From Cowries to Coins: Money and Colonialism in the Gold Coast and British West Africa in the Early 20th Century

All gold and silver coins legally current in the UK Certain French, Spanish and American gold coins 5-franc pieces of the Latin Union All bronze coins legally current in the UK nil nil 3. Gold Coast and Dependencies ditto nil nil ditto Nickel-bronze 1/10 of a penny, halfpenny and 1-penny pieces nil 4. Southern Nigeria (Western Province) ditto Certain French, spanish and american gold coins nil ditto ditto nil 5. Northern Nigeria and Southern Nigeria (Eastern and Central Provinces) ditto nil nil ditto ditto nil Source: NA: CO 984/2, WACC Report, 'Statement of the coins which are now legal tender in the five West African administrations', 2 Introduction This paper explores the validity of the arguments articulated by the British colonial administration and business interests in favour of the institution of a colonial common currency system in British West Africa in 1912 (see Fig. 1). It also aims to provide an analysis of the extent to which the native populations accepted or challenged the new colonial monetary order. Given its centrality to Britain's colonial project in West Africa, the Gold Coast (which was renamed Ghana in 1957 after gaining independence) will be used as a case study (see Fig. 2). The chapter explores how the loss of politico-monetary sovereignty in the Gold Coast was occasioned by the coming of colonialism, and the establishment of a colonial monetary system in the form of the West African Currency Board (WACB). The WACB managed the production and design of a common currency for