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The 'pataca' is the currency of Macau (Chinese: 圓, ISO 4217 code: ''MOP''). It is subdivided into 100 ''avos'' (Cantonese: 仙, ''sin''), with 10 avos called 毫 (''ho'') in Cantonese. Monetary policy is managed by the Monetary Authority of Macao. The abbreviation ''MOP$'' is commonly used.
In order to ensure the foreign exchange capabilities of the Macanese Pataca, it is provided by the Macau Government that the issuance of Macau currency must by backed by a 100 per cent reserve fund, such as valuable metals, bonds and securities and foreign exchange.

Contents

Etymology

History

Coins

Banknotes

Historical exchange rate

See also

References

External links

Etymology

The name "pataca" is derived from a formerly popular silver coin in Asia, the Mexican peso (eight reales), known in european Portuguese as the ''pataca mexicana''. 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. People in Hong Kong or Macau, however, usually refer the Macanese pataca as "Portuguese money" (葡幣), probably because Macau was once a Portuguese colony.

History

The pataca was introduced in 1894 as a unit of account. It was initially equivalent to the Mexican peso, Spanish dollar and Hong Kong dollar, and replaced the Portuguese real at a rate of 1 pataca = 450 réis. The Banco Nacional Ultramarino (BNU; 大西洋銀行) began issuing banknotes in 1906.
Until 1935, the pataca was pegged to the Hong Kong dollar at par. A succession of pegs to the Portuguese escudo followed, before the Hong Kong dollar was readopted as the peg.

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

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 Macao (AMCM).

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
Value	Composition	Obverse	Reverse	First Minted Year
10 avos	Brass	"Macau", "澳門"	Value , Lion Dance Costume Head	1993
20 avos			Denomination , Dragon boat
50 avos			Denomination , Lion dance
MOP$1	Cupronickel	"Macau", "澳門"	Value , 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	"Macau", "澳門"	Value , St. Dominic Church of Macau	1997

Banknotes

On January 27, 1906, 1, 5, 50 and 100 patacas notes were introduced by the Banco Nacional Ultramarino. These were followed in 1907 by 10 and 25 patacas notes. In February 1920, 5, 10 and 50 avos notes were added.
In 1923, the Banco Vui Hang introduced 10 patacas notes which stated that they were backed by Cantonese 20 cent coins^[1]. 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. In 1944, further cashier's cheques were issued, denominated 1000 yuan and NC$5000.
The BNU issues were augmented by 1 and 20 avos notes in 1942. In 1944, 500 patacas notes were introduced. Denominations below 10 patacas were replaced by coins in 1952. The 25 patacas 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, symbolizing the fact that Macau would become part of the People's Republic of 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 patacas notes in 1996.
Banknotes are currently issued in denominations 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 withdrawn)
Value	Dimensions	Color	Obverse	Reverse	Printed Date	Watermark
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
		Red, Voilet			January 8, 2001 June 8, 2003
MOP$20	143 × 71.5 mm	Violet	Old BNU headquarter		September 1, 1996 December 20, 1999 June 8, 2003?
MOP$50	148 × 74 mm	Yellow	Lion dance		July 13, 1992 December 20, 1999 June 8, 2003?
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	Templo de A-Má		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
Value	Dimensions	Color	Obverse	Reverse	Printed Date	Watermark
MOP$10	138 × 69 mm	Brown	Guia Lighthouse and Monte fort	Bank of China, Macau branch	October 16, 1995	Lotus
		Red, orange			January 8, 2001 February 2, 2002 December 8, 2003
MOP$20	143 × 71.5 mm	Violet	Templo de A-Má		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 December 8, 2003
MOP$100	153 × 76.5 mm	Blue	Jetfoil terminal		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
Value	Dimensions	Color	Obverse	Reverse	Printed Date
MOP$10	138 × 69 mm	Yellow/Purple	Statue of Deusa A-Má of Macau	BNU building	August 8, 2005
MOP$20	143 × 71.5 mm	Violet	Macau International Airport		August 8, 2005
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

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

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, 1980[2]'	'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.
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. 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.
Despite the pataca being the legal currency of Macau, the Hong Kong dollar is preferred for most commerce. Some casinos go as far as rejecting bets from people equipped with the MOP currency. These people may overcome this by exchanging their patacas into Hong Kong dollars at the nearest currency exchange agency. The Hong Kong dollar and Chinese renminbi are generally accepted throughout Macau from casinos to restaurants.
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.

See also

★ Economy of Macau

★ Portuguese Timorese pataca

References

1. Dez patacas em moedas subsidiaris de 20 avos de cantão.
2. Wheeler, Tony. ''South-East Asia on a Shoestring''. 3rd ed. Melbourne: Lonely Planet, 1980.


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External links

★ Banco Nacional Ultramarino (Macau)

★ Banknotes issued by the Banco Nacional Ultramarino.

★ Bank of China (Macau)

★ SinoBanknote

★ City guide with coins and banknotes