1000 Patacas Year of the Horse

Macau's gold commemorative program launched in the mid-1980s as the territory's administration began positioning the city's financial image ahead of the 1999 handover to China. The Horse issues drew consistent buyer interest from Hong Kong collectors, where lunar series coins were treated as investable objects rather than collectibles — purchased near spot and tracked accordingly.

KM#47 had a mintage ceiling of 5,000 pieces, modest even by regional standards of the period.