Money and Currency in African History

African peoples have managed multiple currencies, for all the classic four functions of money, for at least a thousand years: within each society’s own circuits, in regional exchange, and across the continent’s borders with the rest of the world. Given the materials of some of these currencies, and the general absence of formalized denominations until the colonial period, some early European accounts defined certain transactions as barter. The management of multiplicity is traced through four eras: a) the precolonial period, with some monies locally produced and acquired, and others imported through intercontinental trades, such as the Atlantic slave trade, and eventually under the expansion of capitalism to Africa; b) the colonial period, when precolonial monies, in some places, still circulated with official monies; c) postcolonial national monies for the new African states; and d) the most recent phase of multiplicity in use, due to migration and sales across borders as well as to the use of new technologies, such as mobile money. The management of multiplicity thereby has a long history and continues to be an inventive frontier. History and ethnography meet on common ground to address these dynamics through empirical study of money in practice, and broader scholarship has drawn on a large variety of original sources.