the original notes.
F. Fragmented banknotes whose pieces do not fit together.
G. Banknotes that have been damaged or soiled by smoke, fire, water, oil, ink, dye, erosion, etc. to the extent that they are beyond recognition.

Full value redemption

Banknotes free of all the problems cited in the “no redemption” category but that meet the following criteria can be redeemed at full face value.
A. Damaged, but the remainder makes up more than three-quarters of the original banknote.
B. Damaged, but all the fragments remain and fit each other.
C. Soiled or damaged by smoke, but the signatures, serial numbers, printed texts, and images are still recognizable.





Half value redemption

Damaged banknotes free of all the problems cited in the “no redemption” category but whose remaining parts make up more than half but less than three-quarters of the original can be redeemed at half the face value.

Banknotes damaged by fire or water

Banknotes that have been burned or water-soaked such that they cannot be authenticated by the naked eye or by ordinary equipment may be redeemed after the completion of tests and authentication procedures by the appropriate authority.

No redemption

A. Intentionally damaged coins.
B. Coins rendered void.
C. Coins that have been intentionally punched, stamped, or imprinted such that they are reduced in weight or deformed.
D. Coins that have been damaged or soiled by smoke, fire, water, oil, ink, dye, erosion, etc. to the extent that they are beyond recognition.

Full value redemption

Coins may be redeemed at full face value if less than 5 percent of statutory weight has been lost through normal wear and tear, and if they are still identifiable by means of text or patterns.




Coins damaged by fire

Coins that have been burned etc. such that they cannot be authenticated by the naked eye or by ordinary equipment may be redeemed after the completion of tests and authentication procedures by the appropriate authority.