Beyond Coins and Notes: The Ingenious Currencies of Pre-Colonial Africa

Before the arrival of colonial masters, the African landscape was home to an intricately organised economic system that reflected the creative cultures, dynamic lifestyle, deep-rooted traditions, timeless values and abundant resources of its people. Over time, African economies gained such influence and prominence that some African cities became renowned hubs of thriving global trade networks. For example, the trans-Saharan trade routes which connected West Africa with North Africa and the Mediterranean, were among the most powerful trade networks that facilitated the exchange of gold, salt and kola nuts—and various other commodities—between cities. The likes of the Mali empire also boasted routes that linked the gold fields of West Africa to the Mediterranean.

These trade networks served as vital conduits for rich and diverse commodities, ranging from Mali and Ghana’s gold to Sahara’s rock salt and copper, the Wagadu’s great herds, and Sahel’s leather products. Historians say these trade networks were so established that the Portuguese struggled to gain a foothold in the trade networks.

Central to these trade operations was a rich array of currencies that went far beyond being mere mediums of exchange. These currencies—from cowries and gold to iron, textiles, and livestock—carried cultural significance and reflected the social ingenuity of African societies. Some regions even became renowned for specific trade items, such as the Katanga cross in Central Africa and the Ngulu sword among the Congolese and their neighbours. Whether it was the precious gold dust of the Mali Empire, the cowrie shells that spanned vast regions, or the iron bars used in Central Africa, each currency had a purpose that went beyond simple transactions. The reality for Africans during this period didn’t primarily revolve around a need for wealth. Instead, these exchange systems were characterised by the needs of the men and women who operated them. 

Below, we highlight some of these currencies and their symbols in African culture.

Cowrie Shells: The Currency of Connectivity

Cowrie shells, small and gleaming, held a unique place in Africa's economic and cultural tapestry. Their journey to the continent is believed to have begun with the travels of Arab merchants through the Red Sea and Indian Ocean in the 14th century, who eventually introduced them to regions like Zanzibar and the upper Niger.

Cowrie shells quickly gained prominence, spreading like wildfire across the continent, partly because of their uniformity, portability, and durability. In a short while, in addition to their economic appeal, cowries began to symbolise power, prosperity, and spirituality. In some regions, they transcended these functions to embody an aesthetic allure that caused the African people to use them as ornaments to adorn their bodies, clothes, and art.

This versatility imbued cowries with such power that they endured for centuries on the African continent and have continued to surface in contemporary art forms. To date, cowrie shells remain a powerful symbol of African history, culture, and identity, transcending their role as currency to embody deeper cultural significance.

Gold: Africa’s Shining Wealth

Gold and gold dust played crucial roles as cornerstones of wealth and commerce in West Africa, with its significance stretching back to ancient times. This commodity was so prevalent as a unit of economic exchange that West Africa became known as the Land of Gold during the precolonial era. With countries such as Mali, Ghana and Songhai boasting large deposits of gold, it is not surprising that gold quickly gained traction as a common medium of exchange across Africa. For effective measurement, its value would often be determined by its weight just as was obtainable in other parts of the world.

Through the 1400s and 1500s, West Africa was the leading supplier of gold to the rest of the world, fueling local economies and solidifying the region's global status. ​As West African kingdoms flourished, the importance of gold expanded beyond local borders. By the time European traders began to explore Africa in earnest, they encountered an established gold trade that had already been flourishing for centuries. The subsequent creation of gold coins by European merchants further integrated the precious metal into global commerce, marking a significant turning point in the use of gold as currency​.

Salt : The White Gold of Africa

White gold is more than a fitting name for a commodity that stood out as one of Africa’s most prized resources during specific periods of the precolonial era. It is astonishing to think that a mineral so readily available today, once held extraordinary value, even surpassing gold in worth. Its importance as a trade commodity spurred a trade system that shaped the economies of several nations in Africa. Worthy of note is the vital role this mineral played in the prosperity of cities such as Timbuktu, Djenné and Gao. Mali, in particular, under the legendary leader Mansa Musa, created an empire that thrived solely on the trade of salt and gold. This trade was instrumental in its rise to fame as one of the most powerful African empires in history.

This precious commodity served multiple roles as an essential food preservative, currency and seasoning, with some countries like Egypt going as far as to preserve their dead with it. As a result, slabs of salt would be borne across the Sahara desert on caravans that trekked for weeks with West Africa in focus as their point of entry into the African market.

Tools as Trade Currency

While the roots of iron forging and smelting remain a mystery in Africa to date, its fast-paced proliferation across the continent is not. Large-scale production centres of this commodity have been discovered in various ancient locations as well as symbols of the immense value it represented. In Central Africa, iron and metals were so central to their trade and prosperity that iron masters were revered craftsmen accorded quasi-religious statuses. Intricately carved iron would often be buried alongside bodies as a symbol of power and wealth. Hoes and spears were also often traded for other commodities. 

In West African economies, tools played a central role, serving as both currency and trade goods across various regions. For example, iron was transformed into "shackles" or bracelets in regions like the Ivory Coast and Nigeria, and used in trade both locally and with Europeans. Iron rods called ‘guinzé’ were used as currency in Guinea, Sierra Leone, and Liberia.

Livestock: Living Gold

Livestock has played and continues to play a critical role in African economies. Renowned as a symbol of status, currency and wealth, those who had large herds in precolonial Africa were considered elite.

As a form of currency, cattle and cattle products would be exchanged for other goods of equal value and relevance. This was particularly surprising to the Portuguese colonists who sought gold in specific regions of the continent such as Kalanga (of Zimbabwe). The Kalanga people were more interested in cattle exchange, believing it to be a replaceable and storable wealth form. Hence, cattle was often used in marriage transactions in this region as well as in wealth distribution to vassals and chiefs as a means of sealing diplomatic relations.

Particularly in regions like East Africa and the Sahel, cattle were central to the lives of pastoral communities. The Maasai people of East Africa, for example, used cattle not only for sustenance but also as a means of demonstrating wealth, status, and community ties. In societies like the Maasai, a large herd of cattle was a clear indication of a person’s wealth and social standing and could be used in bartering for goods or services such as food, salt, or tools​.

Textiles and Beads: Art as Currency

In nineteenth-century East Africa, glass beads played a significant role as both currency and cultural markers along the Central Caravan Road. Used for trade, beads functioned as a form of payment for goods such as ivory, slaves, and textiles. These beads were highly prized for their vibrant colors and craftsmanship, symbolizing wealth, prestige, and social status. Specific regions, such as Zanzibar, saw beads integrated into local economies, blending economic value with cultural expression in exchanges that transcended mere trade.

Similarly, textiles, particularly handwoven cloths like Souban from the Songhai empire, were once used as currency in parts of West Africa. These cloths were valued for their design and function, and bundles of cloth were traded within a robust network that helped build powerful medieval empires like Songhai.