The cost of replacing currency bearing the likeness of Chiang Kai-shek (蔣介石) would not reach NT$50 billion (US$1.62 billion) as rumored, but likely about one-10th that figure, a source said yesterday.
The Transitional Justice Commission last week sent a letter to the central bank asking for financial documents related to currency redesigns in 2000 and 2005, which could be used to verify if changing currency featuring Chiang would be too costly.
The currency redesign in 2000 cost the central bank NT$4.894 billion, a source close to the commission said, citing documents released by the central bank after the issue was raised by New Power Party Legislator Hsu Yung-ming (徐永明) on Tuesday last week.
Photo: Chen Yu-fu, Taipei Times
Recalling NT$200 banknotes that feature Chiang’s likeness and redesigning the NT$5 and NT$10 coins would cost significantly less than the NT$50 billion estimate given by critics of the proposal, the source said.
Issuance Department Director-General Shih Tsuen-hua (施遵驊) on Tuesday last week told lawmakers that the central bank would send documents on the 2005 currency redesign, as well as those on a 2002 redesign of the NT$50 coin, to the commission.
The central bank has no plans to redesign currency that still features Chiang, he said, adding that it would wait until the commission has finished deliberating the issue.
The currency changes implemented in July 2000 — known internally as the “secure one” set — included the issuance of new NT$100, NT$500 and NT$1,000 banknotes to introduce new anti-counterfeiting measures and images that highlighted unique elements of Taiwan, he said.
The NT$500 and NT$1,000 banknotes had featured Chiang’s image, but the changes in 2000 replace his likeness with a baseball team and an image of four children respectively, Shih said, adding that the NT$200 bill is the only banknote still to feature Chiang.
In 2005, the central bank introduced the “secure two” set, which added more anti-counterfeiting measures to banknotes, he said.
Issuance of 800 million of the new banknotes cost the central bank NT$4.232 billion, Shih said, adding that introducing the new NT$50 coin in 2002 cost it NT$1.783 billion.
New NT$10 coins introduced in January 2011 featured improved anti-counterfeiting measures and replaced Chiang with the likeness of Sun Yat-sen (孫逸仙), he said, adding that those coins had constituted 36 percent of NT$10 coins in circulation as of the end of last year.
In their first year of issuance, a total of 210 million of those coins were issued at a cost of NT$1.13 billion, Shih said, adding that last year NT$1 billion was spent on minting NT$10 coins.
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