¹ The literature on this subject is rather extensive. See, for instance,Jones, G. I., “Native and Trade Currencies in Southern Nigeria during the XVIII and XIX Centuries,” Africa, 28 (1958), 42–54CrossRefGoogle Scholar; Kirk-Greene, Anthony, “The Major Currencies in Nigerian History,” Journal of the Historical Society of Nigeria (hereafter JHSN), 2 (Dec. 1960), 132–50Google Scholar; Hopkins, Anthony, “The Currency Revolution in Southwest Nigeria in the Late Nineteenth Century,” JHSN, 3 (Dec. 1966)Google Scholar; and Johnson, Marion, “The Cowrie Currencies of West Africa,” Journal of African History, 11, 1 (1970), 17–49CrossRefGoogle Scholar ; and vol. 11, no. 3 (1970), 331–53.

² Kirk-Greene, Anthony, “Major Currencies,” pp. 140–48Google Scholar. Cowries are shells of small molluscs from the Indian Ocean. They were widely used as money in Africa.

³ Ibid., p. 148.

⁴ Johnson, Marion, “Cowrie Currencies,” p. 24.Google Scholar

⁵ Ibid., pp. 28-33.

⁶ Nigerian Legislative Council Debates, 22nd Session, March 14, 1944, Statement by the Member from Banking, the Hon, K. M.Oliver, M. C. (Lagos: Government Printer, 1944), pp. 151–52.Google Scholar

⁷ Gann, L. H. and Duignan, Peter, The Economics of Colonialism (Cambridge, 1975), p. 37.Google Scholar

⁸ Hopkins, Anthony G., An Economic History of West Africa (New York, 1973), pp. 21–24.Google Scholar

⁹ Ibid., p. 71.

¹⁰ Ibid., p. 70. In Igboland, the Aros were the major bankers of the pre-colonial era. See Ofonagoro, “The Aro and Delta Middlemen of Southeast Nigeria and the Challenge of the Colonial Economy,” Journal ofAfrican Studies, 3, 2 (1976), 147. The “Egbo” society of Old Calabar had as one of its principal functions the recovery of bad debts: Ofonagoro, “The Opening Up of Southern Nigeria to British Trade, and its Consequences: Economic and Social History, 1881-1916” (Ph.D. diss., Columbia Univ., 1972), pp. 175–78Google Scholar.

¹¹ Manillas were horseshoe-shaped pieces of metal (brass, bronze, or iron).

¹² Basden, George T., Among the Ibos of Nigeria (London, 1920), p. 199.Google Scholar

¹³ Personal communication. I would like to record my gratitude to Professor Ekwueme Okoli of New York City Community College, to Mr. Metu of Eziama Ikeduru, Owerri; to Mr. B. N. Oriaku of Umuahia, to Mr. J. W. Aguzie of Isiekenesi, Orlu, and numerous others of that generation who have generously provided much information about cowries and other traditional currencies which they recalled using in the forties and in some cases as late as 1952.

¹⁴ , Hopkins, West Africa, p. 70.Google Scholar

¹³ Sir Gilbert Carter's general report on the Lagos interior expedition, 1893, No. II; The Possibilities of the Yoruba Country,” Lagos Weekly Record, June 2, 1894.

¹⁶ Public Record Office, London (hereafter PRO), Revise of Minutes of Evidence, Committee on the Currency of the West African Colonies, Nov. 17, 1899, Q498-Q502. In southeast Nigeria the equivalent was 6 cowries; Colonial Office, CO/520/4, Currency Committee Minutes of Evidence, 1899, Q655-Q658. Captain Denton served the government of Lagos as Colonial Secretary for 12 years, 1887-1889; during this period he acted as governor on the numerous occasions when the official incumbent went to England on leave. Mr. Wall administered the Customs Department of the Niger Coast Protectorate, 1891-1899; CO/520/4.

¹⁷ PRO, Revise of Minutes of Evidence, Committee on the Currency of West African Colonies, Nov. 17, 1899, Q498–Q502, CO/520/4.

