Aksumite currency

Aksumite currency was coinage produced and used within the Kingdom of Aksum (or Axum) centered in present-day Eritrea and the Tigray Region of Ethiopia. It was issued and circulated from the reign of King Endubis around AD 270 until it began its decline in the first half of the 7th century. During the succeeding medieval period, Mogadishu currency, minted by the Sultanate of Mogadishu, was the most widely circulated currency in the Horn of Africa.

Aksum's currency served as a vessel of propaganda demonstrating the kingdom's wealth and promoting the national religion (first polytheistic and later Oriental Christianity). It also facilitated the Red Sea trade on which it thrived. The coinage has also proved invaluable in providing a reliable chronology of Aksumite kings due to the lack of extensive archaeological work in the area.

Though the issuing of minted coins didn't begin until around 270, metal coins may have been used in Aksum centuries prior to centralized minting. The Periplus of the Erythraean Sea mentions that the Aksumite state imported brass (Greek: ορείχαλκος, translit. orikhalkos), "which they use[d] for ornaments and for cutting as money", and they imported "a little money (denarion) for [use by] foreigners who live there." It can be inferred, therefore, that early Aksumite kings, located on the international trading waters of the Red Sea, recognized the utility of a standardized currency for facilitating both domestic and international trade.

Though Aksumite coins are indigenous in design and creation, some outside influences encouraging the use of coins is undeniable. By the time coins were first minted in Aksum, there was widespread trade with Romans on the Red Sea; Kushana or Persian influence also cannot be ruled out. Roman, Himyarite, and Kushana coins have all been found in major Aksumite cities, however, only very small quantities have been attested and the circulation of foreign currency seems to have been limited. Though South Arabian kingdoms had also minted coins, they had already gone out of use by the time of certain Aksumite involvement in South Arabia under GDRT, and only very rarely produced electrum or gold denominations (silver mainly in Saba' and Himyar, while bronze in Hadhramaut), making influence unlikely. The major impetus, however, was not emulation but economical; the Red Sea and its coasts had always been an international trade area and coins would greatly facilitate trade and wealth in the now "world power." Despite these influences, the coins were of genuinely indigenous design, and foreign influences were relatively weak and few in number.

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