British Museum blog

Finding out how money actually works


Maxim Bolt, researcher, British Museum

I am the anthropologist on the British Museum’s Money in Africa project. I have come to Malawi, in central-southern Africa, to explore how money actually works – in action, outside the glass-fronted cases of our gallery in the Museum.

Maxim Bolt, right, conducting research in Southern Africa on a previous project

Maxim Bolt, right, conducting research in Southern Africa on a previous project

Living and spending time with people in Blantyre, the country’s economic hub, I am learning about how people handle their cash. And, in a country where more and more people have bank accounts, I am learning what people use them for.

This might all sound obvious, but here are a few quick first impressions that point to differences from what UK readers might be familiar with. The highest value banknote – 500 Malawian Kwacha (MK500) – is big, colourful, covered in elaborate security features, and often brand new. It looks and feels high value. But it is worth about £2, and large payments involve thick wads of notes (plastic cards are almost never used). Meanwhile, although the cost of a newspaper is MK200, people use the battered MK20 and MK50 notes all the time. Public transport in mini-buses, for example, costs MK50 or MK70. As I quickly discovered, all this means a lot of paper.

And bank accounts? Considering all the paper, it is maybe unsurprising that, for some businesspeople I have met in Blantyre’s poorer, high-density urban areas, bank accounts offer protection against losing everything in a household fire, or a robbery. For others, bank accounts take all of those banknotes out of the everyday politics of family life. As I get to know these and other people better during my three months here, I hope to discover more about their concerns and goals. And I hope to understand the effects of people taking their cash out of their homes and businesses.

My research in its early days has taken me to poor urban areas and wealthy suburbs, to the streets of the city centre and to a peri-urban settlement (a settlement adjoining an urban one) built on the steep banks of a small stream. As I gradually learn more about the everyday realities of money in Malawi, I will be updating this blog, and would welcome any comments or questions. Hopefully, my posts will give you a sense of how wide-ranging the British Museum’s research is.

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4 Responses - Comments are closed.

  1. Having been to Egypt a few times I am familiar with `well used` notes in circulation.
    God help you if the only note you have has been torn and not carefully sellotaped back together, it may not be accepted.
    The problem that many people in Egypt have, is to open a bank account you must have some sort of ID, to get that you must have a place of abode and be registered. This will open up another whole can of worms, like where do you work, who do you work for, do you pay taxes, if not why not? To say nothing of the same questions being asked of your employer.

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  2. Maxim Bolt says:

    @Stewart Herring, thank you for this example from Egypt. Many of the people I know who have bank accounts are small businesspeople who get microfinance loans – I suspect these are people in rather different circumstances to those you refer to in Egypt. But, for many, there are doubtless very similar concerns to those you describe.

    As for the well-worn banknotes: there are some very, very battered pieces of paper circulating. But equally noticeable is the number of freshly printed notes. The contrast between old and new is quite marked, to say the least. And certainly when it comes to the highest value banknote, MK500 (around £2), they tend to be in good condition, and often noticeably crisp.

    Thanks again for your comments.

    Maxim Bolt
    Researcher, Money in Africa
    The British Museum

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  3. I think that’s true to some extent. we need to keep in mind that I feel that, to begin with, the Egyptian people have been going through decades of economic hardship, poverty. And in a sense, thus they are completely disempowered.

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  4. Stewart Herring says:

    Of course there are the micro-finance loans that generally go unrecognised.
    For example, a friend of mine has many little businesses, one of them is that he sells blankets. I’ve seen that people come to his house and pay a little at a time and he always notes it down in his little cash book. To us, that may be hire purchase but to you that is probably called microfinanace

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Greece lightning: this exquisite bronze depicts Zeus, chief of the Greek gods #FridayFigure

In ancient Greece, powerful, shape-shifting gods provided compelling subjects for artists. The famous sculptor Phidias created a gold and ivory statue of Zeus, ruler of the gods, that was over 13 metres high for his temple at Olympia. One of the Seven Wonders of the Ancient World, it symbolised the awesome presence of the god at his sanctuary site. There was also drama to be found in the gods’ ability to change their form as a means of disguise. Zeus, ruler of the Olympian gods, could take animal form – he seduced Leda as a swan, carried away Europa as a bull and Ganymede as an eagle.

This bronze statuette splendidly represents the majesty of Zeus, ruler of the gods on Mount Olympus and lord of the sky. Zeus holds a sceptre and a thunderbolt, showing his control over gods and mortals, and his destructive power. Although just over 20cm high, this exquisite work appears to be a copy of a much grander statue that does not survive.

You can see this figure in our exhibition #DefiningBeauty, until 5 July 2015.
Bronze statuette of Zeus. Roman period, 1st–2nd century AD, said to be from Hungary.
#art #museum #exhibition #ancientGreece #Zeus #gods This beautiful watercolour of Tintern Abbey is by J M W Turner, thought to have been born #onthisday in 1755.

Even before he had entered the Royal Academy schools at the age of 14, Turner had worked as an architectural draughtsman. This training is evident in his fascination with the details of the famous ruins of this twelfth-century Cistercian Abbey in Monmouthshire, which he visited in 1792, and again in 1793. Tourists of the time were as much impressed by the way that nature had reclaimed the monument as by the scale and grandeur of the buildings. Turner's blue-green washes over the abbey's far wall blend stone and leaf together, and on the near arch the spiralling creepers seem to make the wind and light tangible. 
#art #artist #Turner #history #watercolour ‪#IndigenousAustralia is now open. Discover a remarkable 60,000 years of continuous culture in our new special exhibition.
This show is the first major exhibition in the UK to present a history of Indigenous Australia through objects, celebrating the cultural strength and resilience of both Aboriginal peoples and Torres Strait Islanders. See spectacular objects like Torres Strait Islander masks alongside significant paintings.
Organised with the National Museum of Australia, ‪the exhibition also includes important international loans.
#history #Australia #museum #BritishMuseum Happy #StGeorgesDay! Here he is killing the dragon and rescuing Lady Una on a medieval pilgrim badge
#history #StGeorge #dragon #IndigenousAustralia opens tomorrow. Here’s a sneak peek in the exhibition… 
#art #Australia #exhibition #BritishMuseum 
Objects pictured include: 
Roy Underwood, Lennard Walker, Simon Hogan and Ian Rictor, 'Pukara'. Acrylic on canvas, 2013. © the artists, courtesy Spinifex Arts Project. 
Charlie Allungoy (Numbulmoore) (c. 1907–1971), Ngarinyin Mowanjum. Pigment on composition board, 1970. Kimberley region, Western Australia. National Museum of Australia. 
Mask of turtle shell. Mer, Torres Strait, before 1855. 
Selection of shields:
Mulgrave River region, near Cairns, Queensland, c. 1900.
Adelaide Plains region, South Australia, before 1848.
South-east Australia, mid-19th century.
South-east Australia, before 1950. Legend has it that #onthisday in 753 BC Romulus founded Rome. Here's the myth on this coin
#history #coin #Rome #Romulus
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