Origins and history of the New Taiwan dollar
The new dollar is the legal currency of Taiwan. It is currently also circulating in the territories under Taiwanese sovereignty like the Pescadores, Kinmen, Matsu and Pratas Islands since 1949. It was originally issued by the Bank of Taiwan, and is currently issued by the Central Bank of the Republic of China.
The first new dollar was issued on June 15, 1949 to replace the old Taiwanese dollar with an exchange rate of $ 40,000 for 1 new dollar. The main goal of this new dollar was to end the hyperinflation suffered by Taiwan and China during the Chinese Civil War. A few months later, the government of the Republic of China under the Kuomintang was defeated by the Chinese communists and retreated to Taiwan.
Although the Taiwan dollar was a de facto currency, for years the old Chinese yuan remained the official currency of the Republic of China. This yuan was a fiduciary currency, although it was detached from the value of silver during World War II, in fact, many of the old statutes of the Republic of China have in their content denominations with yuan.
According to the regulation on the exchange rate between new Taiwanese dollars and the fiduciary currency in the Republic of China, the exchange rate was set at 3 TWD per 1 yuan of silver and was never changed. Although the silver yuan was the main currency of legal tender, it was impossible to buy, sell or use it, so it did not exist in front of the public.
Notes and coins of the New Taiwan dollar
Currently coins of ½, 1, 5, 10, 20, 50 dollars and 100, 200, 500, 1,000, 2,000 dollars are circulating.
Did you know?
- According to its own Constitution, the official name of Taiwan is the Republic of China, and not Taiwan as it is usually called.
- On the other hand, 26 countries do consider Taiwan as an independent country, in most small countries that have it as a major commercial ally, such as Tuvalu, Solomon Islands, Swaziland, Nauru, Belize or Kiribati.
- The Taiwanese do not want to know anything about being called Chinese and for them there is no doubt that Taiwan is an independent country. But for the Chinese, China is one, the People's Republic of China, and that also includes the "rebel island".
Why changing currency with us is better than with your bank?
 Global Exchange | Your high-street bank | |||
|---|---|---|---|---|
| Number of curencies available | We have more than 13 currencies. We are specialists. | Only the most common ones. They don't pay much attention to this service and, moreover, they will always try to get you to leave with Dollars. | ||
| Currency availability | Immediate availability at our airport offices on the day of your trip. | The branch requests it from Head Office and it may take quite a long time to have the currency available, or they may not even have it. | ||
| Cost of the transaction | Only the exchange rate, with no commissions, and if you book online we guarantee you the best price. | Your bank's margin plus a commission. | ||
| Fractional currency so you can pay comfortably | Of course, because we think of you and your needs when you set foot in a foreign country. | No. Be prepared to hear refusals and complaints in a foreign language when you present a "large" bill. | ||
| Delivery options | We offer you the possibility of picking up your order at the airport. | You have to go to the bank twice: once to request the currency and once to pick it up, if they can get it for you, so you have to keep track of your money. | ||
| Opening hours | We are open 24 hours a day, 7 days a week. | Monday to Friday, from 8:30 am to 2:30 pm. |