¹⁸ Clough, Raymond Gore, Oil Rivers Trader (London, 1972), pp. 23–24.Google Scholar

¹⁹ Sir Frederick Lugard, The Dual Mandate in British Tropical Africa (rpt.; London, 1965), pp. 405 ff.

²⁰ Sir Burns, Alan, History of Nigeria (London, 1962), p. 131.Google Scholar

²¹ Ibid., p. 96.

²² Nwaguru, J., Aba and British Rule (Enugu, Nigeria, 1973), p. 79.Google Scholar

²³ W. Brandforth Griffiths to Governor Ussher, April 29, 1880, CO/147/41;Payne, J. Otonba, Payne's Lagos and West African Almanack (1893), pp. 43 and 54Google Scholar. Double eagles were American $20 gold coins. Eagles and half eagles are $10 and $5 gold coins, respectively. The French 20-franc pieces were gold coins minted by Napoleon Ill's government, 1853–1870. See also , Johnson, “Cowrie Currencies,” p. 23Google Scholar.

²⁴ CO/444/1, Moor to Colonial Office, July 18, 1899. The Brass Chiefs confiscated 5,740 of these silver coins during their raid on the Royal Niger Company's Akassa depot in 1895, and even as late as 1901 the Lugard Administration accepted a portion of the southern Nigerian contribution to the revenue of northern Nigeria in Maria Theresa dollars; CO/520/8, Moor to Colonial Office, June 22,1901.

²⁵ CO/147/41, Lt. Governor Brandforth Griffith to Governor Ussher, April 29, 1880.

²⁶ Ibid.

²⁷ Ryder, Alan, Benin and the Europeans, Appendix I, p. 295.Google Scholar

²⁸ CO/444/1, Niger Coast Protectorate Bluebook, 1896-97, Head: “Legal tender currency, giving particulars and legislative authority.” On the antiquity of these currencies, see , Jones, “Native and Trade Currencies,” pp. 43–54Google Scholar. On the use of brass rods in the Calabar Country, see CO/444/1, “Report of Captain E. Roupell, Political Officer, Niger Coast Protectorate, to Sir Ralph Moor, on the state of the Upper Cross River,” enclosure in Moor to Colonial Office, 14/6/99.

²⁹ CO/588/1, cf. Text of Native Currency Proclamation, No. 14 of 1902, sections 8 and 9.

³⁰ , Basden, Among the Ibos of Nigeria, p. 198.Google Scholar

³¹ Ibid., p. 200. Basden makes the only known reference to the umumu in print. Further fieldwork may be necessary to establish its origins and distribution.

³² Ibid., p. 198. Cypraea Annulus were Mozambique cowries, and were valued at half the Cypraea Moneta variety, which came from the Maldive Islands.

³³ CO/520/13, “Report on the Bluebook for 1900,” enclosure in Moor to Colonial Office, 24/1/02. Such cases were rare.

³⁴ CO/444/1, Niger Coast Protectorate Bluebook, 1896/97, Head: “Legal Tender Currency.”

³⁵ Ibid.

³⁶ CO/520/4, Currency Committee, Minutes of Evidence, Nov. 17, 1899, Q583–90; and Q660–62 read concurrently.

³⁷ Ibid., Q668.

³⁸ Ibid., Q587, Q638, and Q653. The Administration's insistence on collecting revenues only in British currency was due to the fact that the bulk of the revenue was remitted to the Crown Agents in London, and held or invested there. Only funds sufficient to meet the small demands of the government in Africa—such as the payment of wages to laborers, and the purchase of small quantities of food, clothing, hardware, and building materials—were kept in the local Treasury. The salaries of officials were paid in London. In Africa they lived off their generous allowances, and in virtually free housing.

³⁹ CO/520/8, Moor to Colonial Office, 12/6/01.

⁴⁰ CO/520/8, Leslie Probyn to Colonial Office, Aug. 13, 1901.

