Taiwan, formally the Republic of China, is in Asia. The only thing separating it from mainland China is the Taiwan Strait. The country’s major exports include electronics, optical and precision instruments and information and communication items. The currency is the new dollar. It trades under the initials TWD. The decimal rate is 100 cents equal 1 new dollar.
History
The original coinage
of Taiwan has been tightly allied with the mainland country of china.
It became part of the Chinese Empire in 1683. Before that, currency
circulated from Europe as well as China. Money included Dutch coins
from 1624 to 1661. Even into the early 19th century, the currency
reflected the Chinese influence. In the 1849s, silver dollars the same
size of pieces of eight but with Chinese designs and inscriptions in
both Chinese and Manchu. The issue of these coins was for paying the
troops. The value was tied to their weight. In 1893, the country stuck
Dragon dollars in the name of Taiwan.
Japan occupied the country in
1895. The currency shifted to that of the conquerors. It remained so
until 1945. Taiwan rejoined China for a brief period. The rise of
Chiang Kai-shek and the resultant battle between him and Mao Zedong
created two Chinas by 1949 with two different currencies. The new
Taiwan dollar emerged as currency for the Republic of China.
In 1960, the Bank of Taiwan took control of money production. There was some re-organization of currency in 1981. In 2000, the new dollar finally became the official currency. Today, coins come in ½, 1, 5, 10, 20 and 50 new dollars. Banknotes are in 100, 200, 500, 1,000 and 2,000 new dollars.
Obtaining Taiwanese New Dollars
You can exchange your currency for new dollars at many places in Taiwan. Try major banks, international airports and hotels. You can also access cash through the many ATMs in the country. These may be hard to find in rural areas. Exchange rates vary so be sure to compare rates, first.
Protecting Your Currency
Crime in Taiwan is low. You will have incidences of petty crime such as pickpocketing and purse snatching at train stations and airports. Public transportation and major areas for tourists are also likely spots for thefts to occur. . You need to take the usual precautions. Do not flash your cash or show signs of affluence. Do not leave your personal belongings alone
Using Your Taiwanese New Dollars
The Taiwanese new dollar is very handy when you are perusing the day and night street markets. Use it to buy fruit from the sellers in Snake Alley. You can also buy peanut brittle from the Kinmen Island as well as tea and teapots. Maybe you might want to purchase Jade at Chien Kuo or clay pots from the counties of Shueili or Yingge. There are camphor woodcarvings from Sanyl and marble carvings from Hualien. You can also wander through shopping malls and epartment stores to look at the latest in computers.
Travel Tips and Warnings
- The usual precautions apply to each country within the union.
- Weather is a factor in the timing of your visit.
- Visit the temples and museums of Taipei.
- Admire the rivers and cliffs of the Taroko Gorge. Go hiking and camp there.
- See the beaches, forests and coastline of Kenting National Park.
- There is the modern monastery complex at Fokuang Shan and the ancient Temple of the Jade Empire in Taian.
- Go to the mountain resort of Alisham to see Chu Shan (Celebration Mountain) or make your way to Sun Moon Lake.
Overview
Taiwan
is the remains of old China. It combines the feel of the past with the
vibrancy of the future. A small country of islands, it nevertheless has
a viable economy.
For factual information and data, go to www.gio.gov.tw.
Currency Summary
Current currency: new dollars
100 cents equal 1 new dollar
Coins: ½, 1, 5, 10, 20 and 50 new dollars
Banknotes: 100, 200, 500, 1,000 and 2,000 new dollars