The Central Bank of China, the national bank of the Republic of China (ROC) on Taiwan, announced June 11 that several kinds of banknotes and coins will stop circulating July 1, 2002. These include all banknotes issued by the Bank of Taiwan in the denominations of NT$1000, NT$500, NT$100 and NT$50 as well as coins in the denomination of NT$50.
In accordance with the law, the Central Bank previously authorized the Bank of Taiwan to issue national currency. However, starting July 1, 2002, all authority to issue national currency will revert to the Central Bank and only banknotes issued by the Central Bank will be circulated thereafter.
According to the Central Bank, people who own banknotes issued by the Bank of Taiwan, referred to as "old banknotes," can exchange such notes for Central Bank notes, referred to as "new banknotes," at local banks, post offices, and credit unions in Taiwan by December 31, 2002. After that date, the "old banknotes" can be exchanged in Taiwan only at branch offices of the Central Bank and the Bank of Taiwan.
The Central Bank will also issue new banknotes in the denomination of NT$2000 on July 1, 2002.
The design and specifications of banknotes and coins that will stop circulating July 1, 2002 are listed below.
Banknotes:
1. Denomination: NT$1000
Dimensions: 170mm x 75mm
Material: paper
Main color: dark blue
Design:
Obverse: image of the late ROC President Chiang Kai-shek
Reverse: image of the ROC Office of the President
2. Denomination: NT$500
Dimensions: 170mm x 75mm
Material: paper
Main color: red
Design:
Obverse: image of the late ROC President Chiang Kai-shek
Reverse: image of the ROC National Assembly building
3. Denomination: NT$100
Dimensions: 163mm x 69mm
Material: paper
Main color: red
Design:
Obverse: image of Dr. Sun Yat-sen
Reverse: image of the ROC National Assembly building
4. Denomination: NT$50
Dimensions: 163mm x 69mm
Material: paper
Main color: purple
Design:
Obverse: image of Dr. Sun Yat-sen
Reverse: image of the ROC National Assembly building
Coin :
Denomination: NT$50
Diameter: 24mm
Weight: 8.25grams
Design:
Obverse: image of a plum blossom
Reverse: "fifty dollars" in Chinese and "fifity" in arabic numerals
