Portuguese Timorese pataca
Encyclopedia
The pataca was a monetary unit of account used in Portuguese Timor
between 1894 and 1958, except for the period 1942-1945, when the occupying Japan
ese forces introduced the Netherlands Indies gulden and the roepiah. As in the case of the Macanese pataca
which is still in use today, the East Timor
unit was based on the silver Mexican dollar coins which were prolific in the wider region in the 19th century. These Mexican dollar coins were in turn the lineal descendants of the Spanish pieces of eight
which had been introduced to the region by the Portuguese
through Malacca
, and by the Spanish through the Manila Galleon
trade.
and Portuguese Timor
in the year 1894, but only as a unit of account for the silver Mexican dollar coins that circulated widely in the region at that time. In 1894, Macau
and Portuguese Timor
constituted one single administrative entity, although in the year 1896, Portuguese Timor
became autonomous from Macau
. In those days in Macau and East Timor, there was no single currency in circulation and trade was dominated by the silver dollar coins, not only of Mexico, but also of China, as well as the British silver trade dollars that were minted for use in Hong Kong
and the Straits Settlements
. In East Timor, the 2½ Gulden
coin of the neighbouring Netherlands East Indies also corresponded to a silver dollar. In 1901 in Macau, it was decided to create a purely local currency and the authorities granted the Banco Nacional Ultramarino
exclusive rights to print legal tender banknotes. These pataca banknotes were launched in the year 1906 at a sterling value of 2 shillings and 4 pence just like in the case of the new Straits dollar
that was issued in that same year, and as in the Straits Settlements
all foreign coinage was outlawed, with the view that the new currencies should establish their own market values. The Chinese were however suspicious of these paper patacas, being so accustomed to using silver for barter, and so the paper patacas always circulated at a discount in relation to the silver dollar coins. These Macau banknotes also circulated on East Timor, but in the year 1912 they were supplemented by local Timor issues for the first time. While the pataca continued at a discount to the silver dollars that were used in silver standard countries such as China and Hong Kong, the Straits dollar
was pegged to sterling
in a gold exchange standard and 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 hence making it equivalent to the British shilling and putting it officially at a 3 pence sterling
discount in relation to the Hong Kong
unit, and at a 1 shilling and 4 pence 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
having been on the gold standard until the 1930s had risen in value against the pataca to the extent that the pataca was now closer in value to 1 gulden rather than the 2½ gulden rate that prevailed at the turn of the century. When the pataca unit was reintroduced again 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 were issued for the first time. In 1951 mintage of this fractional coinage ceased, yet interestingly, the following year a full set of pataca coinage including both fractional coins denominated in avos and also a pataca coin were issued in Macau
.
In 1958 the pataca was replaced by the escudo at the rate of 1 pataca = 5.6 escudos.
In 1975, Portuguese Timor was invaded by Indonesia, and Indonesian currency was introduced. When this territory was established as an independent state in 2002, the US dollar was made the official currency. The US dollar was also descended from the Spanish 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.
Portuguese Timor
Portuguese Timor was the name of East Timor when it was under Portuguese control. During this period, Portugal shared the island of Timor with the Netherlands East Indies, and later with Indonesia....
between 1894 and 1958, except for the period 1942-1945, when the occupying Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
ese forces introduced the Netherlands Indies gulden and the roepiah. As in the case of the Macanese pataca
Macanese pataca
The pataca is the currency of Macau. It is subdivided into 100 avos , with 10 avos called ho in Cantonese. The abbreviation MOP$ is commonly used....
which is still in use today, the East Timor
East Timor
The Democratic Republic of Timor-Leste, commonly known as East Timor , is a state in Southeast Asia. It comprises the eastern half of the island of Timor, the nearby islands of Atauro and Jaco, and Oecusse, an exclave on the northwestern side of the island, within Indonesian West Timor...
unit was based on the silver Mexican dollar coins which were prolific in the wider region in the 19th century. These Mexican dollar coins were in turn the lineal descendants of the Spanish pieces of eight
Pieces of Eight
Pieces of Eight is the eighth studio album and second concept album by Styx, released September 1, 1978.The album was the band's follow-up to their Triple Platinum selling The Grand Illusion album....
which had been introduced to the region by the Portuguese
Portuguese people
The Portuguese are a nation and ethnic group native to the country of Portugal, in the west of the Iberian peninsula of south-west Europe. Their language is Portuguese, and Roman Catholicism is the predominant religion....
through Malacca
Malacca
Malacca , dubbed The Historic State or Negeri Bersejarah among locals) is the third smallest Malaysian state, after Perlis and Penang. It is located in the southern region of the Malay Peninsula, on the Straits of Malacca. It borders Negeri Sembilan to the north and the state of Johor to the south...
, and by the Spanish through the Manila Galleon
Manila Galleon
The Manila galleons or Manila-Acapulco galleons were Spanish trading ships that sailed once or twice per year across the Pacific Ocean between Manila in the Philippines, and Acapulco, New Spain . The name changed reflecting the city that the ship was sailing from...
trade.
