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We consider distributed and dynamic caching of coded content at small base stations (SBSs) in an area served by a macro base station (MBS). Specifically, content is encoded using a maximum distance separable code and cached according to a time-to-live (TTL) cache eviction policy, which allows coded packets to be removed from the caches at periodic times. Mobile users requesting a particular content download coded packets from SBSs within communication range. If additional packets are required to decode the file, these are downloaded from the MBS. We formulate an optimization problem that is efficiently solved numerically, providing TTL caching policies minimizing the overall network load. We demonstrate that distributed coded caching using TTL caching policies can offer significant reductions in terms of network load when request arrivals are bursty. We show how the distributed coded caching problem utilizing TTL caching policies can be analyzed as a specific single cache, convex optimization problem. Our problem encompasses static caching and the single cache as special cases. We prove that, interestingly, static caching is optimal under a Poisson request process, and that for a single cache the optimization problem has a surprisingly simple solution.