Old Taiwan dollar
Encyclopedia
The Old Taiwan dollar sometimes called Old Taiwan yuan, was the currency
of Taiwan
, Republic of China
from 1946 to 1949. It was issued by the Bank of Taiwan
.
Taiwan was under Japanese rule from 1895 to 1945 and used Taiwan yen
during this period.
In 1945, after Japan was defeated in World War II
, the Republic of China
(ROC) assumed control of Taiwan (see Political status of Taiwan
). Within a year, the ROC government resumed the duty over the Bank of Taiwan and issued Taiwan dollars (also known as Taiwan Nationalist yuan or TWN) as a "provisional" replacement for the Japanese Taiwan yen
at the rate of one to one. The new banknotes were initially printed in Shanghai
, and were shipped to Taipei
. In the later years, the banknotes were printed in Taipei.
Due to the Chinese Civil War
, Taiwan like mainland China
suffered severe inflation in the late 1940s. As inflation worsened, the government issued banknotes at higher and higher denominations, up to one million yuan, to handle the inflation on the island. Because the inflation of the Old Taiwan dollar was only a side effect of the inflation of gold yuan and silver yuan
of mainland China, it had depreciated at a slower rate than the gold yuan and silver yuan
. This currency was not subdivided.
The old dollar was replaced by the new dollar
on June 15, 1949 at the rate of 1 new dollar = 40,000 old dollars. The ROC Nationalists were defeated by the communists in the same year and retreated to Taiwan and inflation abated shortly afterwards.
of the Old Taiwan dollar in circulation were
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Taiwan
Taiwan Province
Taiwan Province is one of the two administrative divisions referred to as provinces and is controlled by the Republic of China . The province covers approximately 73% of the territory controlled by the Republic of China...
, Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
from 1946 to 1949. It was issued by the Bank of Taiwan
Bank of Taiwan
The Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:...
.
History
Taiwan yen
The yen was the currency of Taiwan, between 1895 and 1946. It was on a par with and circulated alongside the Japanese yen. The yen was subdivided into 100 sen .-History:...
during this period.
In 1945, after Japan was defeated in World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, the Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
(ROC) assumed control of Taiwan (see Political status of Taiwan
Political status of Taiwan
The controversy regarding the political status of Taiwan hinges on whether Taiwan, Penghu, Kinmen, and Matsu should remain effectively independent as territory of the Republic of China , become unified with the territories now governed by the People's Republic of China , or formally declare...
). Within a year, the ROC government resumed the duty over the Bank of Taiwan and issued Taiwan dollars (also known as Taiwan Nationalist yuan or TWN) as a "provisional" replacement for the Japanese Taiwan yen
Taiwan yen
The yen was the currency of Taiwan, between 1895 and 1946. It was on a par with and circulated alongside the Japanese yen. The yen was subdivided into 100 sen .-History:...
at the rate of one to one. The new banknotes were initially printed in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, and were shipped to Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
. In the later years, the banknotes were printed in Taipei.
Due to the Chinese Civil War
Chinese Civil War
The Chinese Civil War was a civil war fought between the Kuomintang , the governing party of the Republic of China, and the Communist Party of China , for the control of China which eventually led to China's division into two Chinas, Republic of China and People's Republic of...
, Taiwan like mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
suffered severe inflation in the late 1940s. As inflation worsened, the government issued banknotes at higher and higher denominations, up to one million yuan, to handle the inflation on the island. Because the inflation of the Old Taiwan dollar was only a side effect of the inflation of gold yuan and silver yuan
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...
of mainland China, it had depreciated at a slower rate than the gold yuan and silver yuan
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...
. This currency was not subdivided.
The old dollar was replaced by the new dollar
New Taiwan dollar
The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
on June 15, 1949 at the rate of 1 new dollar = 40,000 old dollars. The ROC Nationalists were defeated by the communists in the same year and retreated to Taiwan and inflation abated shortly afterwards.
Banknotes
The denominationsDenomination (currency)
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
of the Old Taiwan dollar in circulation were
| Orientation | Value | Dimensions | Main Color | Description | Date of | ||
|---|---|---|---|---|---|---|---|
| Obverse | Reverse | printing | issue | ||||
| Horizontal Style Banknotes | 1 dollar | 130 × 70 mm | Blue | Sun Yat-sen Sun Yat-sen Sun Yat-sen was a Chinese doctor, revolutionary and political leader. As the foremost pioneer of Nationalist China, Sun is frequently referred to as the "Father of the Nation" , a view agreed upon by both the People's Republic of China and the Republic of China... , Bank of Taiwan Bank of Taiwan The Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:... , map of Taiwan Taiwan Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following... |
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 Sun Yat-sen Sun Yat-sen was a Chinese doctor, revolutionary and political leader. As the foremost pioneer of Nationalist China, Sun is frequently referred to as the "Father of the Nation" , a view agreed upon by both the People's Republic of China and the Republic of China... , Bank of Taiwan Bank of Taiwan The Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:... , map of Taiwan Taiwan Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following... , Sugarcane Sugarcane Sugarcane refers to any of six to 37 species of tall perennial grasses of the genus Saccharum . Native to the warm temperate to tropical regions of South Asia, they have stout, jointed, fibrous stalks that are rich in sugar, and measure two to six metres tall... |
August 17, 1948 | |||||
| 10 000 dollars | 160 × 86 mm | Dark Green | December 11, 1948 | ||||
| 10 000 dollars | 143 × 67 mm | Red | Sun Yat-sen Sun Yat-sen Sun Yat-sen was a Chinese doctor, revolutionary and political leader. As the foremost pioneer of Nationalist China, Sun is frequently referred to as the "Father of the Nation" , a view agreed upon by both the People's Republic of China and the Republic of China... , map of Taiwan Taiwan Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following... |
Bank of Taiwan Bank of Taiwan The Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:... |
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 Bank of Taiwan The Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:... |
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 | |||||
External links
SinoBanknote- Currency Issuance — Central Bank of China
- Virginia Sheng, "Notes from a Small Island", Taipei Review, September 1, 2000
- Chuang Chi-ting, "Legislator pans new bank notes", Taipei TimesTaipei TimesThe Taipei Times is one of the three major English-language newspapers in the Republic of China the other two being the Taiwan News and The China Post...
, February 17, 2001 - The Taiwanese hyperinflation and stabilization of 1945 - 1952