Tuesday, October 6, 2009

Money, money, money

Money units are pretty easy in Taiwan. The current exchange rate is about 32-33 NT = $1US. So 1NT = about 3 cents US. Over the past twenty five years the exchange rate has fluctuated between 25-40 NT per US dollar. It's been very stable lately. NT stands for New Taiwan Dollar.

There are 4 coins:

..........................Pictured on front
1NT.........................President Chiang Kai-Shek
5NT.........................President Chiang Kai-Shek
10NT.........................President Chiang Kai-Shek
50NT.........................Dr. Sun Yat-Sen

Dr. Sun Yat-Sen was the revolutionary that helped overthrow the Qing Dynasty in 1911. He is revered by both Mainland China and Taiwan as the "Father of the Nation.

President Chiang Kai-Shek was the Chinese ruler who fought the Japanese before WWII and the communists after WWII. He eventually fled to Taiwan in 1949 when the communists under Mao Tze Dong took over. Chiang Kai-Shek ruled Taiwan until he died in 1976.


fronts
(obverse)






















backs
(reverse)



















I remember that in HsinChu in 1994 they had a 1/2NT coin but I have seen any of those since being here.

There are 3 bills:

.................................Front side..................Back side
100 NT..........Dr. Sun Yat-Sen.........................Chung-San Building
500 NT..........Youth Baseball...........................Office of the President
1000 NT..........Elementary School Children.....Pheasant and Mountain

The bills are of different size, colorful, with foil embedded and attached and watermarked. From the way some clerks handle the bills you can tell they are looking for counterfeit bills.


fronts
















backs















The Chung-San Building is the memorial Dr. Sun Yat-Sen in Taiwan, kind of like the Lincoln Memorial.

Office of the President is the original Office of the Japanese Governor/General in downtown in Taipei. It's like the White House in the US, it's amazing how many buildings from Japanese time are still in use in Taiwan. The NCKU has many, the Tainan RR station and Fire Station are also from the Japanese time. No need to replace them if they are doing OK.

Taiwan first gained a world stage with it's little league teams starting in 1968. Those days are remembered with fondness.

That Elementary School Children are on the largest bill speaks volumes about the importance of education in Taiwan.

There might be other denominations but they are beyond my reach. I never seen any others. The $1000 NT denomination is about $30US.

The weather has turned cooler, the typhoons to the south in the Phillipines has brought some rain for every day in the past week. I can sleep without the air conditioning with the windows open. It best to carry an umbrella you never know when there might be a down pour.

2 comments:

Florence said...

Money is important. Taiwanese dollar is smaller than US dollar but for some reason people are carrying big cash much more than US. I remember when we were in Taiwan in 1992- 1994, we usually withdrew $40K NT ( largest allowed) from ATM at one time. That is more than $1000 US dollars. It maybe people are still trusting cash much more than Check and the business owners usually do not want to pay extra fee for credit card since the profit margin is very low. The department stores do encourage credit card since their profit margin is much higher and they want people to spend.

Paula said...

Money is important in the US also, but we don't make it look as pretty. Thanks for including the pictures and explanations of what the engravings are about. I am going to the cash machine less than I used to go, so I must be using plastic money much more than previously. As a child, I remember that my mother used cash to pay for about everything, even utility bills, which she paid in person. There were no temptations (that I remember anyway)to overspend.
I hope you keep dry!