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 or the silver yuán, 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. Along with the introduction of this series of banknotes, the New Taiwan dollar became the official currency of the ROC and is no longer secondary to the silver yuan. For the first time, the Central Bank of the Republic of China began the issuing authority of the banknotes directly, rather than the Bank of Taiwan. This series also ends a four-decade tradition of including Chiang Kai-shek in most of the banknotes of higher denominations except for the NT$200 issue, opting for the more "modern" themes. Two new denominations were issued in this series, the NT$200 and NT$2,000. The NT$100 and NT$200 banknotes features national figures and buildings, while the other denominations present more general national themes and natural habitats in Taiwan. The groups of people depicted on themes of the NT$500 and NT$1,000 banknotes are real personalities taken by photographers.
Security features
Several new security features have been incorporated into this series. Microprinting, windowed security threads, perfect registration devices and lithographic printing have been included. The NT$2,000 was initially the only banknote to feature a holographic patch, being the highest denomination banknote in public circulation. This feature has since been extended to NT$500 and NT$1,000 banknotes, which now include a holographic strip.
Banknotes in general circulation
NT$100 banknote
The obverse of the banknote features the first president of the ROC, Dr. Sun Yat-sen, with the verses of "The Chapter of Great Harmony" by Confucius in the background. The reverse shows the Chung-Shan Building. It was first issued on 2 July 2001 for general circulation.
NT$200 banknote
The obverse of the banknote features the Generalissimo and Chairman of the Nationalist Government of the ROC Chiang Kai-shek, with his Land Reform Policy and Public Education in the background. The reverse shows the Presidential Office Building in Taipei. The NT$200 banknote was first issued on 2 January 2002 for general circulation. De facto this banknote does not appear common to the public, possibly due to Chiang's unpopularity with DPP lawmakers at the time its introduction and the unfamiliarity with this new denomination.
NT$500 banknote
The obverse of the banknote features youth baseballers, known for their achievements as 17 times champion in the Little League World Series. The reverse of the banknote features the sika deer and Dabajian Mountain. First introduced on 15 December 2000 for general circulation, the Central Bank of China relaunched the banknote with a holographic stripe and a darker color due to counterfeiting concerns and possible confusion with the NT$100 banknote. NT$500 banknotes without the holographic stripe have been recalled and withdrawn from use on 1 August 2007. As of 1 October 2007, only the Bank of Taiwan accepts such notes.
NT$1,000 banknote
The obverse of the banknote features four children studying around a globe, symbolizing education. It is nicknamed 小朋友, "little children" by the general public. The reverse of the banknote features the Mikado pheasant and Jade Mountain. First introduced on 3 July 2000, the banknote was found to have contained several factual discrepancies that was subject to criticism. The globe that the children were surrounding appears to be a mirror image, possibly resulting from an invert error. The background shows a 45 degree angle labeled as 60 degrees. Accordingly, the Central Bank of China relaunched the banknote with a holographic strip with the two errors rectified and the globe now rotated to the 140th meridian east on 20 July 2005. NT$1,000 banknotes without the holographic stripe have been recalled and withdrawn from use on 1 August 2007. As of 1 October 2007, only the Bank of Taiwan accepts such notes.
NT$2,000 banknote
The obverse of the banknote depicts technological advances with the FORMOSAT-1. The reverse of the banknote features the Formosan landlocked salmon and Nanhu Mountain. First introduced on 1 July 2002, de facto this banknote does not appear common to the public possibly due to its new denomination and fears of losses through receiving a large-value counterfeit banknote.
