Macanese pataca

Macanese pataca
澳門圓 (Chinese) pataca macaense (Portuguese)
ISO 4217 code	MOP (num. 446)
User(s)	Macau
Inflation	4.9%
Source	Direcção dos Serviços de Estatística e Censos, Q2 2007
Pegged with	Hong Kong dollar = MOP$1.03
Subunit
1/10	毫 (ho) (Chinese) (no official Portoguese term for 10 avos)
1/100	仙 (sin) (Chinese) avo (no longer in circulation)
Symbol	MOP$
Plural	patacas (Portuguese only)
毫 (ho) (Chinese)	avos (Portuguese only)
Coins
Freq. used	10, 50 avos, MOP$1, MOP$5
Rarely used	20 avos, MOP$2, MOP$10
Banknotes	MOP$10, MOP$20, MOP$50, MOP$100, MOP$500, MOP$1000
Monetary authority	Monetary Authority of Macao
Website	www.amcm.gov.mo
Printer	Issuing banks: Banco Nacional Ultramarino Bank of China Printer: Royal Joh. Enschedé

Macanese pataca
Chinese name
Traditional Chinese	澳門圓
Simplified Chinese	澳门圆
Transcriptions Mandarin - Hanyu Pinyin Ào​mén​yuán - Wade–Giles Aomenyüan Cantonese (Yue) - Jyutping Oumunywan - Yale Romanization Au4men2yuan2
Portuguese name
Portuguese	pataca macaense

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The pataca (Chinese: 澳門圓; ISO 4217 code: MOP) is the currency of Macau. It is subdivided into 100 avos (Cantonese: 仙; sin), with 10 avos called ho (毫) in Cantonese. The abbreviation MOP$ is commonly used.

Macau has a currency board system under which the legal tender, Macanese pataca, is 100 percent backed by foreign exchange reserves, in this case currently the Hong Kong dollar. Moreover, the currency board, Monetary Authority of Macao (AMCM), has a statutory obligation to issue and redeem pataca on demand against the Hong Kong dollar at a fixed exchange rate and without limit.^[1]

Contents 1 History 2 Coins 3 Banknotes 3.1 Current issue 3.2 Commemorative issues 4 Historical exchange rate 5 See also 6 References 7 External links

History

The pataca was introduced in Macau and Portuguese Timor in the year 1894, but only as a unit of account. The unit initially corresponded to the Mexican dollar, and it replaced the Portuguese real at a rate of 1 pataca = 450 réais. The name pataca derives from the fact that the Portuguese always referred to the Mexican dollar as the 'Pataca Mexicana'.

At the end of the 19th century, there was no single currency in use in Macau, but the predominant circulating coins were the silver Mexican dollars, the British silver trade dollars of Hong Kong and the Straits Settlements, as well as the silver dollars and fractional coinage of the neighbouring province of Canton. In 1901, it was decided to have a uniquely Macau currency, and for that purpose, the Banco Nacional Ultramarino was granted exclusive rights to issue legal tender banknotes that were to be denominated in patacas. On January 27, 1906, pataca notes in denominations of 1, 5, 50 and 100 were introduced and all foreign coinage was outlawed, the idea being to make the pataca paper notes the sole legal tender currency in Macau. However, the Chinese, being so accustomed to using silver for barter, were suspicious of this new paper money, and as such, the paper pataca always circulated at a discount in relation to the silver dollar coins. On the contrary, a similar action at exactly the same time in the Straits Settlements, and for the same purpose, had the different effect of putting the new Straits dollar unto the gold exchange standard. Hence both the Macau pataca and the Straits dollar were launched at a sterling value of 2 shillings and 4 pence, but where the Straits dollar remained at that value until the 1960s, the Macau pataca fluctuated with the value of silver, just like the Hong Kong unit.

In 1935, when Hong Kong and China abandoned the silver standard, the Hong Kong unit was pegged to sterling at a rate of 1 shilling and 3 pence, while the Macau pataca was pegged to the Portuguese escudo at a rate of 5.5 escudos. This meant that the Macau pataca was worth only 1 shilling sterling and was therefore at a discount of 3 pence sterling in relation to the Hong Kong unit.

The first exclusively Macau coinage was not introduced until the year 1952, which happened to be the year after the last pataca fractional coins were minted for East Timor. In that year in Macau, denominations below 10 patacas were replaced by coins.