History
The pataca was first introduced in MacauMacau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
and Portuguese Timor
Portuguese Timor
Portuguese Timor was the name of East Timor when it was under Portuguese control. During this period, Portugal shared the island of Timor with the Netherlands East Indies, and later with Indonesia....
in the year 1894, but only as a unit of account for the silver Mexican dollar coins that circulated widely in the region at that time. In 1894, Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
and Portuguese Timor
Portuguese Timor
Portuguese Timor was the name of East Timor when it was under Portuguese control. During this period, Portugal shared the island of Timor with the Netherlands East Indies, and later with Indonesia....
constituted one single administrative entity, although in the year 1896, Portuguese Timor
Portuguese Timor
Portuguese Timor was the name of East Timor when it was under Portuguese control. During this period, Portugal shared the island of Timor with the Netherlands East Indies, and later with Indonesia....
became autonomous from Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
. In those days in Macau and East Timor, there was no single currency in circulation and trade was dominated by the silver dollar coins, not only of Mexico, but also of China, as well as the British silver trade dollars that were minted for use in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and the Straits Settlements
Straits Settlements
The Straits Settlements were a group of British territories located in Southeast Asia.Originally established in 1826 as part of the territories controlled by the British East India Company, the Straits Settlements came under direct British control as a crown colony on 1 April 1867...
. In East Timor, the 2½ Gulden
Gulden
Gulden is the historical German term for gold coin Gulden is the historical German term for gold coin Gulden is the historical German term for gold coin (from Middle High German guldin [pfenni(n)c] "golden penny", equivalent to the Dutch term guilder...
coin of the neighbouring Netherlands East Indies also corresponded to a silver dollar. In 1901 in Macau, it was decided to create a purely local currency and the authorities granted the Banco Nacional Ultramarino
Banco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
exclusive rights to print legal tender banknotes. These pataca banknotes were launched in the year 1906 at a sterling value of 2 shillings and 4 pence just like in the case of the new Straits dollar
Straits dollar
The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
that was issued in that same year, and as in the Straits Settlements
Straits Settlements
The Straits Settlements were a group of British territories located in Southeast Asia.Originally established in 1826 as part of the territories controlled by the British East India Company, the Straits Settlements came under direct British control as a crown colony on 1 April 1867...
all foreign coinage was outlawed, with the view that the new currencies should establish their own market values. The Chinese were however suspicious of these paper patacas, being so accustomed to using silver for barter, and so the paper patacas always circulated at a discount in relation to the silver dollar coins. These Macau banknotes also circulated on East Timor, but in the year 1912 they were supplemented by local Timor issues for the first time. While the pataca continued at a discount to the silver dollars that were used in silver standard countries such as China and Hong Kong, the Straits dollar
Straits dollar
The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
was pegged to sterling
Sterling
Sterling may refer to:* Sterling silver, a grade of silver* Pound sterling, the currency of the United Kingdom- Businesses :* Hotel Sterling, a former hotel in Wilkes-Barre, Pennsylvania, United States* Sterling Airlines...
in a gold exchange standard and 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 hence making it equivalent to the British shilling and putting it officially at a 3 pence sterling
Sterling
Sterling may refer to:* Sterling silver, a grade of silver* Pound sterling, the currency of the United Kingdom- Businesses :* Hotel Sterling, a former hotel in Wilkes-Barre, Pennsylvania, United States* Sterling Airlines...
discount in relation to the Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
unit, and at a 1 shilling and 4 pence discount in relation to the Straits dollar
Straits dollar
The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
.
In 1942, during the second world war, the pataca was replaced by Japanese issues of the Netherlands Indies gulden at par. The gulden
Gulden
Gulden is the historical German term for gold coin Gulden is the historical German term for gold coin Gulden is the historical German term for gold coin (from Middle High German guldin [pfenni(n)c] "golden penny", equivalent to the Dutch term guilder...
having been on the gold standard until the 1930s had risen in value against the pataca to the extent that the pataca was now closer in value to 1 gulden rather than the 2½ gulden rate that prevailed at the turn of the century. When the pataca unit was reintroduced again in 1945, it was pegged to the Portuguese escudo
Portuguese escudo
The escudo was the currency of Portugal prior to the introduction of the Euro on 1 January 1999 and its removal from circulation on 28 February 2002. The escudo was subdivided into 100 centavos....
at a rate of 5.5 escudos = 1 pataca (changed to 5 escudos = 1 pataca in 1949) and fractional coins denominated in avos were issued for the first time. In 1951 mintage of this fractional coinage ceased, yet interestingly, the following year a full set of pataca coinage including both fractional coins denominated in avos and also a pataca coin were issued in Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
.
In 1958 the pataca was replaced by the escudo at the rate of 1 pataca = 5.6 escudos.
In 1975, Portuguese Timor was invaded by Indonesia, and Indonesian currency was introduced. When this territory was established as an independent state in 2002, the US dollar was made the official currency. The US dollar was also descended from the Spanish pieces of eight
Pieces of Eight
Pieces of Eight is the eighth studio album and second concept album by Styx, released September 1, 1978.The album was the band's follow-up to their Triple Platinum selling The Grand Illusion album....
but it broke parity with the silver dollars of South-east Asia and Latin America following the great international silver devaluation of 1873.