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.
Fifth series of the new Taiwan dollar banknote
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.