English: Bearer's check of 1,000,000 Old Taiwan dollars issued by Bank of Taiwan. 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. (These notes must be distinguished from the one's the Japanese Taiwan Ginkō issued under the same English name 1899-1945)