[citation needed] 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.

[citation needed] 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 MOP 1 = Esc 5$50.

This meant that the Macau pataca was worth only 1 shilling and was therefore at a discount of 3 pence in relation to the Hong Kong unit.

In 1923, the Banco Vui Hang introduced 10 pataca notes which stated that they were backed by Cantonese 20 cent coins.

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.

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.

[13] In 2024, both the Banco Nacional Ultramarino and the Bank of China (Macau) are set to introduce a new series of notes.

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.

The front side of the notes feature the 7-ton gilded bronze sculpture "Lotus Flower In Full Bloom", representing the prosperity of Macau.

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.

[22] The Hong Kong dollar and Chinese yuan are generally accepted throughout Macau from casinos to restaurants.