ABSTRACT

The historical evidence on the currencies in use in the Swahili world dates back to the eighth century, when the first coins were minted on the coast. Swahili coins were part of a complex monetary system characterised by the simultaneous circulation and acceptance of commodity currencies such as beads, cloth and grains. Sustained minting of Swahili coins continued until the fifteenth century, when European intrusions into the Swahili commercial and political world promoted the circulation of international trade coins, such as Spanish piasters and, later, Austrian Maria Theresa thalers. Coining on the coast resurfaced sporadically in later periods, such as in Mombasa in the seventeenth century, but it was largely abandoned as a consequence of the introduction of foreign currencies.