Macanese pataca

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The pataca is the monetary unit of Macau (currency code MOP; Chinese: 澳門圓), made up of 100 avos. Monetary policy is managed by the Monetary Authority of Macau. The abbreviation MOP$ is commonly used.

1 Etymology
2 History
3 Coins
4 Banknotes
5 Historical exchange rate
6 References
7 External links

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Etymology

The name "pataca" is derived from formerly popular silver coin in Asia, the Mexican peso (eight reales), known in Portuguese as the pataca mexicana. Another version of the pataca was also used in Portuguese Timor, now East Timor, until 1957, when it was replaced by the escudo. The Chinese name for the currency is yuan (圓), which is the same word for Chinese yuan, New Taiwan dollar, and Hong Kong dollar.

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History

The pataca was introduced in 1894 as a unit of account. It was initially equvalent to the Mexican peso, Spanish dollar, Hong Kong dollar and replaced the Portuguese real at a rate of one pataca for 450 reis.

The pataca has been the legal tender in Macau for over a century. The Banco Nacional Ultramarino (BNU; 大西洋銀行) has been the banknote-issuing authority since 1905. Pataca banknotes have been circulated in Macau since January 27, 1906. Pataca coins were first issued in 1952. However, owing to the small market demand in Macau, the second issue was postponed until 1967. The 1952 coins were bronze 5 and 10 avos, cupro-nickel 50 avos and 0.72 silver 1 and 5 patacas.

In 1980, the Macau Government transferred the exclusive right to issue patacas to the Instituto Emissor de Macau (IEM). The BNU became the IEM's agent bank and continued to issue banknotes. On agreement with the BNU on October 16, 1995, Bank of China, Macau branch (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 (AMCM).

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Coins

Coins are issued by the Monetary Authority of Macau.

Currently Circulating Coins
Denomination	Composition	Obverse	Reverse	First Minted Year
10 avos	Brass	"Macau", "澳門"	Denomination , ??	1993
20 avos			Denomination , Dragon boat	1993
50 avos			Denomination , Lion dance	1993
MOP$1	Cupronickel		Denomination , Guia Lighthouse	1992
MOP$2			Denomination , Templo de A-Má	1998
MOP$5			Denomination , Cathedral of Saint Paul, Chinese junk	1992
MOP$10	Ring: Brass Center: Cupronickel		Denomination , Cathedral of Saint Paul	1997

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Banknotes

At the time of the first issuance, the only denominations were 1 pataca, 5 patacas, 10 patacas, 25 patacas, 50 patacas, and 100 patacas, with the 20-Cent coin from Canton Province. Later, Macau began issuing 5 avos, 10 avos, and 50 avos in February 1920. Not until 1942 did Macau issue smaller denominations like 1 avo, 5 avos, and 20 avos.

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 Banco Nacional Ultramarino's logo, symbolizing the fact that Macau would become part of the People's Republic of China.

The pataca comes in banknotes of 10, 20, 50, 100, 500 and 1000 patacas. Banknotes are issued by the Banco Nacional Ultramarino and the Bank of China. The current series of BNU banknotes was issued in 2005, while the Bank of China notes were last issued between 1995 and 2003. The physical sizes of the banknotes are "coincidentally" the same as that of Hong Kong banknotes. 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.

Banco Nacional Ultramarino 1990 Series Banknote (being withdrew)
Denomination	Dimensions	Dominant Color	Obverse	Reverse	Printed Date	Watermark
MOP$10	138 x 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	138 x 69 mm	Red, Voilet	Dr. Sun Memorial Hall		January 8, 2001 June 8, 2003
MOP$20	143 x 71.5 mm	Violet	Old BNU headquarter		September 1, 1996 December 20, 1999 June 8, 2003?
MOP$50	148 x 74 mm	Yellow	Lion dance		July 13, 1992 December 20, 1999 June 8, 2003?
MOP$100	153 x 76.5 mm	Blue	Chinese junk		July 13, 1992 December 20, 1999 June 8, 2003
MOP$500	158 x 79 mm	Green, yellow, orange	Templo de A-Má		September 3, 1990 December 20, 1999 June 8, 2003
MOP$1000	163 x 81.5 mm	Red	Dragon		July 8, 1991 December 20, 1999 June 8, 2003

Bank of China 1995 Series Banknote
Denomination	Dimensions	Dominant Color	Obverse	Reverse	Printed Date	Watermark
MOP$10	138 x 69 mm	Brown	Guia Lighthouse and Monte fort	Bank of China, Macau branch	October 16, 1995	Lotus
MOP$10	138 x 69 mm	Red, orange	Guia Lighthouse and Monte fort		January 8, 2001 February 2, 2002 December 8, 2003
MOP$20	143 x 71.5 mm	Violet	Templo de A-Má		September 1, 1996 December 20, 1999 December 8, 2003
MOP$50	148 x 74 mm	Yellow-grey	University of Macau		October 16, 1995 November 1, 1997 December 20, 1999 December 8, 2003
MOP$100	153 x 76.5 mm	Blue	Jetfoil terminal		October 16, 1995 December 20, 1999 February 2, 2002 December 8, 2003
MOP$500	158 x 79 mm	Green	Ponte de Amizade		October 16, 1995 December 20, 1999 February 2, 2002 December 8, 2003
MOP$1000	163 x 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
Denomination	Dimensions	Dominant Color	Obverse	Reverse	Printed Date
MOP$10	138 x 69 mm	Yellow/Purple	Statue of Deusa A-Má of Macau	BNU building	August 8, 2005
MOP$20	143 x 71.5 mm	Violet	Macau International Airport		August 8, 2005
MOP$100	153 x 76.5 mm	Blue	Largo do Senado		August 8, 2005
MOP$500	158 x 79 mm	Green	Macau Tower		August 8, 2005
MOP$1000	163 x 81.5 mm	Orange	Macau Cultural Centre		August 8, 2005

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Historical exchange rate

The following figures are included as a guide to the movements of the pataca against the pound sterling and the United States dollar:

Date	May, 1980Template:Ref	Feb, 2003	May, 2003	Aug, 2003	Nov, 2003
£1.00	11.60	12.79	13.15	13.24	13.94
US$1.00	5.20	8.03	8.03	8.30	8.25

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.

Template:Exchange Rate

The exchange rate is loosely pegged and is approximately MOP$103 for HK$100 as of February 2004, although the variation is up to 10%. For United States dollars, to which the Hong Kong dollar is in turn pegged, the exchange rate is around 8 patacas to 1 US dollar. While it is possible to exchange patacas in Macau, it is difficult, if not impossible, to do so outside the territory, even in Hong Kong.

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.

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