⁴¹ These included the brass rod and the Perekule or Awonawo manillas valued at 3d. Next in value were the Prince manillas, valued at ¾d. For higher transactions a fictitious unit of account known as Ikpeghe (Kirk-Greene's Okpoho) existed, which was made up of four Nwaohuru manillas. Thus 2 Ikpeghe equalled 8 Nwaohuru manillas; PRO, CO/520/4, Currency Committee Minutes of Evidence, 1899, Q655-Q658. Other information has been acquired from personal communication fieldwork in Eastern Nigeria.

⁴² PRO, Revise of Minutes of Evidence, Currency Committee, 1899, Q532-Q534.

⁴³ Payne's Almanack and Yearbook (1893), p. 54; See also CO/879/59 (Colonial Office Confidential Print), No. 16, Governor McCallum to Chamberlain, Aug. 4, 1897.

⁴⁴ CO/879/59, No. 16, McCallum to Chamberlain, Aug. 4, 1897; CO/520/4, Currency Committee, Minutes of Evidence, 1899, Q472–Q473; and Q468.

⁴⁵ Samuelson, Paul, Economics (New York, 1975).Google Scholar

⁴⁶ CO/520/14, Moor to Colonial Office, 16/6/02. Sir Ralph Moor, the High Commissioner of Southern Nigeria, initially made the same mistake, but later went to great lengths to inform bis superiors of the error of regarding these currencies as barter items.

⁴⁷ Burns, Arthur R., Money in Ancient Times, cited in A. Quiggin, A Survey of Primitive Money (London, 1963), p. 5.Google Scholar

⁴⁸ , Basden, Among the Ibos of Nigeria, pp. 196–97.Google Scholar

⁴⁹ CO/520/13, records of proceedings in the Supreme Court of Southern Nigeria, Assizes held at Asaba on 28 Nov. 1901, “Rex versus A. Plank.” Plank was convicted on two counts of falsification of accounts and forgery; he was at the time the Niger Company's station agent at Idah. The John Holt firm went one better, using the “measure” to fleece even their own locally-recruited staff, who were given contracts “of the usual native type, given to all our clerks in charge of stations—accepting responsibility for all goods entrusted to their care, etc…. They are paid in goods—thirty shillings per month—charged at native prices, the cost of which would be twenty shillings; goods are sent to them at Native prices also. For instance, we dispatch 50 measures of goods (each measures 5s., interior selling prices) and in return we expect 50 bushels of kernels.… The prices paid for kernels in these interior places enables us to pay all expenses and get the kernels down to Asaba at the same price paidfor them Asaba itself.” (Italics are mine.) Holt Papers, Box 1, file 6, extract from Mr. Drewett's letter dated Onitsha, July 5, 1905. For a description of “sortings,” “the ounce,” the “measure,” and the “Good For” see Hopkins, West Africa, p. Ill; Walter Ofonagoro, “The Opening Up of Southern Nigeria to British Trade,” pp. 168-71; and Clough, Oil Rivers Trader, p. 38.

⁵⁰ Similar adjustments had been made by European traders over the years in other areas of West Africa. Examples include the “bar” in seventeenth-century Senegambia and Eastern Nigeria; the “sorting” used in the seventeenth century between the Gold Coast and Cameroons; and the “ounce” of eighteenth-century Gold Coast. See Johnson, Marion, “The Ounce in Eighteenth-Century West African Trade,” Journal ofAfrican History, 7 (1966), 197–214CrossRefGoogle Scholar; , Hopkins, West Africa, pp. 111–12Google Scholar.

⁵¹ On July 11, 1896, The Lagos Weekly Record drew attention to this problem: “The fart should not be lost sight of that in proportion as the interior natives learn the value of gold and silver as money, in like proportion will they be inclined to hoard it up. The majority of the native producers only come to the colony to exchange their produce for specie which they carry back and hoard up. Their wants in respect of European goods for actual consumption are very small.” In 1922 Lugard indicated that the local people were indeed hoarding their money rather than spending it on high-priced British imports; Lugard, The Dual Mandate, p. 264.

