Aksumite currency was coinage produced and used within the Kingdom of Aksum (or Axum) centered in present-day Ethiopia and Eritrea and Yemen. Its mintages were issued and circulated from the reign of King Endybis around AD 270 until it began its decline in the first half of the 7th century where they started using Dinar along with most parts of the Middle East. During the succeeding medieval period, Mogadishu currency, minted by the Sultanate of Mogadishu, was the most widely circulated currency in the eastern and southern parts of the Horn of Africa from the beginning of the 12th century.
Aksum's currency serves as an indicator of the kingdom's contemporary cultural influences and religious climate (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.
Origins
Pre-coinage period
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 (Ancient Greek: ὀρείχαλκος, oreíkhalkos), "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.
Influences
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.
Pre-Christian period
Aksumite currency were first minted in the later stages of the growth of the empire, when its Golden Age had already begun. The minting of coins began around 270, beginning with the reign of Endybis.
Source of materials
Gold
Gold seems to have been acquired from a number of sources. Gold probably came from Sasu (southern Sudan), as well as more nearby Ethiopian sources, though the latter isn't well documented for the north. A gold trade from the southern areas of Ethiopia such as the medieval province/kingdom of Innarya has been attested from the 6th century (i.e. from the writings of Cosmas Indicopleustes) and continued through James Bruce's day (18th century). Ethiopian Trade with modern Zimbabwe for gold was also a source. Gold also came from more northerly sources such as Gojjam, Beja lands, and what is now Eritrea, though the latter two are less certain. However, a recent gold exploration assay in Eritrea has found significant gold deposits at Emba Derho, and deposits are also attested at Zara in central-western Eritrea.
Silver and others
While local sources of gold are attested during the Aksumite era, silver seems to have been rarer in Aksum. No mention of silver mines in the region exist until the 15th and 16th centuries. Though silver was imported as attested by the Periplus of the Erythraean Sea, given the preponderance of silver coins, it could not have been the only source of silver in Aksum. Furthermore, a significant number of the silver coins contain gold inlays (presumably to increase the value), which would have been unnecessary if silver were so rare that it had to be mainly imported. Silver may have been obtained from the refinement of gold, which sometimes occurs naturally with silver in an alloy called electrum. Copper and bronze do not seem to have existed locally in the Aksumite empire, though they were noted as imports in the Periplus of the Erythraean Sea.
Value
Though the gold coins were certainly the most valuable issue, followed by the silver one, the exact relationship between the three issues (gold, silver, and bronze) is not known. The supply of gold was closely controlled by the Aksumite state, as noted by Cosmas Indicopleustes, and other precious metals were undoubtedly also closely controlled, allowing the Aksumite state to ensure the usage of its currency.
The quality of the Aksumite coins were also closely controlled, usually of high purity. For example, the lowest purity of gold recorded thus far for Aphilas is 90 percent. Early issues were often very close to their theoretical weights, and some were even over. However, the weight of the coins tended to decrease over time (though not continuously or uniformly). This may have reflected a desire to conform to the Diocletian monetary reform of 301, when the aureus was decreased from 1⁄60 of a Roman pound to 1⁄72. Despite decreases in weight, the purity of the gold was largely maintained, even by later kings. The relative abundance of Aksumite coins as well as the many that have yet to be found indicate that Aksum must have had access to large quantities of gold.
Design
The coins were often inscribed in Greek, as much of its trade was with the "Graecised Orient." Later inscriptions made more use of Ge'ez, the language of the Aksumites, perhaps indicating a decline in its use for more international trade (i.e. with Rome and India). The obverse of the coins would always feature an image of the king (almost always in profile) wearing either a crown or helmet/regnal headcloth. The headcloth had some image perhaps representing pleats, rays, or sunburst in the front, as well as the tied end of a cloth or fillet to hold the helmet or headcloth in place. Most coins also included an inscription (usually in Greek) meaning "King of Aksum" or King of the Aksumites" (ΑΞΩΜΙΤΩ ΒΑϹΙΛΕΥϹ). However, many coins were also minted anonymously (or even posthumously), especially during the 5th century. Inscriptions on the coins could include a bisi name ("man of," Ge'ez: ብእስየ bə'əsyä ) or an epithet (beginning with Əllä, Ge'ez: እለ "he who") in addition to the king's personal name. Bisi names were used more often in conjuncture with personal names on earlier coins, while the epithets were more common in later years, being the only inscribed name in a few sources. Greek text was used in conjunction with Ge'ez script inscriptions, but was the only language used on the gold coins, with the exception of the Ge'ez language coins of Wazeba and MHDYS. Over time, the Greek used on the coins (gold, silver and bronze) deteriorated, indicative of Aksum's decline. Moreover, beginning with MHDYS for bronze coins and Wazeba for silver coins, Ge'ez gradually replaced Greek on the legends.
