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Coins

The Banking and Payment Authority of Timor-Leste (BPA), the “central bank” of the new country whose official language is Portuguese, and the Government of the Democratic Republic of Timor-Leste jointly decided to concentrate their efforts towards the minting of metal coins for national use. It was envisaged that these coins could be used in Timor-Leste as an alternative to the US Dollars that the United Nations Administration (UNTAET) adopted as the country’s official currency in 2000.

This decision is the result of careful consideration and does not call into question the use of the Dollar as Timor-Leste’s official currency (particularly of its paper notes). There are, however, important reasons for producing national coins. These refer mainly to the availability of coins with clearly marked values in numbers, which the American coins do not have; to the provision of an alternative to the one-dollar notes, which deteriorate rapidly due to heavy usage; to a desire for expressing the sovereignty of a new and young country; and also to the possibility of collecting financial benefits through what is known in economic jargon as “seignorage’ or the difference in value between the face value of a coin or note and its production cost.

The kaibauk can be seen on all new coins. It is a symbol of power traditionally used by men, particularly those of high social status in the Timorese society. Around the border there is a stylised figure of a crocodile inspired by similar motifs frequently found tais, the traditional textiles of Timor-Leste.

1 cent coin

The nautilus is a cephalopod commonly found in the sea around Timor. It lives deep in the ocean but its shell is frequently picked up by fishing boats. The nautilus symbolises the need to preserve the resources available in the sea around Timor-Leste.
5 cent coin

The rice plant was chosen to represent the 5 cents coin. Rice is one of the most important cultures in Timor-Leste. The decision to use it here refers to the need to provide nourishment to all Timorese people.
10 cent coin

Cock fighting is one of the Timorese people’s favourite sports. Its depiction on the ten cents coin pays homage to Timorese culture and to the historical tenacious spirit demonstrated by the Timorese people during the fight for independence.
25 cent coin

The “beiro” is a traditional Timorese fishing boat. It is made either from a single tree trunk, hollowed out until the desired shape is achieved, or by putting together wooden planks. The “beiros” are essential for the survival of many fishing communities established along the rich Timorese coast.

50 cent coin

The 50 cents coin is the only piece that does not correspond to an American coin currently in circulation in Timor-Leste. Represented on it is the coffee bean, the country’s most important agricultural crop. Coffee is also Timor’s first product for exportation. It pays further homage to 75% of the Timorese population, who live in rural areas.

ALMEIDA SERRA , A. M., "Timor-Leste: a primeira emissão de moedas correntes" in Cadernos da Faculdade de Arquitectura da Universidade Técnica de Lisboa, nº3, 2004.