⁵² CO/446/24, F. Lugard to Joseph Chamberlain, July 19, 1902; cf. Minutes, H. Butler to R. An-trobus, Nov. 22, 1902.

⁵³ Price, Ward, Dark Subjects, p. 251.Google Scholar

⁵⁴ , Basden, Among the Ibos, pp. 196–200Google Scholar; Smith, M., Baba of Karo (London, 1964), p. 81Google Scholar.

⁵⁵ CO/446/24, Minutes, Butler to Antrobus, Nov. 22, 1902. The hoarding of pennies in the United States has, in recent years, produced similar results.

⁵⁶ CO/520/4, Currency Committee Minutes of Evidence, 1899, Q488, Evidence of Governor Den ton. See also Q498-Q502.

⁵⁷ See Ofonagoro, “The Opening U p of Southern Nigeria,” pp. 12, 13, and 17, for further discussion of this theme.

⁵⁸ An excellent example of this restriction of trade with foreign countries in favor of British goods was the action of the Colonial Government regarding the import of Japanese goods into the country; “The Imperial Government became perturbed about the entry of Japanese goods, such as socks at 3d a pair, and bicycles at 15-; in consequence, severe import restrictions were imposed to prevent them driving British goods off the market”; Price, Ward, Dark Subjects, p. 253Google Scholar.

⁵⁹ , Hopkins, “The Currency Revolution,” p. 479.Google Scholar

⁶⁰ CO/147/41, Griffiths to Ussher, April 29, 1880. See also London Times, March 26, 1880,-where the rate of 51¼ pennies to the dollar is quoted; and Hopkins, “The Currency Revolution,” p. 479.

⁶¹ CO/147/41, Griffiths to Ussher, April 29, 1880.

⁶² CO/147/41, Minutes, F.R.R. to Meade, July 20, 1880. See also Payne's Almanack (1893), p. 43, public notice re Ordinance No. 2 of 1880, issued by Acting Assistant Secretary Turton, and dated May 11, 1880.

⁶³ CO/147/41, Minute by Governor Ussher, Accra, May 8, 1880. The text of the public notice of May 11, 1880, confirms that this was, in fact, what was done. As of May 21, 1880, “being ten clear days from the date of this notice,” only British silver coins would be accepted as legal tender by the Government of Lagos. See Payne's Almanack, p. 43, for text.

⁶⁴ PRO, Index of Despatches from Governor Ussher to Colonial Office, 1880. See summaries of despatches No. 10126 of 27/5/80, No. 10145 of 1/6/80, and No. 10844 of 17/6/80. The above des-patches were destroyed by statute. See also Hopkins, “The Currency Revolution,” p. 480.

⁶⁵ CO/520/4, revise of Minutes of evidence, Committee on the Currency of the West African Colonies, Nov. 17, 1899, Q518-Q522 and Q451-Q457. See also Hopkins, “The Currency Revolution,” pp. 480-81.

⁶⁶ See Ellen Thorpe, Ladder of Bones, p. 218; and PRO, Index to Lagos Despatches, 1880, despatch No. 10132 of 31/5/80.

⁶⁷ CO/520/4, revise of minutes of evidence, West African Currency Committee, 1899, Q518-522; Q455-457; and Hopkins, “The Currency Revolution,” p. 480.

⁶⁸ CO/526/8, Moor to CO., June 22, 1901.

⁶⁹ CO/879/59, enclosure in No. 21, “Correspondence relating to the currency of the West African Colonies”; CO/520/8, “Currency in Southern Nigeria,” the Butler Memorandum, Sept. 9, 1901.

⁷⁰ See CO/588/1 for text. See also CO/520/13, “Report on the Bluebook for 1900,” enclosure in Moor to CO., 24/1/02.

⁷¹ CO/879/59, enclosure in No. 49, Moor to Chamberlain, Nov. 3, 1899; CO/520/9, Probyn to C.

⁷² CO/444/2, enclosure in Moor to C. O., 1/10/99.

