Taiwan - Republic

In 1949, at the end of the Chinese Civil War, the Kuomintang (KMT) party was defeated by the Communists and, under Chiang Kai-shek, retreated to Taiwan, where it established the new seat of the Republic of China (ROC). The KMT introduced a one-party system and declared a state of emergency that lasted until 1987. This period is often referred to as the "White Terror" because political opponents were persecuted and freedom of the press was severely restricted. However, the country's economy developed rapidly, especially through American support and land reforms. Chiang Kai-shek's son, Chiang Ching-kuo, lifted martial law in 1987 and allowed opposition parties to operate. In 1991, the KMT's sole power was abolished and constitutional reform began. In 1996, the first direct presidential elections were held, which were won by Lee Teng-hui. In 2000, for the first time, there was no The KMT candidate, Chen Shui-bian, became president, marking a political shift. The DPP emphasized Taiwan's separate identity from China, which caused tension between the two countries. Taiwan's economy remains strong, especially in the technology sector, and the island's democratic system is stable. Taiwan operates as a de facto independent state, although the People's Republic of China continues to consider it its own province. Taiwan is not represented in the United Nations, but many countries maintain economic and cultural relations with it.

1949 was a pivotal year in Taiwan's financial history: hyperinflation led to the introduction of the New Taiwan Dollar (TWD), which has remained the country's official currency ever since. The Old Taiwan Dollar (TW$) was used from 1946 to 1949, replacing the Japanese yen after the Japanese occupation. Due to hyperinflation, the New Taiwan Dollar was introduced on June 15, 1949, exchanging the old currency for the old currency at a rate of 1:40,000. The introduction of the new currency was initiated by the Taiwan Provincial Government, and the Central Bank of Taiwan took over the task of issuing it. The first New Taiwan Dollar banknotes were issued in denominations of 1, 5, 10, 50, 100, 500, 1000, and 2000 TWD. Banknotes often feature portraits of Sun Yat-sen and Chiang Kai-shek, as well as Taiwanese landscapes, historical buildings and animals. Modern banknotes feature security features such as watermarks, holograms, colour-changing ink and hidden characters. Coins have been minted in various denominations since the 1950s: 1, 5, 10, 50 cents, and 1, 5, 10 TWD. Coins often feature the plum blossom motif – Taiwan's official flower – which symbolises the Three People's Principles and the Five Branches of Government. Taiwan regularly issues commemorative coins to commemorate historical events, political leaders, New Year celebrations and sporting events. Examples include coins issued for Chiang Kai-shek's 80th and 90th birthdays, and series depicting the animals of the Chinese zodiac.