Macanese pataca

The Macau pataca or Macanese pataca (Chinese: 澳門圓; Jyutping: ou3 mun4 jyun4; Portuguese: Pataca de Macau; sign: MOP$; code: MOP) is the currency of Macau. It is subdivided into 100 avos (仙; sin), with 10 avos called ho (毫) in Cantonese. The abbreviation MOP$ is commonly used.

Macanese pataca
澳門圓 (Chinese) Pataca de Macau (Portuguese)[1]
ISO 4217
Code	MOP
Number	446
Exponent	2
Denominations
Subunit
​^1⁄10	毫  (Chinese) (ho) dez avos (Portuguese)
​^1⁄100	仙  (Chinese) (sin) avo (Portuguese) (no longer in circulation)
Plural	patacas (Portuguese only)
Symbol	MOP$
Banknotes	MOP$10, MOP$20, MOP$50, MOP$100, MOP$500, MOP$1000
Coins
Freq. used	10, 50 avos, MOP$1, MOP$5
Rarely used	20 avos, MOP$2, MOP$10
Demographics
User(s)	Macau (alongside Hong Kong Dollar)[2][3][4]
Issuance
Monetary authority	Autoridade Monetária de Macau
Website	www.amcm.gov.mo
Printer	Issuing banks: Banco Nacional Ultramarino Banco da China Printer: Royal Joh. Enschedé
Valuation
Inflation	0.37%
Source	Direcção dos Serviços de Estatística e Censos, February 2017
Pegged with	Hong Kong dollar (HK$) HK$1 = MOP$1.03

Macanese pataca
Chinese name
Traditional Chinese	澳門圓
Simplified Chinese	澳门圆
Transcriptions Standard Mandarin Hanyu Pinyin Àomén Yuán Wade–Giles Ao^4-men^2 Yüan^2 Yue: Cantonese Yale Romanization Oumúnyùhn Jyutping Ou3mun2jyun4
Portuguese name
Portuguese	Pataca de Macau[1]

Macau has a currency board system under which the legal tender, Macau pataca, is 100 percent backed by foreign exchange reserves, in this case currently the Hong Kong dollar.[5] Moreover, the currency board, Monetary Authority of Macau (AMCM), has a statutory obligation to issue and redeem Macau pataca on demand against the Hong Kong dollar at a fixed exchange rate of HK$1 = MOP$1.03, and without limit.[6]

History

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

At the end of the nineteenth 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 into 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 Macau pataca

Date established	1 pataca =
1894	1 Mexican peso
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.[7] 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 Macau.

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		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		Value, St. Dominic’s Church of Macau	1997

• 
  10 Avos, 1968
• 
  50 Avos, 1978
• 
  1 Pataca, 1952
• 
  5 Patacas, 1971

• 
  10 Avos, 1988
• 
  20 Avos, 1982
• 
  50 Avos, 1982

• 
  10 Avos, 2007
• 
  50 Avos, 1993
• 
  1 Pataca, 2007
• 
  5 Patacas, 2007

Banknotes

Both sides of 100 patacas issued by BNU on 1992-07-13

In a similar arrangement to the issue of banknotes in Hong Kong, Macau's 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".[8] [9][10]

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.[11] 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 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.[12]

