The Bank of Taiwan operated as a de facto central bank for the Republic of China government after its retreat to Taiwan in 1949, issuing its own currency series distinct from the mainland notes. This 1955 issue was printed entirely in-house at the Bank's own facility — a deliberate policy choice reflecting both the sensitivity of the currency operation and the limited trust placed in outside contractors during a period of acute political uncertainty about the island's future.
The watermark is the sole security feature, modest by international standards of the period, though counterfeiting pressure on Taiwan New Dollar notes was never the primary concern it might have been elsewhere.
The Bank of Taiwan operated as a de facto central bank for the Republic of China government after its retreat to Taiwan in 1949, issuing its own currency series distinct from the mainland notes. This 1955 issue was printed entirely in-house at the Bank's own facility — a deliberate policy choice reflecting both the sensitivity of the currency operation and the limited trust placed in outside contractors during a period of acute political uncertainty about the island's future.
The watermark is the sole security feature, modest by international standards of the period, though counterfeiting pressure on Taiwan New Dollar notes was never the primary concern it might have been elsewhere.