⁷³ CO/520/4, Minutes, W. A. Mercer to R. L. Anthrobus, March 23, 1900.

⁷⁴ CO/520/8, Minutes, Butler to Anthrobus, 18/7/01.

⁷⁵ ibid.

⁷⁶ ibid.

⁷⁷ In pre-colonial Niger Igbo communities, the Omu or market queen had exercised this function. See Basden, Among the Ibos, p. 195. In the Delta, the chiefs had exercised similar authority as regards rates of exchange between manillas and foreign currencies.

⁷⁸ CO/588/1, “Native Courts Proclamation, No. 25 of 1901,” section XXXVI (ii).

⁷⁹ Liverpool Chamber of Commerce, C. A. T. S. Minute Book, March 26, 1906 to May 13, 1907, “Commentary on the return of sterling values of native currency for the quarter ending December 31, 1905: Southern Nigeria Gazette, No. 10, April 13, 1906.” See also CO/588/1, text of “Native Currency Proclamation, No. 14 of 1902,” sections 8 and 9.

⁸⁰ Report of the Departmental Committee Appointed to Inquire into Matters Affecting the Currency of the British West African Colonies and Possessions, Cd. 6427, 1912. See evidence of F. W. Fosbery, Provincial Commissioner, Southern Nigeria, pp. 28, 29, and 126.

⁸¹ West African Mail, March 15, 1912, “Eboe” to W. N. M. Geary.

⁸² Cd. 6247, 1912, evidence of Chief Ogolo at Currency Committee hearings, 1912.

⁸³ Thorpe, Ladder of Bones, p. 220; The African Mail, Aug. 30, 1912, p. 479, “Openings for Trade.”

⁸⁴ National Archives, Enugu, Nigeria: Riv. Prof. 2/1/83, No. C. 607, Vol. II, “Draft Report on Ma-nilla currency.” See also RG/B6 National Archives, Ibadan, Nigeria: “Report concerning Manilla currency as used in districts falling within the trading influence of Opobo, Bonny and Eket, with Memorandum relating to 1913,” dated Feb. 19, 1913.

⁸⁵ National Archives, Enugu, Riv. Prof. 2/1/82, No. C. 607, Vol. I, Secretary Eastern Provinces to Residents, Owerri and Calabar Provinces, May 18,1946.

⁸⁶ , Kirk-Greene, “The Major Currencies of Nigerian History,” p. 146Google Scholar; , Thorpe, Ladder of Bones, pp. 216–21Google Scholar; and The United Africa Company, Statistical and Economic Review, 3 (1949), 44–56Google Scholar.

⁸⁷ Personal communication, J. W. Aguzie of Isiekenesi. His father, Job Aguzie of Aba (my grandfather) lost his fortune in the “operation manilla” of 1948. Their successors, the colonial elites of southeast Nigeria, lost their fortunes once more during the Nigeria/Biafra war when Nigerian currency was again changed and when, after the war, the victorious Nigerian government refused to treat Biafran currency as money.

⁸⁸ , Thorpe, Ladder of Bones, p. 220.Google Scholar

⁸⁹ Ibid., p. 217.

⁹⁰ CO/444/1, Niger Coast Protectorate Bluebook; 1896/97, Head: “Legal tender currency, giving particulars and legislative authority.” See also “Report of Captain Roupell, Political Officer, Niger Coast Protectorate to Sir Ralph Moor, High Commissioner, on the state of the Upper Cross River,” enclosure in Moor to C. O., 14/6/99.

⁹¹ Lagos Weekly Record, June 4, 1894.

⁹² CO/879/59, No. 16, McCallum to C. O., Aug. 4, 1897. See also No. 18, The Treasury (through E. W. Hamilton) to C. O., Oct. 29, 1897; and Minutes, Butler to Anthrobus, Nov. 22, 1902.

⁹³ Ibid.

⁹⁴ Ibid.

⁹⁵ Ibid.

⁹⁶ CO/520/8, The Butler Memorandum, Section “A.”