Pegs for the Macanese pataca
Date established	1 pataca =
1894	1 Mexican dollar
1935	5.5 Portuguese escudos
1949	5 Portuguese escudos
1967	4.75 Portuguese escudos
1973	5.015 Portuguese escudos
	1 Hong Kong dollar =
1977	1.075 patacas
1978	1.0025 patacas
1979	1.0425 patacas
1983	1.03 patacas

In 1980, the Macau government set up the Issuing Institute of Macau (Instituto Emissor de Macau; abbr. as IEM), which was given the monopoly right to issue pataca notes. The BNU became the IEM's agent bank and continued to issue banknotes.^[2] On agreement with the BNU on October 16, 1995, the Macau branch of Bank of China (中國銀行澳門分行) became the second note-issuing bank. The authority to issue patacas was transferred to the Monetary Authority of Macau.

Coins

Coins were not issued for use in Macau until 1952, with the 20 cent coin of Canton Province circulating. In 1952, bronze 5 and 10 avos, cupro-nickel 50 avos and .720 fineness silver 1 and 5 patacas were introduced. Nickel-brass replaced bronze in 1967, including the last issue of 5 avos. Nickel replaced silver in the 1 pataca in 1968. In 1971, a final (.650 fineness) silver issue of 5 patacas was produced.

Brass 10, 20 and 50 avos and cupro-nickel 1 and 5 patacas were introduced in 1982. The 20 avos and 5 patacas became dodecagonal in 1993 and 1992, respectively, whilst a bimetallic 10 patacas was introduced in 1997 and a cupronickel 2 patacas in 1998. Coins are issued by the Monetary Authority of Macao.

Currently Circulating Coins
Image		Value	Description			First Minted Year
Obverse	Reverse		Composition	Obverse	Reverse
		10 avos	Brass	"Macau", "澳門"	Value , Lion Dance Costume Head	1993
		20 avos			Denomination , Dragon boat
		50 avos			Denomination , Dragon dance
		MOP$1	Cupronickel	"Macau", "澳門"	Value , Guia Lighthouse	1992
		MOP$2			Denomination , Templo de A-Má and Penha church	1998
		MOP$5			Denomination , Cathedral of Saint Paul, Chinese junk	1992
		MOP$10	Ring: Brass Center: Cupronickel	"Macau", "澳門"	Value , St. Dominic’s Church of Macau	1997

Banknotes

In a similar arrangement to the issue of banknotes in Hong Kong, Macanese banknotes are not issued by a central bank or monetary authority but by two commercial banks, the Banco Nacional Ultramarino and the Bank of China. Owing to Macau's Portuguese colonial past, banknotes are printed in Portuguese as well as Chinese, including the name of the Bank of China which is written as both "Banco da China" and "中國銀行".^[3][4]

Following the initial issues of pataca banknotes in 1906, the new currency was supplemented the following year by 10 and 25 pataca notes, and in February 1920, 5, 10 and 50 avo notes were added. In 1923, the Banco Vui Hang introduced 10 pataca notes which stated that they were backed by Cantonese 20 cent coins.^[5] These notes were followed until 1934 by cashier's cheques issued by various banks in denominations of 1, 5, 10, 50, 100, 200, 400, 800 and 1000 dollars, presumably equivalent to the pataca. The BNU issues were augmented by 1 and 20 avo notes in 1942, and in 1944, 500 pataca notes were introduced. Also in 1944, further cashier's cheques were issued, denominated 1000 yuan and NC$5000. The 25 pataca note was discontinued after 1958.

On August 8, 1988, BNU issued a 1000 pataca banknote, the highest value banknote yet. Because 8 in Chinese (Ba) is similar to "getting rich" (Fa; 發), this unique date, which occurs only once per century, gives the note a special meaning. Another feature is the replacement of the Coat of arms of Portugal with BNU's logo, shedding a political symbol in the prospect of reunification with China. In 1995, the Banco da China introduced notes in denominations of 10, 50, 100, 500 and 1000 patacas. Both the BNU and Banco da China introduced 20 pataca notes in 1996.

Current issue

Banknotes are currently issued in denominations of 10, 20, 50, 100, 500 and 1000 patacas. The current series of BNU banknotes was issued in 2005, while the Bank of China notes were last issued between 1995 and 2003. The dimensions of the banknotes are "coincidentally" the same as that of Hong Kong banknotes worth the corresponding number of dollars. On December 20, 1999, the day Macau was retroceded to China, banknotes of all values (except for 10 patacas) by both banks were reissued with that date. On January 5, 2009, the Monetary Authority of Macau announced a new series of banknotes, dated 2008, released by the Bank of China.^[6]

Commemorative issues

In 2008, the Macau branch of the Bank of China issued four million 20 pataca banknotes in commemoration of the 29th Summer Olympic Games in Beijing.^[7]

In 2012, the Banco National Ultramarino and Banco da China will issue 10 pataca banknotes to commemorate the Year of the Dragon. The Bank of China will also issue a 100 pataca banknote to commemorate its centennial anniversary.^[8]

