New Taiwan Dollar (TWD) Profile
New Taiwan dollar TWD converter to world currencies »
NT$, or $
Nickname: kuài (塊), máo (毛)
New Taiwan dollar users
The New Taiwan dollar or simply Taiwan dollar is the official currency of Taiwan which locates in East Asia.
Taiwan, along with Singapore, Hong Kong and South Korea were said to be the “Four Asian Tigers”. They have gained high-speed development of economy growth between the early 1960s and 1990s.
New Taiwan dollar history
The New Taiwan dollar was introduced on June 15, 1949 replacing the old Taiwan dollar at a rate of 1 New Taiwan dollar = 40, 000 Old Taiwan dollars. The Old Taiwan dollar, sometimes called Old Taiwan yuan was used in Taiwan from 1946 to 1949 and it replaced the Taiwan yen at par in 1946. The Taiwan yen was used between 1895 and 1946 which was equivalent and circulated alongside the Japanese yen.
The exchange rate of New Taiwan dollar to the U.S. dollar was less than 10 TWD per USD in the 1950s and later varied up and down in the coming decades. The exchange rate as of February 26, 2013 is at 1 USD = 29.6756.
New Taiwan dollar coins and banknotes
The New Taiwan dollar is subdivided into 10 jiao (角) or 100 cents (Fen, 分). Both the units of Jiao (角) and Cent (分, Fen) are not in circulation and the unit of Cent (分, Fen) is only used in stocks and currencies.
Currently in circulation coins are in denominations of 1, 5, 10, 15 dollars, and banknotes are in denominations of 100, 500, 1000 dollars. The banknotes of 200-dollar, 2000-dollar and the coins of ½-dollar and 20-dollar are not commonly used.