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Open Access

War, Finance, and Monetary Reform in Ashanti, 1807–1935

Kofi Adjepong-Boateng
African Economic History, June 2025, 53 (1) 21-59; DOI: https://doi.org/10.3368/aeh.53.1.21
Kofi Adjepong-Boateng
Kofi Adjepong-Boateng is the Associate Director, Centre for Financial History, University of Cambridge. He is a Trustee of the United Kingdom’s Royal Economic Society and a past head of the Policy Committee, Centre for the Study of African Economies, University of Oxford. He holds a PhD in History from the University of Cambridge.
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  • For correspondence: kga22{at}cam.ac.uk
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    Figure 1.

    Gold Coast, George III, Silver ackie dated 1818. Reproduced with kind permission of Spink & Son Ltd, London.

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    Figure 2.

    Kumasi Market-lllustrated London News 18 October 1873. Source: From Adjepong-Boateng Private Collection.

Tables

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    Table 1. Registered Goldsmiths in Ashanti (1909)
    CategoryNumber
    Central province of Ashanti48
    Goldsmiths in Royal Households126
    Adansi district11
    Obuasi8
    Kokofu11
    Dengiassi4
    Bekwai59
    Mansu N’Kwanta5
    Banka0
    Bantama34
    Djakyie3
    Darkwa1
    Northern Province (Ashanti)3
    Goldsmiths who were not natives of Ashanti, residing in Kumasi*7
    Total320
    • ↵* Notes: From Accra and Cape Coast.

      Source: Table compiled by the Author from a survey by the colonial administration in Ashanti (March–December 1909). Public Records and Archives Administration Department, Kumasi (hereafter PRAAD): ARG1/1/37.

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    Table 2. Rate of Seignorage Accruing to the British Treasury (1870–1900)
    YearAverage Price per Standard Ounce in the London MarketAverage Price per Standard Ounce Paid by the MintRate of Seignorage as Calculated by the MintProfit on Silver Coinage is Paid into the Exchequer
    PencePencePercent£
    1870–187459.7760.1610.4665,657.60
    1875–187954.0643.1818.0831,701.90
    1880–188451.4151.3428.58106,930.61
    1885–188944.8445.1046.68221,103.53
    1890–189439.4539.8770.88349,207.91
    1895–190028.4728.60131.27611,801.07
    • Sources: Memorandum by Sir William Roberts-Austen, Chemist and Assayer of the Mint, Fourteenth Annual Report of the Deputy Master of the Mint, 1883, 9; and Thirty-First Annual Report of the Deputy Master and Comptroller of the Mint, 1900, 89. National Archives, Kew, London.

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    Table 3. Akan Gold Exports, 1651–1850
    Northern Trade (% of Total Trade)European Trade (% of Total Trade)Total (Ounces)
    1651–170025.075.02,000,000
    1701–175025.075.01,600,000
    1751–180033.366.61,200,000
    1801–185012.587.51,600,000
    • Source: Author’s calculations based on Timothy Garrard, “Akan Weights,” 163.

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    Table 4. Silver Coin Returned from the Gold Coast (25 May 1874)
    FlorinsShillingsSixpenceThreepenceTotal
    £££££
    4,8004,800
    —7,0007,000
    ——14,60014,600
    ———19,60019,600
    4,8007,00014,60019,60046,000
    • Source: MINT 9/86, Records of the Royal Mint, The National Archives Kew, London, 319–320.

    • View popup
    Table 5. Coinage Offences Reported, Sent to Court, and Convicted, in Kumasi and Districts (1934 and 1935)
    1934Jan.Feb.Mar.Apr.MayJun.Jul.Aug.Sept.Oct.Nov.Dec.Total (Outside Kumasi)Kumasi OnlyAshanti Total
    Reported2311—3331342261137
    Sent to Court2311—121232119928
    Convicted——2——11—221110515
    1935
    Reported—111113121——12820
    Sent to Court—1———13—11——7411
    Convicted—1————11————314
    • Source: PRAAD: ARG1/1/141 and Author’s compilation from survey data.

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African Economic History: 53 (1)
African Economic History
Vol. 53, Issue 1
1 Jun 2025
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War, Finance, and Monetary Reform in Ashanti, 1807–1935
Kofi Adjepong-Boateng
African Economic History Jun 2025, 53 (1) 21-59; DOI: 10.3368/aeh.53.1.21

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War, Finance, and Monetary Reform in Ashanti, 1807–1935
Kofi Adjepong-Boateng
African Economic History Jun 2025, 53 (1) 21-59; DOI: 10.3368/aeh.53.1.21
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Jump to section

  • Article
    • Abstract
    • Origin of Coinage
    • Use of Gold Dust
    • Kakraas
    • Mithqal and Islamic Coinage
    • Ackies
    • The State, Taxation, and Gold Dust Circulation
    • Gold Dust Shortages
    • Reign of Kwaku Dua Panin
    • Fragmentation and Civil War
    • Islam and Ashanti
    • Annexation, Demonetization, and Counterfeiting
    • Conclusion
    • Acknowledgements
    • Footnotes
  • Figures & Data
  • Info & Metrics
  • References
  • PDF

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Keywords

  • Ashanti
  • currency
  • Gold Coast
  • Islam
  • precolonial
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