Fifth series of the New Taiwan Dollar banknote

The fifth series of the New Taiwan Dollar banknotes is the current and latest series to be issued for circulation in the Republic of China (ROC). It was first introduced by the Central Bank of China on 3 July 2000. [http://taiwanjournal.nat.gov.tw/ct.asp?xItem=18101&CtNode=118 Bank notes get makeover with modern flair] , Brian Cheng, Government Information Office, 14 July 2000]

Background

For years the old Chinese Nationalist yuan was still the official national currency of the Republic of China. The Chinese Nationalist yuan was also known as the "fiat currency" (法幣) or the "silver yuán" (銀元), even though it was decoupled from the value of silver during World War II. Many older statutes in ROC law have fines and fees denominated in this currency.

Along with the introduction of this series of banknotes, the New Taiwan dollar became the official currency of the ROC and is no longer secondary to the silver yuan. For the first time, the Central Bank of China began the issuing authority of the banknotes directly, rather than the Bank of Taiwan. The series also ends a four-decade tradition of including Chiang Kai-shek in most of the banknotes of higher denominations except for the NT$200 issue, [http://news.bbc.co.uk/2/hi/asia-pacific/817812.stm Taiwan ends currency tradition] , BBC News, 3 July 2000] opting for the more "modern" themes.

Two new denominations were issued in the series, the NT$200 and NT$2,000. [http://taiwanreview.nat.gov.tw/fp.asp?xItem=549&CtNode=119 Notes From a Small Island] , Virginia Sheng, Government Information Office, 1 September 2000] The NT$100 and NT$200 banknotes features national figures and buildings, while the other denominations present more general national themes and natural habitats in Taiwan. The groups of people depicted on themes of the NT$500 and NT$1,000 banknotes are real personalities taken by photographers. [http://mag.udn.com/mag/people/storypage.jsp?f_ART_ID=57657 Pony-tail girl on banknote is now a university student] , 楊惠琪, United Daily News, 29 January 2007] [http://mag.udn.com/mag/people/storypage.jsp?f_ART_ID=57660 Moment of glory immortalized on the NT$500 banknote] , 鄭光隆 and 羅紹平, United Daily News, 29 January 2007] [http://mag.udn.com/mag/people/storypage.jsp?f_ART_ID=57662 Nan Wang Elementary Principal : Everytime I see the NT$1,000 banknote, I think of them] , 羅紹平, United Daily News, 29 January 2007]

ecurity features

Several new security features have been incorporated into this series. Microprinting, windowed security thread, perfect registration and lithographic print have been included. The NT$2,000 was initially the only banknote to feature a holographic strip, being the highest denomination banknote in public circulation. This feature has since been extended to NT$500 and NT$1,000 banknotes.

Banknotes in general circulation

NT$100 banknote

The obverse of the banknote features the first president of the ROC Sun Yat-sen, with the verses of "The Chapter of Great Harmony" by Confucius in the background. The reverse shows the Chung-Shan Building. It was first issued on 2 July 2001 for general circulation.

NT$200 banknote

The obverse of the banknote features the Generalissimo of the ROC Chiang Kai-shek, with his Land Reform Policy and Public Education in the background. The reverse shows the Presidential Office Building in Taipei.

The NT$200 banknote was first issued on 2 January 2002 for general circulation. De-facto this banknote does not appear common to the public, possibly due to Chiang's unpopularity with DPP lawmakers at the time its introduction and the unfamiliarity with this new denomination. [http://www.taipeitimes.com/News/local/archives/2001/02/17/74035 Legislator pans new bank notes] , Chuang Chi-ting, Taipei Times, 17 February 2001]

NT$500 banknote

The obverse of the banknote features youth baseballers, known for their achievements as 17 times champion in the Little League World Series. The reverse of the banknote features the Sika Deer and Dabajian Mountain.

First introduced in 15 December 2000 for general circulation, the Central Bank of China relaunched the banknote with holographic strip and a darker colour due to counterfeiting concerns and possible confusion with the NT$100 banknote. NT$500 banknotes without the holographic strip have been recalled and withdrawn from use 1 August 2007 onwards. As of October 1 2007, only the Bank of Taiwan accepts such notes.cite news | author= 劉姿麟、蔣紀威 | title= 8/1新制∕健保費漲價　金融機構舊鈔換新鈔延至9月底 | url= http://www.ettoday.com/2007/07/31/320-2134376.htm | publisher= ETToday | date=2007-07-31 | accessdate=2007-08-20 | language=Chinese ]

NT$1,000 banknote

The obverse of the banknote features four children studying around a globe, symbolizing education. It is nicknamed "little children" by the general public. The reverse of the banknote features the Mikado Pheasant and Jade Mountain.

First introduced in 3 July 2000, the banknote was found to have contained several factual discrepancies that was subject to criticism. The globe that the children were surrounding appears to be a mirror image, possibly resulting from an invert error. The background shows a 45 degree angle labeled as 60 degrees. [http://jidanni.org/geo/nt1000/ １９９９年版台幣千元鈔地球儀印相反 Taiwan's 1999 $1000 bill globe reversed] , Dan Jacobson, retrieved 27 February 2008]

Accordingly, the Central Bank of China relaunched the banknote with holographic strip with the two errors rectified on 20 July 2005. NT$1,000 banknotes without the holographic strip have been recalled and withdrawn from use 1 August 2007 onwards. As of October 1 2007, only the Bank of Taiwan accepts such notes.

NT$2,000 banknote

The obverse of the banknote depicts technological advances with the FORMOSAT-1. The reverse of the banknote features the Formosan landlocked salmon and Nanhu Mountain.

First introduced in 1 July 2002, de-facto this banknote does not appear common to the public possibly due to its new denomination and fears of losses through receiving a large-value counterfeit banknote.

pecifications

Notes and references

External links