Banco Nacional Ultramarino 1990 Series Banknote
Image		Value	Description				Printed Date	Watermark
Obverse	Reverse		Dimensions	Color	Obverse	Reverse
		MOP$10	138 × 69 mm	Brown	Dr. Sun Memorial Hall	A view of Macau in the 90's, Ponte Governador Nobre de Carvalho	July 8, 1991	Chinese junk
		MOP$10		Red, Violet			January 8, 2001 June 8, 2003
		MOP$20	143 × 71.5 mm	Violet	Old BNU headquarters		September 1, 1996 December 20, 1999 June 8, 2003
		MOP$50	148 × 74 mm	Yellow	Lion dance		July 13, 1992 December 20, 1999
		MOP$100	153 × 76.5 mm	Blue	Chinese junk		July 13, 1992 December 20, 1999 June 8, 2003
		MOP$500	158 × 79 mm	Green, yellow, orange	A-Ma Temple		September 3, 1990 December 20, 1999 June 8, 2003
		MOP$1000	163 × 81.5 mm	Red	Dragon		July 8, 1991 December 20, 1999 June 8, 2003

Bank of China 1995 Series Banknote
Image		Value	Description				Printed Date	Watermark
Obverse	Reverse		Dimensions	Color	Obverse	Reverse
		MOP$10	138 × 69 mm	Brown	Guia Lighthouse and Monte fort	Bank of China, Macau branch	October 16, 1995	Lotus
		MOP$10		Red, orange			January 8, 2001 February 2, 2002 December 8, 2003
		MOP$20	143 × 71.5 mm	Violet	A-Ma Temple		September 1, 1996 December 20, 1999 December 8, 2003
		MOP$50	148 × 74 mm	Yellow-grey	University of Macau		October 16, 1995 November 1, 1997 December 20, 1999
		MOP$100	153 × 76.5 mm	Blue	Outer Harbour Ferry Terminal, Macau		October 16, 1995 December 20, 1999 February 2, 2002 December 8, 2003
		MOP$500	158 × 79 mm	Green	Ponte de Amizade		October 16, 1995 December 20, 1999 February 2, 2002 December 8, 2003
		MOP$1000	163 × 81.5 mm	Orange	Sai Van (Praia de Bom Porto)		October 16, 1995 December 20, 1999 December 8, 2003

Banco Nacional Ultramarino 2005 Series Banknote
Image		Value	Description				Printed Date	Watermark
Obverse	Reverse		Dimensions	Color	Obverse	Reverse
		MOP$10	138 × 69 mm	Yellow/Purple	Statue of Deusa A-Má of Macau	BNU building	August 8, 2005	Lotus
		MOP$20	143 × 71.5 mm	Violet	Macau International Airport		August 8, 2005
		MOP$50	148 x 74 mm	Brown	Sai Van Bridge		August 8, 2009
		MOP$100	153 × 76.5 mm	Blue	Largo do Senado		August 8, 2005
		MOP$500	158 × 79 mm	Green	Macau Tower		August 8, 2005
		MOP$1000	163 × 81.5 mm	Orange	Macau Cultural Centre		August 8, 2005

Bank of China 2008 Series Banknote
Image		Value	Description				Printed Date	Watermark
Obverse	Reverse		Dimensions	Color	Obverse	Reverse
		MOP$10	138 × 69 mm	Red, orange	A-Ma Temple	Bank of China, Macau branch	August 8, 2008	Lotus
		MOP$20	143 × 71.5 mm	Violet	Ruins of St. Paul's
		MOP$50	148 × 74 mm	Brown	Dom Pedro V Theatre
		MOP$100	153 × 76.5 mm	Blue	Guia Lighthouse and Monte fort
		MOP$500	158 × 79 mm	Green	Casa do Mandarim
		MOP$1000	163 × 81.5 mm	Orange	Leal Senado

The 2005 series of BNU was printed by Royal Joh. Enschedé, a security printing firm in the Netherlands.

Historical exchange rate

Despite the fact that the pataca is the official currency of Macau, most of the money in circulation in the territory is actually Hong Kong dollars. Patacas accounted for only 29.9% of Macau's money supply at the end of 1998.

The exchange rate is pegged and is approximately MOP$103 for HK$100 as of February 2004. For United States dollars, to which the Hong Kong dollar is in turn loosely pegged, the exchange rate is around 8 patacas to 1 US dollar. Although it is possible to exchange patacas in Macau, it is either difficult or impossible to do so elsewhere. The few places in Hong Kong where patacas are available are concentrated on Cleverly Street, a short distance from the Macau Ferry.

Although the pataca is the legal tender of Macau, the Hong Kong dollar is almost universally acceptable in the city, and in some cases, is preferred to the Pataca. Circulation of the pataca is mandated by a decree (Decreto-Lei n.º 16/95/M) prohibiting refusal by merchants, but some casinos flout this rule and refuse bets in patacas. The Hong Kong dollar and renminbi are generally accepted throughout Macau from casinos to restaurants. Payments to government agencies can also be made in both Hong Kong dollars and patacas.

