Japanese Colonial Period (1895–1945)

The Qing Court did not strictly regulate currencies in circulation, so the currency system was chaotic. When Japan took over Taiwan in 1895, it promulgated the “Bank of Taiwan Act” (1897) and established the Bank of Taiwan Limited (1899). The bank was responsible for reorganizing the currency system, issuing banknotes, and stabilizing prices. It played a very important role in the economic development of the period.

The Bank of Taiwan Limited followed the existing silver standard and issued silver certificates that could be exchanged for silver coins. It was only in the 37th year of Emperor Meiji’s reign (1904) that Taiwan followed the Japanese authority in adopting the gold standard and issuing gold certificates. During the reigns of Emperors Taisho and Showa the new version of banknotes were issued sequentially. Banknotes in circulation in Taiwan during the Japanese Colonial Period were all called “Bank of Taiwan notes”.