Italian Somaliland somalo

The Somalo (plural: Somali, صومالي) was the currency of the Trust Territory of Somaliland administered by Italy between 1950 and 1960. The "Somalo" remained officially in use in the newly created Republic of Somalia until 1962. It was subdivided In 100 Centesimi (singular: Centesimo).

On 27 January 1950, Italy was given financial administration of the Territory (of former Italian Somalia). As early as 1948 Italy had been considering the options for currencies in Somalia, in anticipation that the territory would be returned to its control. After rejecting the idea of re-introducing the Italian lira, or a currency linked to the lira, it was decided to introduce a new currency. The new currency was denominated the ‘Somalo’ and it was authorized by the Trusteeship Administration’s Ordinance No.14 of 16 May 1950. The Somalo was valued at 0.124414 grammes of fine gold and was, significantly, the same value as the East African shilling. By making the Somalo equivalent to the East African shilling, it was anticipated that the transition to the new currency would be as painless as possible.In adopting the value of the East African shilling, it was also decided to utilize the same denominations in which the East African shillings were issued, although not all denominations issued by the East African Currency Board were adopted for the new currency. Notes were prepared in the denominations of 1, 5, 10, 20 and 100 Somali. (‘Somali’ being the plural of ‘Somalo’.) Coins were prepared in denominations of 1 Somalo, 50, 10, 5 and 1 "Centesimi". The designs for the notes and coins were detailed in Ordinances No.15 of 18 May 1950 and No.44 of 22 July 1950.Peter Symes

The "Somalo" was authorized by Trusteeship Administration Ordinance No. 14 of 16 May 1950. A currency exchange was scheduled to last from 16 May until 22 July, but was eventually extended until 22 August. The somalo replaced the East African shilling at par and remained equal to it.

It replaced the small amount of Italian lire in circulation at 1 Somalo = Lit 87.49. It was given an IMF parity of 124.414 mg fine gold, equal to one shilling sterling. Internationally, this currency became known as the Somali shilling when Somalia became independent on 1 July 1960.

The Somalo/shilling was replaced at par on 15 December 1962 (along with the East African shilling circulating in British Somaliland) by the "Somali scellino" (Somali shilling).

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