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How and Why Did the Rupee Become the Currency of Zanzibar and East Africa?

In: Monetary Transitions

Author

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  • Catherine Eagleton

    (University of St Andrews)

Abstract

In the first half of the nineteenth century multiple currencies were in use at Zanzibar, with the Maria Theresa Thaler one of the most important circulating coins and the unit of account and other coins being accepted at variable rates that depended on seasonality of demand as well as market preferences. By 1900, this had changed, and the Indian rupee was the primary circulating currency not only in Zanzibar but along the East African coast, with all other coins having fixed values. This chapter looks at this change, and shows that the change was not gradual, but rather rapid, and a change that was made in response to the impact of the American Civil War on trade. It therefore provides new perspectives not only on currency in Eastern Africa, but contributes to our understanding of the impact of globalisation in the Indian Ocean and of the growing European influence and power in the region in the second half of the nineteenth century.

Suggested Citation

  • Catherine Eagleton, 2022. "How and Why Did the Rupee Become the Currency of Zanzibar and East Africa?," Palgrave Studies in Economic History, in: Karin Pallaver (ed.), Monetary Transitions, chapter 0, pages 211-237, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-83461-6_9
    DOI: 10.1007/978-3-030-83461-6_9
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