New Taiwan Dollar

About The New Taiwan Dollar: The Strong Currency of Taiwan

Quick Facts About the New Taiwan Dollar Notes

Country of Origin	Taiwan
Symbol	NT$, 圓, $
Currency Code	TWD
Nick Names	Yúan, kuài, kho and ngiùn
Minor units	Jiao
Denominations (Banknotes)	NT$100, NT$200, NT$500, NT$1000, and NT$2000
Motto
Identification Feature	On the reverse side of NT$2000, you will find the images of Formosan landlocked salmon and Mount Nanhu
Issuing Bank	Central Bank of the Republic of China (Taiwan)
In Circulation Since	July 3, 2000

Taiwan adopted the New Taiwan dollar as its official currency in 1949, when it replaced the Old Taiwan dollar. Since that time, Taiwan has utilised the New Taiwan dollar as its primary means of exchange. The New Taiwan dollar, which serves as Taiwan's official form of money, is issued by the Central Bank of the Republic of China (Taiwan), which is the country's central bank.

TWD is the ISO code for the Taiwanese dollar, and NT$ is the international symbol for the currency. The New Taiwan Dollar notes come in denominations of 100 NTD, 500 NTD, and 1,000 NTD respectively. Even less frequently utilised are bills with a value of NT$200 and NT$2,000 respectively. There are coins with denominations of 1, 5, 10, and 50 New Taiwan Dollars (NT$), in addition to the 20 New Taiwan Dollar coin, which is used somewhat less frequently.

The current New Taiwan dollar price is INR (⚠️ 🔄) . You can buy New Taiwan Dollar in India for a hassle-free trip.

History of the New Taiwan Dollar

The island is officially known as the Republic of China, although the majority of people simply refer to it as "Taiwan." The Republic of China was established in China in 1912.

Following the establishment of Qing Dynasty authority in Taiwan in 1662, 7 Chinese silver taels were used interchangeably with silver from other countries. There were other coins made of copper that originated in the Kingdom of Tungning that were used throughout Taiwan at the time.

When the Bank of Taiwan was first established in 1899, one of the first jobs it was given was to issue silver and gold certificates that could be redeemed for currency. As of the second quarter of the year 2021, one United States dollar was equivalent to 28.38 New Taiwan Dollars. In 1992, one dollar could buy twenty-four New Taiwan Dollars, but by 1998, that value had decreased to thirty-four New Taiwan Dollars (NT$).

Over the course of the preceding two decades, the Taiwanese dollar's value relative to the US dollar has vacillated wildly between the ranges of NT$28 and NT$35.

The Taiwan dollar is the official currency of Taiwan. It was first circulated on May 20, 1946. (which later became known as the Old Taiwan dollar). The new money features Dr. Sun Yat-sen, who is widely regarded as the father of modern China. The new bills come in denominations of both one dollar and five hundred dollars.

As a direct result of hyperinflation, a note with a face value of $10,000 was printed in 1948, and by 1949, promissory notes with face values of up to one million dollars were being printed.

Initially, the New Taiwan dollar was only used on Taiwan. Even though it operated as a government in exile, the Republic of China did not make use of the New Taiwan dollar as its official currency. The Central Bank of China continued to have the same role in the issuance of currency (first established in Guangzhou, China, in 1924).

Up to the year 1992, the silver dollar was acknowledged in theory but not in practice as a valid form of payment within the Republic of China. However, Chiang held out hope that his Nationalist Party would one day reclaim control of the mainland; as a result, the New Taiwan dollar was viewed more like a provincial currency than a national currency during Chiang's time in power.

The Republic of China did not have an "official" currency for a period of time beginning in 1992 and lasting until the middle of the year 2000. On July 1, 2000, the Central Bank of the Republic of China (Taiwan) took over from the Bank of Taiwan as the institution responsible for the issuance of New Taiwan dollars. As a direct consequence of this, the New Taiwan dollar emerged victorious in its bid to become Taiwan's official currency.

Countries Accepting the New Taiwan Dollar

Amount in the New Taiwan Dollar You Should Carry for Your Trip

There are a lot of things that can change how much money you may need to travel in the amazing country of Taiwan. The total cost of your trip will depend on how much you spend on transportation to and around your destination, where you stay, and how much you spend on food. On a trip with a budget, a tourist can spend about NT$1,068 a day in Taiwan. On the other hand, a day of vacation can easily cost more than NT$8,626 if you use expensive transportation, eat at Michelin-starred restaurants, and only stay in the best hotels. The price of travel for two people can be anywhere from NT$2,168 to NT$17,226.

A night's stay in Taiwan can cost between NT$643 and NT$5,621 per person, per day. On the other hand, the average cost of transportation for a day can be anywhere from NT$108 to NT$849, depending on whether you take public transportation or a private car.

All in all, you can keep an eye on the live New Taiwan dollar rate in order to exchange your currency notes. You can also check out the exchange rate of New Taiwan Dollar to GBP or US Dollar.