Macanese pataca

Macanese pataca
澳門圓 (traditional Chinese)
Pataca de Macau (Portuguese)[1]
ISO 4217
Code MOP
Number 446
Exponent 2
Denominations
Subunit
  1⁄10 毫 (ho) (traditional Chinese)
(no official Portuguese term for 10 avos)
  1⁄100 仙 (sin) (traditional Chinese) avo
(no longer in circulation)
Plural patacas (Portuguese only)
 毫 (ho) (traditional Chinese) avos (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
Issuance
Monetary authority Monetary Authority of Macau
 Website www.amcm.gov.mo
Printer

Issuing banks:
Banco Nacional Ultramarino
Bank of China
Printer:

Royal Joh. Enschedé
Valuation
Inflation 4.9%
 Source Direcção dos Serviços de Estatística e Censos, Q2 2007
Pegged with Hong Kong dollar = MOP$1.032
Macanese pataca
Chinese name
Traditional Chinese 澳門圓
Simplified Chinese 澳门圆
Portuguese name
Portuguese Pataca de Macau[1]

The Macao pataca, Macau pataca, or Macanese pataca (Portuguese: Pataca de Macau; Chinese: 澳門圓; ISO 4217 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.

Macau has a currency board system under which the legal tender, Macau pataca[2] (or Macao pataca[3]), is 100 percent backed by foreign exchange reserves, in this case currently the Hong Kong dollar. Moreover, the currency board, Monetary Authority of Macau (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.[4]

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 dollar, and it replaced the Portuguese real at a rate of 1 pataca = 450 reais. 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 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 established1 pataca =
18941 Mexican peso
19355.5 Portuguese escudos
19495 Portuguese escudos
19674.75 Portuguese escudos
19735.015 Portuguese escudos
1 Hong Kong dollar =
19771.075 patacas
19781.0025 patacas
19791.0425 patacas
19831.03 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.[5] 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 "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

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".[6] [7][8]

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.[9] 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.[10]

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.[11]

In 2012, the Banco Nacional Ultramarino and Banco de 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.[12] The Bank of China also issued a 100 pataca banknote to commemorate its centennial anniversary.[13][14][15]

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 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, 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, 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		 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
MOP$100 153 × 76.5 mm Blue Largo do Senado (Senate Square) 8 August 2005
8 August 2010
11 November 2013
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 		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

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 Region is actually Hong Kong dollars. Patacas accounted for only 29.9% of Macau's money supply at the end of 1998.[16] The exchange rate is pegged and is approximately MOP$1.03 for HK$1.[17] 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.[18] 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.[19] 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 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

References

  1. 1 2 http://www.dsec.gov.mo/getAttachment/2e670b2f-e5c1-4f11-9fa5-6129b1baa2a1/C_ENE_FR_2011_Q3.aspx
  2. ↑ http://www.gcs.gov.mo/showNews.php?DataUcn=14639&PageLang=E
  3. ↑ http://www.amcm.gov.mo/publication/quarterly/Jan2011/Bank_en.pdf http://bo.io.gov.mo/bo/i/1999/leibasica/index_uk.asp http://www.amcm.gov.mo/Press_Release/2008OlympicMOP/Olympic%20MOP%20Speech%20-%20English.htm http://www.amcm.gov.mo/cms_upload/general/press_release/pressrelease_enAttachment20110608150247.pdfhttp://www.ias.gov.mo/en/services/ http://www.socialinfo.ias.gov.mo:8080/Kiosk/GeneratePageDetails.jsp?pageid=230&lang=E http://www.icm.gov.mo/om/en/recruit/
  4. ↑ "The history of pataca". Monetary Authority of Macao. Retrieved 2008-01-04.
  5. ↑ S. S. Chan (2000). The Macau Economy. Publications Centre, University of Macau. ISBN 99937-26-03-6.
  6. ↑ "Issuance of banknotes". Bank of China (Macau). Archived from the original on 2008-06-11. Retrieved 2008-11-06.
  7. ↑ "Issuance of Banknotes". Bank of China (Macau). Retrieved 13 December 2013.
  8. ↑ "BNU Banknotes Online Exhibition". Banco Nacional Ultramarino S.A. (Macau). Retrieved 13 December 2013.
  9. ↑ Dez patacas em moedas subsidiaris de 20 avos de cantão.
  10. ↑ Bank of China, Macau Branch Issues New Pataca Notes. amcm.gov.mo
  11. ↑ Macau to issue 20-pacata note celebrating Olympics, BanknoteNews.com, Retrieved 2011-09-01.
  12. ↑ Year of the Snake note rush starts The Macau Business Daily. January 14, 2013. Retrieved on 2013-01-19.
  13. ↑ Macau commemorative notes reported, BanknoteNews.com. Retrieved 2011-09-01.
  14. ↑ Macau new 10-pataca Year of Dragon commemorative notes confirmed BanknoteNews.com. Retrieved 2012-01-28.
  15. ↑ Macau new 100-pataca centennial anniversary commemorative notes confirmed BanknoteNews.com. Retrieved 2012-04-26.
  16. ↑ http://www.amcm.gov.mo/publication/quarterly/Jul2007/Definition%20of%20Money%20Supply_revised.pdf Money Supply and its relevance to Macau
  17. ↑ Currency in Circulation in Macao, Monetary Authority of Macau
  18. ↑ http://wizardofmacau.com/general/hongkongdollars.html Hong Kong Dollar in Macau
  19. ↑ http://www.marcasepatentes.pt/files/collections/pt_PT/1/2/14/CPI%201995.pdf Decreto-Lei n. 16/95/M

External links

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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