Taiwan, officially the Republic of China, is an East Asian country. The official currency of Taiwan is the New Taiwan dollar (TWD) which is issued by the nation's central bank, the Central Bank of the Republic of China (Taiwan). It is sometimes abbreviated as NT or NT$ before issued dollar amounts. In Mandarin, prices are often valued in yuan, although the kuai is frequently used conversationally. Even though technically, the New Taiwan dollar can be subdivided, nearly everything sold in the country is valued in whole dollars.
The New Taiwan dollar banknote is issued in denominations of NT$100, NT$500, and NT$1,000. There are also NT$200 and NT$2,000 notes, though they are rarely used. Coins in circulation include NT$1, NT$5, NT$10, and NT$50 pieces, together with a NT$20 piece that is not regularly used. Taiwan's official name is the Republic of China (founded in China in 1912) though most people know the country simply as Taiwan. Hence, Taiwan's central bank is named the Central Bank of the Republic of China (Taiwan) which shouldn't be mixed with the People's Bank of China, which is the People's Republic of China's central bank. Even when the Communist Party in China has never governed Taiwan, it still claims the island as a province.