Mottoes
Aksumite coins used a number of mottoes throughout the period in which they were minted, beginning in the early 4th century. Around this time, numerous anonymous bronze coins with simply βασιλεύς (basileús, "king") on the obverse were minted by either King Ezana or one of his successors. The coins bore the first example of an Aksumite motto on the reverse, ΤΟΥΤΟΑΡΕΣΗΤΗΧΩΡΑ (τοῦτο ἀρέσῃ τῇ χώρᾳ, toûto arésēi tēî khṓrāi, "may this please the country"). It was later written in unvocalized Ge'ez as ለሐዘበ ፡ ዘየደአ LʾḤZB ZYDʾ and under King Kaleb also ለሀገረ ፡ ዘየደአ LHGR ZYDʾ, "may this please the city [country]." Similar mottoes were used by other kings. Coins of the early 7th-century Emperor Armah had inscribed on the back ፈሰሐ ፡ ለየከነ ፡ ለአዘሐበ FŚḤ LYKN LʾḤZB (vocalization: ፍሥሓ ፡ ለይኲን ፡ ለአሕዛብ ፡ fiśśiḥā la-yikʷin la-'aḥzāb, "Let the people be glad," lit. "Gladness let there be to the peoples").
Kings
Coins were made in the name of eighteen Aksumite kings from c. 295 until c. 620: Endybis, Aphilas, Ousanas I, WZB, Ezana, Ouazebas, Eon, MHDYS, Ebana, Nezana, Ousanas II, Kaleb, Armah, Ella Gabaz, Israel, Gersem, Joel, and Hethasas.
Endybis
Endybis, the first known Aksumite king to mint coins, focused almost entirely on his image on both the obverse and reverse. The images were of his head and upper half of his chest in profile, wearing a regnal headcloth or helmet and abundant jewelry. In addition to inscribing his regnal name, Endybis also noted his bisi name, a practice continued by his early successors, but often missing in later coins. The bisi name was a sort of tribal affiliation or "ethnikon" (i.e. a reference to the king's lineage) that was different for every king. Endybis also emphasized his religion through the pre-Christian symbol of the disk and crescent as a propaganda method (a purpose which the coins already served). A second motif used by Enybis and continued by following coins was that of two (though sometimes one in later years) ears of barley or wheat around the image of his head in profile. Though no inscriptional evidence exists, given its prominent position around the image of the king, the two ears of barley (or wheat) may have been representative symbols of the Aksumite state. Though later coins would be smaller, Endybis chose the Roman aureus to standardize Aksumite coin weights against, with gold issues at half-aureus around 2.70 grams (more precisely, the theoretical weight may have been 2.725g).
Aphilas
Whereas all of Endybis' coins feature the king with a headcloth or helmet, Aphilas's coins show the king wearing an impressive high crown on top of the headcloth. The crown featured colonnades of arches supporting high spikes, on top of which rested large discs of unidentified composition. In addition to the crown and headcloth, Aphilas's coins included further images of regalia, such as a spear, a branch with berries, the depiction of the arms, the addition of tassels with fringes to the imperial robe, and more jewelry, such as amulets and bracelets. Despite this innovation, Aphilas continued to use the image of himself in the regnal headcloth in some coins, sometimes as the reverse, while his crowned image is only found on the obverse.
One of his issues included his frontal image on the obverse, which ended with his reign and was only revived by the late kings. Two other minting features of Aphilas were also abandoned by later rulers. One of these was the use of just the inscription "King Aphilas" as the reverse of a coin, the only purely epigraphical side ever used on an Aksumite coin. The other was his use of a single ear of barley or wheat as a reverse, though his use of two ears circling around the king's image continued.
Aphilas introduced a number of different standards for all three metals, some of which lasted through to the 7th century, while the use of others ended with his reign. His new gold coins (issued in conjunction with the older) of a quarter aureus and eighth aureus were soon abandoned (each are known from only one specimen), and 1/16 aureus coins have been found, though these are more likely to be deliberate debasements to increase profit (Aksumite gold was generally very pure, however). Aphilas's silver coin, however, issued at half the weight of the former, became the new Aksumite standard for silver up until the end of coinage. The older coin was presumably more valuable than needed, and the new coin remedied the problem. Aphilas's bronze issue, however, was instead doubled to 4.83 grams. The coin's rarity may attest to its quick withdrawal from the market, as is assumed with his quarter-aureus. These two issues are the only one of Aphilas's issues to portray him frontally, rather than in profile.