New Taiwan Dollar (NTD) is the official currency of Taiwan. It was introduced in 1949 to replace the Old Taiwan Dollar. The NTD is abbreviated as NT$, and its symbol is "$" or "NT$". It is subdivided into 100 cents, and the coins are available in denominations of 1, 5, 10, 50, and 100 dollars, while the banknotes come in denominations of 100, 200, 500, 1,000, and 2,000 dollars.