As there are currently no restrictions on the import or export of either local or foreign currency into or from Macau, visitors can change their currency in hotels, banks and authorized exchange dealers located all around the city. There are also 24-hour exchange counters at Macau International Airport (Taipa Island) and at the Lisboa Hotel (Macau Peninsula) for customers if they want to change their currency into patacas outside working hours.

MOP annual average middle exchange rate for major foreign currencies, from 2002 on
(1 foreign currency unit to MOP)

Year	2002	2003	2004	2005	2006	2007	2008	2009
Hong Kong dollar	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03
Chinese yuan	0.9706	0.9691	0.9693	0.9778	1.0025	1.0560	1.1546	1.1688
United States dollar	8.0334	8.0214	8.0226	8.0109	8.0006	8.0360	8.0206	7.9842
British Pound	12.0766	13.1040	14.6911	14.5820	14.6993	16.0887	14.8965	12.5159
Taiwan dollar	0.2328	0.2332	0.2401	0.2494	0.2462	0.2447	0.2548	0.2418
Euro	7.5984	9.0696	9.9645	9.9721	10.0272	11.0049	11.8092	11.1309
Australian dollar	4.3703	5.2271	5.9021	6.1064	6.0169	6.7351	6.8552	6.3269
Korean won	0.0065	0.0067	0.0070	0.0078	0.0084	0.0087	0.0074	0.0063
Japanese yen	0.0643	0.0692	0.0742	0.0729	0.0689	0.0683	0.0776	0.0854
Malaysian ringgit	2.1141	2.1109	2.1112	2.1155	2.1797	2.3374	2.4124	2.2669
New Zealand dollar	3.7306	4.6671	5.3214	5.6436	5.1889	5.9128	5.7341	5.0721
Singapore dollar	4.4893	4.6034	4.7452	4.8137	5.0294	5.3325	5.6788	5.4955
Swiss franc	5.1812	5.9632	6.4572	6.4424	6.3801	6.6998	7.4326	7.3721

MOP annual average middle exchange rate for major foreign currencies, 1990-2002
(1 foreign currency unit to MOP)

Year	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001
Hong Kong dollar	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03
Portuguese escudo	0.0564	0.0555	0.0593	0.0497	0.0481	0.0532	0.0517	0.0456	0.0443	0.0425	0.0370	0.0359
German mark	4.9750	4.8362	5.1221	4.8199	4.9225	5.5677	5.2977	4.6049	4.5381	4.3601	3.7929	3.6794
French franc	1.4767	1.4222	1.5115	1.4076	1.4392	1.5988	1.5583	1.3679	1.3537	1.3000	1.1309	1.0971
United States dollar	8.0230	8.0041	7.9723	7.9679	7.9602	7.9679	7.9664	7.9749	7.9788	7.9918	8.0260	8.0335
British Pound	14.3239	14.1421	14.0998	11.9638	12.1982	12.5766	12.4392	13.0709	13.2203	12.9284	12.1663	11.5698
Chinese yuan								0.9620	0.9637	0.9654	0.9695	0.9706
Taiwan dollar								0.2788	0.2384	0.2477	0.2574	0.2379
Euro								9.0177	8.9532	8.5277	7.4183	7.1962
Australian dollar								5.9341	5.0203	5.1574	4.6739	4.1598
Korean won								0.0086	0.0057	0.0067	0.0071	0.0062
Japanese yen								0.0661	0.0611	0.0704	0.0745	0.0662
Malaysian ringgit								2.8954	2.0387	2.1031	2.1121	2.1141
New Zealand dollar								5.2849	4.2816	4.2315	3.6684	3.3813
Singapore dollar								5.3851	4.7720	4.7160	4.6553	4.4867
Swiss franc								5.5020	5.5090	5.3278	4.7590	4.7638

See also

• Economy of Macau
• Portuguese Timorese pataca

References

• all MOP exchange rates after 1990 is according to historical China statistical Yearbook.

External links

• Ron Wise's Banknoteworld: Macau - a gallery of Macanese banknote issues past and present
• (Chinese) (Portuguese) (English) Banco Nacional Ultramarino (Macau)
• (Chinese) (Portuguese) (English) Banknotes issued by the Banco Nacional Ultramarino.
• (Chinese) (English) Bank of China (Macau)
• (Chinese) (English) SinoBanknote
• (Chinese) City guide with coins and banknotes

Preceded by: Mexican dollar, Chinese dollar Reason: creation of a local currency Ratio: at par (with Mexican dollar)

Currency of Macau 1906 – Note: the pataca was made the unit of account in 1894

Succeeded by: Current

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