Bearer’s check of 1,000,000 Old Taiwan dollars issued by Bank of Taiwan.

Bearer's check of 1,000,000 Old Taiwan dollars...Image via Wikipedia

In the earlier years of KMT rule, Taiwan suffered from severe inflation due to the corruption of Nationalist ROC government. The currency deflated so fast that the ruling government had to issue currency with denominations on the order of 1 million dollars. Authorities would later issue the New Taiwan Dollar to replace the deflated Taiwan Dollar in an exchange rate of one to four million.

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Posted by The Deflation Times Filed in Cultural Trends Created: April 13th, 2009

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