New Taiwan dollar banknotes to be redesigned: public participation takes center stage

Taiwan's central bank launched a comprehensive redesign of the New Taiwan dollar in October 2025, the first large-scale overhaul of the nation's banknotes since 2001.

To ensure the new designs resonate with the public, the Central Bank of the Republic of China (Taiwan) introduced a nationwide theme selection campaign titled “Beauty of Taiwan,” which drew more than 190,000 participants.The results will serve as a key reference for the final design alongside expert evaluation.

Maintaining the five denominations

The central bank confirmed the redesign will maintain the current five denominations: NT$100, NT$200, NT$500, NT$1,000, and NT$2,000.

Skeptics have long questioned the necessity of the NT$200 and NT$2,000 notes, citing their low circulation and reports that merchants sometimes refuse them.

In response, the central bank noted that maintaining five denominations aligns with international practices. It also emphasized that demand for “2-series” banknotes still exists among certain users, and that these notes can effectively replace multiple smaller denominations, helping reduce issuance costs and improve environmental efficiency.

Authorities added that the redesign presents an opportunity to promote more balanced usage across all denominations.

Why redesign now? 

While a banknote redesign may appear to be matter of visuals and layout, it is never simply about changing images.

The central bank said the current NTD series has been in circulation for over 24 years — significantly longer than the global average redesign cycle of 10 to 20 years. Without upgrades, advances in counterfeiting technology could pose a growing risk to the nation's currency credibility.

Taiwan’s move follows a broader international trend. Japan introduced new banknotes in 2024 after a 20-year gap to enhance anti-counterfeiting features, while South Korea carried out a redesign in 2006. The European Central Bank and the United Kingdom updated their currencies in 2013 and 2016, respectively.

The central bank said the new NTD series will incorporate more intuitive dynamic security features, improved tactile markings for the visually impaired, and environmentally friendly materials in line with global ESG trends.

A 76-year legacy: the pivotal turns of the NTD

Since its introduction in 1949, the New Taiwan dollar has undergone several major transformations, each reflecting shifting economic and social needs.

The currency was first issued in June 1949, replacing the old Taiwan dollar at a rate of 40,000 to one as part of a sweeping monetary reform aimed at curbing hyperinflation. At the time, prices had been rising at an annual rate exceeding 90 percent, and the largest old Taiwan dollar notes had reached denominations in the millions.

To stabilize the economy, the new currency was pegged to the US dollar, backed by 800,000 taels of gold as reserves, and subject to strict issuance limits.

A major design shift came in 1960, when the Bank of Taiwan moved from vertical to horizontal banknote formats. Landmarks such as the Xiluo Bridge, Suhua Highway, and Eluanbi Lighthouse were featured. What may seem like a simple change in orientation actually symbolized Taiwan’s embrace of modernization and alignment with international standards.

As Taiwan’s economy expanded, higher denominations were introduced in 1980, when NT$500 and NT$1,000 notes were first issued featuring portraits of political leaders. A subsequent redesign in 1982 incorporated advanced anti-counterfeiting features, including watermark portraits and embedded security threads.

The millennium marked a watershed moment. In 2000, the central bank formally assumed NTD issuance, replacing “Bank of Taiwan” with “Central Bank” on the notes. From 2001 onward, banknote designs shifted from symbols of political authority to representations of Taiwan’s culture and identity, forming the basis of the current series.

Each denomination of the current NTD reflects distinct aspects of Taiwan’s identity:

• NT$100: Features Sun Yat-sen, with text from the “Book of Rites” symbolizing aspirations for social harmony. The reverse shows Zhongshan Building in Yangmingshan, a unique structure built over a sulfur vent. The plum blossom watermark represents resilience.
• NT$200: Displays Chiang Kai-shek on the front, with the Presidential Office Building on the reverse. The orchid watermark symbolizes elegance.
• NT$500: The "Little League" spirit, featuring players from Taitung’s Nan-Wang Elementary, reflecting Taiwan’s national passion for baseball. The reverse features Dabajian Mountain and sika deer, representing the island’s natural landscapes. The bamboo watermark symbolizes integrity.

• NT$1,000: Shows children studying around a globe, representing Taiwan’s education system. The reverse features Yushan, the island’s highest peak, alongside the Mikado pheasant. The chrysanthemum watermark symbolizes purity.

• NT$2,000: Highlights the FORMOSAT-1 satellite, showcasing Taiwan’s ambitions in space and technology. The reverse depicts Nanhu Mountain and the endangered Formosan landlocked salmon. The pine tree watermark symbolizes endurance.

“Beauty of Taiwan”: returning the canvas to the people

The upcoming redesign marks a notable departure from past practices by incorporating public participation into the decision-making process.

Rather than a top-down mandate on "who deserves to be remembered," the central bank invited the public to vote on 12 non-political themes: harmony and inclusivity, sustainable development, sportsmanship, artistic aesthetics, architectural beauty, technological innovation, folk festivals, craftsmanship, island ecology, protected plant species, protected animals, and the role of women.

Voting results showed strong public preference for nature-focused themes — “island ecology” received more than 130,000 votes, followed by “protected animals” with 99,000 votes, and “folk festivals” with 79,000 votes.

The central bank said the final designs will balance public opinion with professional input.

Timeline and challenges ahead

According to the central bank, the redesign process is expected to take approximately two years, as it involves multiple stages: design development, licensing approvals, prototype printing, and plate production, as well as international procurement of banknote paper and specialized inks.

Upgrading anti-counterfeiting features will also require adjustments to existing manufacturing processes and equipment. Before the new notes enter circulation, automated cash-handling systems nationwide must be recalibrated or upgraded — a process expected to take an additional six months.