Banco Nacional Ultramarino 1990 Series Banknote
Image		Value	Description				Printed Date	Watermark
Obverse	Reverse		Dimensions	Color	Obverse	Reverse
		MOP$10	138 × 69 mm	Brown	Sun Yat Sen Memorial House	A view of Macau in the 1990s, Ponte Governador Nobre de Carvalho	8 July 1991	Chinese junk
		MOP$10		Red, Violet			8 January 2001 8 June 2003
		MOP$20	143 × 71.5 mm	Violet	Old BNU headquarters		1 September 1996 20 December 1999 8 June 2003
		MOP$50	148 × 74 mm	Yellow	Lion dance		13 July 1992 20 December 1999
		MOP$100	153 × 76.5 mm	Blue	Chinese junk		13 July 1992 20 December 1999 8 June 2003
		MOP$500	158 × 79 mm	Green, yellow and orange	A-Ma Temple		3 September 1990 20 December 1999 8 June 2003
		MOP$1000	163 × 81.5 mm	Red	Dragon		8 July 1991 20 December 1999 8 June 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	Lighthouse at Guia Fortress	Bank of China, Macau branch	16 October 1995	Lotus
		MOP$10		Red and orange			8 January 2001 2 February 2002 8 December 2003
		MOP$20	143 × 71.5 mm	Violet	A-Ma Temple		1 September 1996 20 December 1999 8 December 2003
		MOP$50	148 × 74 mm	Yellow-grey	University of Macau		16 October 1995 1 November 1997 20 December 1999
		MOP$100	153 × 76.5 mm	Blue	Outer Harbour Ferry Terminal, Macau		16 October 1995 20 December 1999 2 February 2002 8 December 2003
		MOP$500	158 × 79 mm	Green	Ponte de Amizade
		MOP$1000	163 × 81.5 mm	Orange	Sai Van (Praia de Bom Porto)		16 October 1995 20 December 1999 8 December 2003

Banco Nacional Ultramarino 2005 Series Banknote
Image		Value	Description				Printed Date	Watermark
Obverse	Reverse		Dimensions	Color	Obverse	Reverse
		MOP$10	138 × 69 mm	Red	Statue of Mazu	BNU building	8 August 2005 8 August 2010 11 November 2013 6 November 2017	Lotus
		MOP$20	143 × 71.5 mm	Violet	Macau International Airport
		MOP$50	148 x 74 mm	Brown	Sai Van Bridge		8 August 2009 11 November 2013 6 November 2017
		MOP$100	153 × 76.5 mm	Blue	Largo do Senado (Senate Square)		8 August 2005 8 August 2010 11 November 2013 6 November 2017
		MOP$500	158 × 79 mm	Green	Macau Tower
		MOP$1000	163 × 81.5 mm	Orange	Macau Cultural Centre

Bank of China 2008 Series Banknote
Image		Value	Description				Printed Date	Watermark
Obverse	Reverse		Dimensions	Color	Obverse	Reverse
		MOP$10	138 × 69 mm	Red	A-Ma Temple	Bank of China, Macau branch	8 August 2008 1 July 2013 6 November 2017	Lotus
		MOP$20	143 × 71.5 mm	Violet	Façade of the ruins of Saint Paul's Cathedral
		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 (House of the Mandarin)
		MOP$1000	163 × 81.5 mm	Orange	Legislative Senate

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.[13]

In 2012, the Banco Nacional Ultramarino and Banco da China issued ten million 10 pataca banknotes to commemorate the Year of the Dragon, and from 2012–2023, the Banco National Ultramarino and the Banco da China are each authorized to issue a maximum number of 20 million special notes with the face value of 10 patacas to mark each lunar new year.[14] The Bank of China also issued a 100 pataca banknote to commemorate its centennial anniversary.[15][16][17]

In commemoration of the 20th anniversary of the transfer of Macau to the People's Republic of China, the Banco Nacional Ultramarino and the Banco da China issued five million 20 patacas banknotes. The front side of the notes feature the 7-ton gilded bronze sculpture "Lotus Flower In Full Bloom", representing the prosperity of Macau. The back side of the notes feature the Hong Kong-Zhuhai-Macao Bridge.

Historical exchange rate

Despite the fact that the pataca is the official currency of Macau, most of the money in circulation in the Region is actually Hong Kong dollars. Patacas accounted for only 29.9% of Macau's money supply at the end of 1998.[18] The exchange rate is pegged and is approximately MOP$1.03 for HK$1.[19] 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 in Central, a short distance from the Hong Kong-Macau Ferry Terminal.

