Somalo
| Somalo May 16, 1950 to December 31, 1963 |
|
|---|---|
| Country: |
 Italian Trust Territory Somalia Somalia
|
| Subdivision: | 100 centesimi |
| Abbreviation: | - |
|
Exchange rate : (1950) |
1 East African shilling = 1 Somalo |
| Issuer : | Cassa per la Circolazione Monetaria della Somalia |
The Somalo (plural: Somali, صومالي) was the official currency of the Italian trust territory of Somalia from May 16, 1950 . He retained this status for some time after the establishment of the new nation state Somalia on July 1, 1960. As a smaller unit, 100 Centesimi (singular: Centesimo) corresponded to the value of a Somalo.
history
After the Second World War, in November 1949, the United Nations ceded the trust territory in the Horn of Africa to Italy for administration. On January 27, 1950, Italy also officially received financial management for the territory. Preliminary considerations to reintroduce the Italian lire in the trust territory or, alternatively, a currency that is tied to its value, were dropped in advance. With the Trusteeship Administration's Ordinance No.14 , instruction 14 of the trust administration, the Somalo was introduced on May 16, 1950, a new currency with the same value as the East African shilling, which is widespread in British areas . Details on the appearance of the currency followed until July of the same year with instructions 15 to 18. The Cassa per la Circolazione Monetaria della Somalia , based in Rome, was commissioned to print paper money worth 55 million shillings and took its on April 18, 1950 Work on.
At the start of independence, the Cassa was converted into the National Bank of Somalia , a central bank for the newly created state, and the currency continued to be used in the former Italian part of the country. On December 15, 1962, however, an exchange into the new single national currency Somalia shilling began and from December 31, 1963 the Somalo was no longer a valid currency.
Coins and banknotes
From 1950 coins in the denominations of 1, 5, 10 and 50 Centesimi and 1 Somalo were introduced. The three smallest coins were made of copper, the two larger coins were struck in silver. The issued banknotes were distributed from May 22, 1950 on notes in the denominations of 1, 5, 10, 20 and 100 Somali. From May 1951, the 5 Somali banknote was put into circulation again in a different design, which was more similar to the first 1-denomination than the design of the 10 and 20-denominations, with which the original version was used in the second step of the currency -Introduction was brought out together.
Web links
- Peter Symes: The Banknotes of Somalia
Individual evidence
- ↑ Giuseppe Romagnoli: Amministrazione Fiduciaria Italiana della Somalis (AFIS): 1950–1960 on libero.it, accessed on February 25, 2016.
- ^ Giuseppe Romagnoli: Cassa per la Circolazione Monetaria della Somalia on libero.it, accessed on February 25, 2016.