Old Taiwan dollar
|Old Taiwan dollar|
|舊臺幣 (traditional Chinese)|
|Banknotes||1, 5, 10, 50, 100, 500, 1000, 5000, 10 000, 100 000 dollars|
|Date of introduction||1946|
|Date of withdrawal||1949|
|Replaced by||New Taiwan dollar|
|User(s)||Taiwan Province, Republic of China|
|Central bank||Bank of Taiwan|
|Printer||China Engraving and Printing Works|
|Value||TW$40 000 = NT$1|
This infobox shows the latest status before this currency was rendered obsolete.
The Old Taiwan dollar was in use from 1946 to 1949, beginning shortly after Taiwan's handover from the Japanese Empire to Nationalist China. The currency was issued by the Bank of Taiwan. Hyperinflation prompted the introduction of the New Taiwan dollar in June 1949, shortly before the Nationalist evacuation from mainland China in December.
Taiwan was under Japanese rule from 1895 to 1945 and the colonial government of Taiwan issued Taiwanese yen during this period through the Bank of Taiwan. In 1945, after the Japanese Empire was defeated in World War II, Taiwan was handed over to the Republic of China (ROC). Within a year, the Nationalist government assumed control of the Bank of Taiwan and issued Taiwan dollars (also known as Taiwan Nationalist yuan or TWN) as a "provisional" replacement for the Taiwan yen at the rate of one to one. The new banknotes were initially printed in Shanghai, and were shipped to Taipei. After the Nationalists consolidated their control over Taiwan the banknotes were printed in Taipei. The currency was not subdivided (no cents), and no coins were issued.
Due to the Chinese Civil War in the late 1940s, Taiwan, like mainland China, suffered from hyperinflation. As inflation worsened, the government issued banknotes at higher and higher denominations, up to one million yuan. Because the inflation of the Taiwan dollar was only a side effect of the inflation of Chinese yuan of mainland China, it depreciated at a slower rate than the currency used on the mainland.
The Taiwan dollar was replaced by the New Taiwan dollar on June 15, 1949, at the rate of 1 new dollar to 40,000 old dollars. The Nationalists were defeated by the Communists in December of the same year and retreated to Taiwan. The government then declared in the Temporary Provisions Effective During the Period of Communist Rebellion that dollars issued by the Bank of Taiwan would become the new currency in circulation.
The denominations of the Old Taiwan dollar in circulation were:
|Orientation||Value||Dimensions||Main Color||Description||Date of|
|Horizontal Style Banknotes||1 dollar||130 × 70 mm||Blue||Sun Yat-sen, Bank of Taiwan, map of Taiwan||Naval Battle Against the Dutch||1946||May 22, 1946|
|5 dollars||135 × 73 mm||Red|
|10 dollars||141 × 77 mm||Green-Gray|
|50 dollars||144 × 77 mm||Brown||September 1, 1946|
|100 dollars||154 × 82 mm||Green|
|500 dollars||158 × 84 mm||Red||May 17, 1948|
|100 dollars||154 × 81 mm||Green||1947||February 1, 1948|
|1000 dollars||158 × 86 mm||Blue-Gray||1948||May 17, 1948|
|1000 dollars||Sun Yat-sen, Bank of Taiwan, map of Taiwan, Sugarcane||August 17, 1948|
|10 000 dollars||160 × 86 mm||Dark Green||December 11, 1948|
|10 000 dollars||143 × 67 mm||Red||Sun Yat-sen, map of Taiwan||Bank of Taiwan||1949||May 17, 1949|
|100 000 dollars||146 × 63 mm||Red||Never|
|Vertical Style Bearer's Checks||5000 dollars||60 × 147 mm||Orange||Bank of Taiwan||None (unifaced)||None||May 3, 1948|
|10 000 dollars||61 × 150 mm||Blue||June 1, 1948|
|100 000 dollars||Red||September 3, 1948|
|1 000 000 dollars||Red-Brown||December 1948|
- Economy of Taiwan
- History of Taiwan
- History of the Republic of China
- Political status of Taiwan
- New Taiwan dollar
- Chuang, Chi-ting (February 17, 2001). "Legislator pans new bank notes". Taipei Times. p. 4.
Reason: Administration of Taiwan transferred to Republic of China
Ratio: at par
|Currency of Taiwan Province, Republic of China
1946 – 1949
Note: Taiwan dollar was initially intended to be a temporary and local currency
New Taiwan dollar
Ratio: 1 new dollar = 40,000 old dollars