Although the pataca is the legal tender of Macau, the Hong Kong dollar is almost universally acceptable in the Region, and in some cases, is preferred to the Pataca.[20] 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.[21] The Hong Kong dollar and Chinese yuan 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 Macau currently imposes no restrictions on the import or export of local or foreign currency, visitors can change their currency in hotels, banks and bureaux de change located all around the city including 24 hour currency exchange booths 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

Citations

1. http://www.dsec.gov.mo/getAttachment/2e670b2f-e5c1-4f11-9fa5-6129b1baa2a1/C_ENE_FR_2011_Q3.aspx
2. Chan, S. S. (2000). The Macau Economy. Publications Centre, University of Macau. ISBN 99937-26-03-6.
3. The Basics | Fodor's Travel
4. )
5. "Macau SAR Government pledges for free trade and investment - MSAR Gov…". Government Information Bureau of the MSAR. Macau. 19 March 2001. Archived from the original on 2012-08-05. Retrieved 7 February 2019.
6. "The history of pataca". Monetary Authority of Macao. Archived from the original on 2012-12-20. Retrieved 2008-01-04.
7. S. S. Chan (2000). The Macau Economy. Publications Centre, University of Macau. ISBN 99937-26-03-6.
8. "Issuance of banknotes". Bank of China (Macau). Archived from the original on 2008-06-11. Retrieved 2008-11-06.
9. "Issuance of Banknotes". Bank of China (Macau). Retrieved 13 December 2013.
10. "BNU Banknotes Online Exhibition". Banco Nacional Ultramarino S.A. (Macau). Retrieved 13 December 2013.
11. Dez patacas em moedas subsidiaris de 20 avos de cantão.
12. Bank of China, Macau Branch Issues New Pataca Notes. amcm.gov.mo
13. Macau to issue 20-pacata note celebrating Olympics, BanknoteNews.com, Retrieved 2011-09-01.
14. Year of the Snake note rush starts The Macau Business Daily. January 14, 2013. Retrieved on 2013-01-19.
15. Macau commemorative notes reported, BanknoteNews.com. Retrieved 2011-09-01.
16. Macau new 10-pataca Year of Dragon commemorative notes confirmed BanknoteNews.com. Retrieved 2012-01-28.
17. Macau new 100-pataca centennial anniversary commemorative notes confirmed BanknoteNews.com. Retrieved 2012-04-26.
18. http://www.amcm.gov.mo/publication/quarterly/Jul2007/Definition%20of%20Money%20Supply_revised.pdf%5B%5D Money Supply and its relevance to Macau
19. Currency in Circulation in Macao, Monetary Authority of Macau
20. http://wizardofmacau.com/general/hongkongdollars.html Hong Kong Dollar in Macau
21. http://www.marcasepatentes.pt/files/collections/pt_PT/1/2/14/CPI%201995.pdf Decreto-Lei n. 16/95/M

Sources

• All MOP exchange rates after 1990 are according to the historical China Statistical Yearbook.
• Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
• Cuhaj, George S. (editor) (2005). Standard Catalog of World Paper Money: Modern Issues 1961-Date (11th ed.). Krause Publications. ISBN 0-89689-160-7.CS1 maint: extra text: authors list (link)
• Pick, Albert (1996). Standard Catalog of World Paper Money: General Issues to 1960. Colin R. Bruce II and Neil Shafer (editors) (8th ed.). Krause Publications. ISBN 0-87341-469-1.
• Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.

External links

• Abdullah Beydoun's Banknoteworld: Macau – a gallery of Macau banknote issues past and present
• (in Chinese) (in Portuguese and English) Banco Nacional Ultramarino (Macau)
• (in Chinese) (in Portuguese and English) Banknotes issued by the Banco Nacional Ultramarino.
• (in Chinese) (in English) Bank of China (Macau)
• (in Chinese) (in English) SinoBanknote
• (in English and German) Historical banknotes of Macau

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