New Taiwan dollar
Worldwide use:
- Taiwan
Description:
Subdivisions of the new Taiwan Dollar are rarely used, since all products on the consumer market are sold in whole dollars. Therefore cents are only used in trading in stocks and currencies. The main denominations of the currency are $1, $2, $10 and $50 coins and less frequently used $½ and $20 coins. Banknotes come in $100, $500 and $1000 bills and less frequently used $200 and $2000 bills.
The name "New Taiwan Dollar," is only used in formal situations such as banking, foreign exchange and legal contracts. In everyday use the currency is called "Yuán." Other informal names include "Kuài" which means "piece" and "Kho͘" which means circle.
Origin:
The New Taiwan Dollar was introduced in 1949 to replace the old Taiwan Dollar at a ratio of 40,000 to one and became the de facto currency of Taiwan, although for years the Chinese Yaun remained the legal currency. In 2000 the New Taiwan Dollar was introduced and is no longer secondary to the silver Yuan.
Component units:
- Cents (100)
Date introduced:
- 2000
Central bank:
- Central Bank of the Republic of China
Printer:
- China Engraving and printing Works
Mint:
- Central Mint of China
