New coin issue 100 centavos series 2012 - presentOne of the key responsibilities of the BCTL is to ensure that currency either banknote or coin are available to meet the public's needs. The BCTL distributes the currency through two channels. First, the BCTL accepts some currency deposits directly from depository institutions and pay out some currency ordered to depository institutions. Second, the BCTL provides payment of the government cheque as well as exchange service of unfit currency to fit currency.
Each year, the BCTL put order approximately more than 5 million quantity USD banknotes with the largest denomination of $1, approximately 29% compared to other denomination of USD banknotes. This is because of the high demand of public to use small denomination of currency particularly US$1 bill as medium of exchange for the cash settlement.
In order to meet this demand, the BCTL need to carry out consignment of bags of US$1 bill from FRBNY and this has resulted to increase in cash transportation fees. The same circumstances occur to unfit USD banknote where approximately 44% of unfit banknotes withdrawn from circulation and sent back to FRBNY are for US$1 bill denomination.
The US$1 bill is one of the fashionable currencies that are being used by public on daily transactions. Therefore, it has less durability in circulation and it is unfit for recirculation in most cases when deposited back to BCTL. With the aim of reducing cost associated to the consignment of US$1 bill and to have type of currency with high durability in circulation, Banco Central de Timor-Leste issued and circulate of 100 Centavos in substitution for US$1 bill.
DesignObverse face of the coins contains the following principal elements:
- The words “Banco Central de Timor-Leste” forming the upper border;
- A pictorial design of D. Boaventure of Manufahi, the hero of a former resistance movement is one of the great Timor-Leste historical figures and symbol of Timorense nationalism.
- The year of emission, 2012, on the lower border;
Reverse face of the coins contains the following principal elements:
- A border design based on a traditional tais pattern representing crocodiles;
- The denomination of the coin in numerals using the figures “100” with the figure;
- The word “centavos”;
- A representation of a kaibauk, below the denomination.
Design and characteristic coin
|Face value||100 centavos|
|Compositions||Outer (yellow) Cu with 6%Aluminium and 2%Nickel (CuAl6Ni2). Inner (white) coppernickel|
|Rim Diameter||23.75 mm|
|Rim Thickness||2.35 mm|
|Edge||Milled (150 grooves)|