Portuguese Timorese pataca

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Portuguese Timorese pataca
Pataca timorense (Portuguese)
Denominations
Subunit
 1⁄100avo
Banknotes5, 10, 20, 50 avos, 1, 5, 10, 20, 25, 50, 100 patacas
Coins10, 20, 50 avos
Demographics
User(s)Portuguese Timor
Issuance
Central bankBanco Nacional Ultramarino
This infobox shows the latest status before this currency was rendered obsolete.

The pataca was a monetary unit of account used in

Manila Galleon
trade.

History

The pataca was first introduced in

gold exchange standard, so the two currencies then floated apart. In 1935, when China and Hong Kong abandoned the silver standard, the pataca was pegged to the Portuguese escudo at a rate of 1 pataca = 5.5 escudos, making it equivalent to the British shilling (since £1 was then equivalent to 110 escudos) and putting it officially at a 3d sterling discount in relation to the Hong Kong unit, and at a 1s 4d discount in relation to the Straits dollar
.

In 1942, during the Second World War, the pataca was replaced by Japanese issues of the

Netherlands Indies gulden at par. The gulden had been on the gold standard until the 1930s, and had risen in value against the pataca so that the pataca was now closer in value to 1 gulden rather than the 2+1⁄2 gulden rate that had prevailed around 1900. When the pataca was reintroduced in 1945, it was pegged to the Portuguese escudo
at a rate of 5.5 escudos = 1 pataca (changed to 5 escudos = 1 pataca in 1949) and fractional coins denominated in avos (100 avos = 1 pataca) were issued for the first time. In 1951, minting of avo coins ceased, even though in 1952 a full set of pataca coinage, including coins denominated in avos and also a pataca coin, was issued in Macau.

In 1958, the pataca was replaced by the

escudo
at the rate of 1 pataca = 5.60 escudos.

In 1975,

pieces of eight
but it broke parity with the silver dollars of south-east Asia and Latin America following the great international silver devaluation of 1873.

Coins

10 Avos

In 1945, bronze 10 avos, nickel-bronze 20 avos and silver 50 avos coins were introduced. The sizes of these coins matched the Portuguese 20 centavos[citation needed] and 1 and 2+1⁄2 escudos. Coins were issued until 1951.

Banknotes

In 1912, the Banco Nacional Ultramarino introduced notes (dated 1910) in denominations of 1, 5, 10 and 20 patacas. 25 patacas notes from Macao also circulated. In 1940, notes of 5, 10 and 50 avos were introduced. Some of these notes were overprints of Macanese notes, as were the 5, 25 and 100 patacas notes introduced in 1945. The same year, specific issues for Timor were introduced in denominations of 1, 5, 10, 20 and 25 patacas, followed by 20 avos in 1948.

See also

References

  • Krause, Chester L.; Clifford Mishler (1991).
    ISBN 0873411501
    .
  • Pick, Albert (1994).
    ISBN 0-87341-207-9
    .

External links

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