New Taiwan dollar
New Taiwan dollar (; code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of the Republic of China (ROC) used in Taiwan Area. Formally, one dollar () is divided into ten dimes (), and to 100 cents (), although cents are never used in practice. The New Taiwan dollars has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar. There are a variety of alternative names to the units in Taiwan. The unit of dollar is usually written in simpler form as . Colloquially, the currency unit usually called (kuài, literally "piece") in Mandarin, (kho͘, literally "hoop") in Taiwanese Hokkien, and (ngiùn, literally "silver") in Hakka.
Old Taiwan dollar
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.