⁹⁷ See Holt Papers, 14/1, John Holt to Jonathan Holt, March 1, 1914. Sir Alfred Jones, chairman of the Bank of British West Africa, which stood to benefit from the currency change, encouraged Butler in this attitude.

⁹⁸ CO/444/1, Messrs. Miller Brothers and Company to Joseph Chamberlain, 11/9/1899; Messrs Bey and Co. to Sir Ralph Moor, Dec. 13, 1899; Crown Agents to Bey and Co;, March 26, 1900; Bey and Co. to Crown Agents, April 4, 1900; and CO/520/4, Currency Committee Minutes of Evidence, Q498-Q502andQ671.

⁹⁹ CO/520/14, Moor to C. O., 16/6/02; Holt Papers, 14/1, John Holt to Jonathon Holt, March 1, 1914.

¹⁰⁰ See CO/588/1 for text. Section 2 of this proclamation banned importation of cowries and prescribed fines and terms of imprisonment for violators. See also Section 4.

¹⁰¹ Liverpool Chamber of Commerce, Committee of the African Trade Section, Minute Book, 1906-1907, enclosure in p. 204, Colonial Office to Committee of the African Trade Section, May 1, 1907.

¹⁰² CO/520/72, Treasury (through W. Blain) to C. O., 2/10/08 enclosure, Nigeria Coinage Order, 1908; Minutes, Butler to Crown Agents, 17/10/08; and CO/520/61, Butler to Strachey and Anth-robus, 23/6/08.

¹⁰³ , Anene, Southern Nigeria in Transition, p. 295.Google Scholar

¹⁰⁴ , Basden, Among the Ibos of Nigeria, p. 200.Google Scholar

¹⁰⁵ , Thorpe, Ladder of Bones, p. 219Google Scholar; , Mars, “The Monetary and Banking System, and the Loan Market of Nigeria,” in Perham, Mining, Commerce, and Finance in Nigeria, p. 183Google Scholar. Further evidence has been derived from personal communications.

¹⁰⁶ CO/520/4, Currency Committee, evidence of Captain Demon, Colonial Secretary of Lagos, 1887-1899,minutesof evidence, Q470–Q471.

¹⁰⁷ , Basden, Among the Ibos of Nigeria, p. 199Google Scholar. Before the 1904 prohibition, 25 UKWU exchanged for a shilling. After 1904 the exchange rate changed gradually to 16, 15, and 13 UKWU to the shilling; and by 1915, 12 UKWU to the shilling. The UKWU = 60cowries.

¹⁰⁸ , Basden, Among the Ibos, p. 198.Google Scholar

¹⁰⁹ Personal communications.

¹¹⁰ Green, R. H. and Seidman, A., Unity or Poverty: The Economics of Pan-Africanism (Baltimore, 1968), p. 31Google Scholar. Green and Seidman confirm that “under colonial rule, modern economic development took place only in sectors limited almost exclusively to production for export, the import trade, and related collection and distribution services. These sectors did not directly affect the bulk of the population who continued to engage in low productivity food and handicraft production predominantly for their own use or sale in local markets.”

¹¹¹ Price, Ward, Dark Subjects, p. 251Google Scholar; , Lugard, The Dual Mandate, p. 491Google Scholar.

¹¹² , Lugard, The Dual Mandate, pp. 190, 491 ff., and 609Google Scholar. Some idea of the cash amounts of these profits may be gained from the performance of the West Africa Currency Board. In itsfirstfour years of operation, the Board shipped silver coin with a face value of over £4 million (excluding coins repatriated). The Board's assets on June 30, 1917, stood at £1,867,000, or an average of £497,000 per year.

¹¹³ G. O. Nwankwo, The Grammar of Money, Inaugural Lecture, University of Lagos, April 14, 1978, pp. 7 and 35. Nwankwo is the Professor of Finance, Chairman of the Department of Finance and Dean of the Faculty of Business Administration, University of Lagos, and Executive Director for Banking and Finance, the Central Bank of Nigeria.