Throughout the period of Taiwan under Japanese occupation (1895 - 1945), the Taiwanese yen (Japanese yen designed in distinct banknotes) introduced by the Bank of Taiwan was the sole currency of Taiwan. After the defeat of the Japanese Empire in World War II, the Republic of China took over Taiwan and then the new currency (the old Taiwan dollar) was issued as a replacement for the Taiwanese yen. Four years later, the new Taiwan dollar (TWD) introduced by the Central Bank of the Republic of China (Taiwan) has been adopted as the official currency of Taiwan since 2000.
The new Taiwan dollar issued in both coin and banknote forms. The coin contains 5 denominations: 1, 5, 10, 20, and 50 TWD; The banknotes come in denominations of 100, 500, 1,000 and 2,000 TWD. The description below would provide detailed information on all new Taiwan dollar coins and banknotes in circulation:
- The 1 TWD coin (20 mm) has the image of Chiang Kai-shek stamped on the obverse and its value stamped on the reverse.
- The 5 TWD coin (22 mm) has the image of Chiang Kai-shek stamped on the obverse and its value stamped on the reverse.
- The 10 TWD coin (26 mm) has the image of Chiang Kai-shek stamped on the obverse and its value stamped on the reverse.
- The 20 TWD coin (26.85 mm) has the image of Mona Rudao stamped on the obverse and the traditional canoes used by the Tao people stamped on the reverse.
- The 50 TWD coin (28 mm) has the portrait of Sun Yat-sen stamped on the obverse and the latent images of both Chinese and Arabic numerals for 50 stamped on the reverse.
- The 100 TWD banknote (red) has the image of Sun Yat-sen, "The Chapter of Great Harmony" by Confucius stamped on the obverse and Chung-Shan Building stamped on the reverse.
- The 200 TWD banknote (green) has the image of Chiang Kai-shek, theme of land reform and public education stamped on the obverse and the Office of the President stamped on the reverse.
- The 500 TWD banknote (dark brown) has the image of youth baseball stamped on the obverse and Formosan sika deer and Dabajian Mountain stamped on the reverse.
- The 1000 TWD banknote (blue) has the image of the theme of Elementary Education stamped on the obverse and Mikado pheasant and Yushan (Jade Mountain) stamped on the reverse.
- The 2000 TWD banknote (purple) has the image of FORMOSAT-1 stamped on the obverse and Formosan landlocked salmon and Nanhu Mountain stamped on the reverse.
In terms of the exchange rate for the new Taiwan dollar, 1 USD has equaled to 0.317 TWD (August 5th, 2016). Prior to your Taiwan shore excursion, it is recommended to exchange your money for new Taiwan dollar at the airport to get a reasonable currency rate or even better to use an ATM card. Almost all bank offices along the street has a separate ATM area which operates 24 hours a day. Besides, credit cards are widely used in shopping centers, hotels and large restaurants; however, the vendors would accept only cash for a purchase. Last but not least, when your excursion comes to its end, do not forget to exchange your new Taiwan dollars for your home currency before you leave. Even in Asia, you may find it difficult to exchange them thereafter.
