Trade and money in British West Africa, 1912–1970: evidence from seasonal cycles

A long-standing debate in Africa’s economic history is the speed with which the introduction of colonial currency changed the monetary systems in use on the continent. On the one hand, this introduction saw the gradual decline of indigenous currencies such as cowries and manilas. On the other, the persistence of such currencies suggests that a system of multiple currencies was maintained for some time after the beginning of colonial rule. This article uses new data on seasonal fluctuations in the circulation of official currencies in West Africa to argue that they were largely used for the purchase of cash crops and imports. Demand for these currencies was thus driven by their use as the medium of exchange in international trade. Such limited adoption of colonial currencies reflected both the motivations behind their introduction as well as Africans’ limited access to financial services.