Somali Currency

[Erythrean]

 

[anon2]

Crazy to think the Somali Shilling was once a reliable currency. I wish someone can find the data-sets for 1970's, I was told the shilling devalued after 1978 (due to the war).. Maybe $1 USD = $3 SOS at the time..

 

[Erythrean]

Crazy to think the Somali Shilling was once a reliable currency. I wish someone can find the data-sets for 1970's, I was told the shilling devalued after 1978 (due to the war).. Maybe $1 USD = $3 SOS at the time..
View attachment 250658

How can we bring it back up?

 

[anon2]

How can we bring it back up?

Make a new currency and print a limited supply, force everyone to use it and preferably have it backed by gold. Somalis relay on USD too much. It would be good to make people who want to buy our resources (i.e. Oil) to purchase in our currency or gold. I am no expert in this field but it doesn't take a genius to figure out basics.

 

[Erythrean]

Make a new currency and print a limited supply, force everyone to use it and preferably have it backed by gold. Somalis relay on USD too much. It would be good to make people who want to buy our resources (i.e. Oil) to purchase in our currency or gold. I am no expert in this field but it doesn't take a genius to figure out basics.

What’s the point in this? (I don’t know anything about economics)

 

[anon2]

What’s the point in this? (I don’t know anything about economics)

They would buy your currency thus being able to maintain it's value, the same way the gulf states sell their Oil in US to help maintain the power of the dollar

 

[Erythrean]

They would buy your currency thus being able to maintain it's value, the same way the gulf states sell their Oil in US to help maintain the power of the dollar

Makes sense. I’ve heard the Petrodollar is decreasing it’s value though. How long do you think it’ll stick around

 

[anon2]

Makes sense. I’ve heard the Petrodollar is decreasing it’s value though. How long do you think it’ll stick around

50 years or so, America isn't dumb, they probably have ways to counteract the decline of the dollar

 

[Hilmaam]

What did somalia use before colonization for currency anybody know

 

[Khaem]

What did somalia use before colonization for currency anybody know

Mogadishu sultanate & Ajuran Sultanate minted coins during the medieval era.
Mogadishu did it over a thousand years ago from the late 900s and the Ajuurans from the 1200s.

https://en.m.wikipedia.org/wiki/Mogadishu_currency#:~:text=Mogadishan%20coins%20were%20in%20widespread,Yusuf%20of%20Mogadishu%20was%20excavated.

In order to facilitate regional trade, the Mogadishu Sultanate began minting its own coins, a move which had the effect of centralizing its commercial hegemony. The currency bears the names of 23 successive Sultans of Mogadishu. Some coins also adopted the style of the extant Fatimid and Ottoman currencies. For trade, the Ajuran Empire minted its own Ajuran currency. It also utilized the Mogadishan currency originally minted by the Sultanate of Mogadishu, which later became incorporated into the Ajuran Empire during the 13th century.

Mogadishan coins were in widespread circulation. Pieces have been found as far away as the present-day United Arab Emirates, where a coin bearing the name of a 15th-century Somali Sultan Ali b. Yusuf of Mogadishu was excavated. Over the course of three archaeological expeditions in Warsheikh between 1920 and 1921, Enrico Cerulli also uncovered coins from the medieval Sultans of Mogadishu. They were deposited in the Scuola Orientale of the University of Rome, but were later lost in World War II. According to Cerulli, similar coins were found in the village of Mos (Moos), located about 14 km to Warsheikh's northwest. Freeman-Grenville (1963) also record another discovery of ancient coins in the latter town. During excavation in Iraq in 1971, a copper piece was discovered baring the name of Sultan of Mogadishu Ali ibn Yusuf. Bronze coins belonging to the Sultans of Mogadishu have also been found at Belid near Salalah in Dhofar

 

[Dalac Bilaash]

Our currency was strong back then how far have we fallen I remember my grandmom still had these coins from 1960s .

 

[Hamzza]

What did somalia use before colonization for currency anybody know

Barter

 

[Khaem]

Barter

Wrong, the south minted their own currency from the late 900s by the Mogadishu sultanate and it was in use in much of the southern half of the Somali peninsula along these trade routes that were focused on this river system.

Mogadishu sultanate & Ajuran Sultanate minted coins during the medieval era.
Mogadishu did it over a thousand years ago from the late 900s and the Ajuurans from the 1200s.

https://en.m.wikipedia.org/wiki/Mogadishu_currency#:~:text=Mogadishan%20coins%20were%20in%20widespread,Yusuf%20of%20Mogadishu%20was%20excavated.

View attachment 290767View attachment 290768

 

[Hamzza]

What did somalia use before colonization for currency anybody know

Some random Spanish and French currencies were widespread in the coast though. But the vast majority of Somalis were not familiar with any currency and used barter to trade.

 

[IKHALIIL]

Lets make the Petroshilling a thing!

 

[Hilmaam]

Some random Spanish and French currencies were widespread in the coast though. But the vast majority of Somalis were not familiar with any currency and used barter to trade.

I don’t see how so many Somalis went to Hajj and traveling without some kind of currency we did umrah and hajj for generations

 

[Hamzza]

I don’t see how so many Somalis went to Hajj and traveling without some kind of currency we did umrah and hajj for generations

That's a common misconception. It only became common for Somalis to go to Hajj after the arrival of the English in Aden and the beginning of colonization

 

[Hilmaam]

Wrong, the south minted their own currency from the late 900s by the Mogadishu sultanate and it was in use in much of the southern half of the Somali peninsula along these trade routes that were focused on this river system. View attachment 290770

I can’t tell writing or anything on those coins hopefully more research is done on the coins. Will try to find the referenced book in wiki when I get chance

 

[Fobnimo Till I Dhimo]

That's a common misconception. It only became common for Somalis to go to Hajj after the arrival of the English in Aden and the beginning of colonization

Do you have any daliil for this claim?

 

[Khaem]

Do you have any daliil for this claim?

Not many people coulf afford to make the trip in general, only a few from around the world did it.
But somalis were literally right next to Arabia.
From my home in Djibouti I could reach yemen in a couple hours.