Taiwan Currency: Regarding Its Definition, History, and Symbols

Taiwan has the nickname as the Ilha Formosa country which means beautiful island, based on its territory Taiwan is on the last border of China. Taiwan is also known as an island located in the eastern part of Asia and is used to refer to the government of the Republic of China.

Taiwan has a currency known as TWD or New Taiwan Dollar which has been issued by China's central bank. Here's a full explanation that you can get below here!

Definition of Taiwan Currency

Taiwan's currency is known as the New Taiwan Dollar (TWD) as the official exchange rate has been issued by Taiwan. The New Taiwan Dollar has been in use since 1949 and became the national currency in 200 when the Central Bank of China (Taiwan) took over from the Bank of Taiwan.

The New Taiwan Dollar (TWD) has been circulating in a number of areas of Taiwan, such as the Pescadores, Matsu, and Pratas Islands since 1949. The use of TWD was issued to replace the old Taiwanese dollar exchange rate with an exchange rate of $40.000 for 1 new dollar, another purpose for issuing Taiwanese currency This is to end hyperinflation due to the Chinese civil war.

The New Taiwan Dollar has the symbol NT$ written which refers to international currencies. Taiwan's currency in the form of TWD has a currency value classification or denomination in the form of NT$100, NT$200, NT$500, NT$1.000 and NT$2.000 banknotes. It should also be noted that Taiwan has its official name as the Republic of China and is different from the People's Republic of China.

History of Taiwan Currency

During World War II, the Republic of China led by Chiang Kai-shek through the nationalist party attempted to control Taiwan. In 1946 a Taiwan dollar was also issued which was referred to as the Old Taiwan Dollar, this currency introduced a type of money with a nominal value $1 and $500 with portraits of Sun Yat-sen as the founder of modern China.

The occurrence of the Chinese civil war between the nationalist and communist parties caused hyperinflation since the end of World War II. At that time the nationalist party led by Chiang Kai-shek left the communist party to build the People's Republic of China.

As time went on, on June 15, 1949, the government in the province of Taiwan finally replaced the Old Taiwan Dollar with the New Taiwan Dollar at an exchange rate of $40.000 for 1 new dollar. controlled by the Republic of China, such as Matsu, Dachen and Kinmen.

However, the New Taiwan Dollar (TWD) was not considered the national currency of the Republic of China or Taiwan at that time, and it was only changed to the national currency in 2000 when the Central Bank of the Republic of China (Taiwan) replaced the Bank of Taiwan. Currently, Taiwan's currency has notes and coins such as NT $ 100, NT $ 200, NT $ 500, NT $ 1.000 and NT $ 2.000.

Taiwan Currency Symbol

To distinguish between the Old Taiwan Dollar and the New Taiwan Dollar, there is a symbol that is generally owned on the New Taiwan Dollar (TWD). Here are the symbols:

• Plum Blossom, is a symbol that exists on the New Taiwan Dollar and has an analogy with the struggle of the Republic of China in forming a sovereign nation. The plum tree itself is also considered to have the meaning of longevity and its flower buds represent the three principles of the people by Sun Yat-sen.
• Lotus flower, is a symbol that describes Chinese culture by representing purity, virtue, longevity and prosperity. The lotus flower symbol is also intended as a symbol of Buddhism or Buddhism in China.
• Three winter friends, is a symbol that talks about plum trees, pine trees and bamboo where the three actually thrive when winter lasts. This is used as a symbol in the New Taiwan Dollar (TWD) regarding resilience and longevity when facing the geopolitical situation that has occurred.
• sun yat sen, is a symbol in the New Taiwan Dollar (TWD) as the figure who founded the Republic of China (Taiwan). Its government is a democratic government with three principles of the people namely, nationalism, democracy and people's livelihood.
• Chiang Kai-shek, is a symbol in Taiwan's currency with his image as a great leader who is respected by many Taiwanese. He was a military leader and leader of the Republic of China (Taiwan) which unified China in 1928.

That's an explanation of the history of Taiwan's currency that you can understand, starting from the understanding to the symbols found in Taiwan's currency, namely the New Taiwan Dollar (TWD). Hopefully this information can be useful!