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.

If you would like to leave a comment click on the title

Filed under: Money in Africa, Research, , , , ,

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.

    Like

  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

    Like

  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.

    Like

  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

    Like

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 10,270 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

This is Room 56, the Raymond and Beverly Sackler Gallery of Mesopotamia 6000–1500 BC. It's the next in our gallery series for #MuseumOfTheFuture. Between 6000 and 1550 BC, Mesopotamia, the land between the Tigris and Euphrates rivers (now Iraq, north-east Syria and part of south-east Turkey) witnessed crucial advancements in the development of human civilisation during the evolution from small agricultural settlements to large cities.
Objects on display in Room 56 illustrate economic success based on agriculture, the invention of writing, developments in technology and artistry, and other achievements of the Sumerians, Akkadians and Babylonians, who lived in Mesopotamia at this time.
Objects found at the Royal Cemetery at Ur are of particular importance, and you can see the Royal Game of Ur in the foreground of this picture – the oldest board game in the world. Our next #MuseumOfTheFuture gallery space is Room 55, the Raymond and Beverly Sackler Gallery of Mesopotamia 1500–539 BC. The civilisations of Babylonia and Assyria flourished during the first millennium BC. Political developments resulted in the incorporation of the entire Near East into a single empire, while increased international contact and trade influenced the material culture of the region.
Room 55 traces the history of Babylonia under the Kassites and the growth of the Babylonian state and empire until it was taken over by the Persian King Cyrus in 539 BC.
'Boundary Stones' carved with images of kings and symbols of the gods record royal land grants. The development of the Assyrian state and empire, until its fall in 612 BC, is illustrated by objects excavated in its palaces. Mesopotamia’s highly developed literature and learning are demonstrated by clay tablets from the library of King Ashurbanipal (r. 668–631 BC) at Nineveh, written in cuneiform script. It's time for Room 54 in our #MuseumOfTheFuture gallery series – the Raymond and Beverly Sackler Gallery of Anatolia and Urartu 7000–300 BC. Ancient Anatolia and Urartu form an important land link between Europe and Asia and lie where the modern Republic of Turkey, Armenia, Georgia and north-west Iran are located today. Objects in Room 54 show different cultures from prehistoric to Hellenistic times.
Examples of Early Bronze Age craftsmanship on display include a silver bull and cup, and business archives of Middle Bronze Age merchants illustrate trading between central Anatolia and Mesopotamia (modern Iraq). Delicate gold jewellery and figurines date from the Hittite period, and Iron Age objects from Urartu include winged bulls and griffins that were used to decorate furniture. Next in our #MuseumOfTheFuture series of gallery spaces it's Room 53, the Raymond and Beverly Sackler Gallery of Ancient South Arabia. Ancient South Arabia was centred on what is now modern Yemen but included parts of Saudi Arabia and southern Oman. It was famous in the ancient world as an important source of valuable incense and perfume, and was described by Classical writers as Arabia Felix ('Fortunate Arabia') because of its fertility.
Several important kingdoms flourished there at different times between 1000 BC and the rise of Islam in the 6th century AD. The oldest and most important of these was Saba, which is referred to as Sheba in the Bible.
Room 53 features highlights from the Museum’s collection, which is one of the most important outside Yemen. The display includes examples of beautiful carved alabaster sculptures originally placed inside tombs, incense-burners and a massive bronze altar. You can see the East stairs in the background of this picture. We've reached Room 52 on our #MuseumOfTheFuture series of gallery spaces – the Rahim Irvani Gallery of Ancient Iran. Iran was a major centre of ancient culture. It was rich in valuable natural resources, especially metals, and played an important role in the development of ancient Middle Eastern civilisation and trade. Room 52 highlights these ancient interconnections and the rise of distinctive local cultures, such as in Luristan, during the age of migrations after about 1400 BC.
During the 6th century BC, Cyrus the Great founded a mighty Persian empire which eventually stretched from Egypt to Pakistan. Objects on display from this period include the Cyrus Cylinder (in the centre of the picture) and the Oxus Treasure (in the case to the left of the picture). Monumental plaster casts of sculptures from Persepolis are also displayed in Room 52 and on the East stairs.
The later periods of the Parthian and Sasanian empires mark a revival in Iranian culture and are represented through displays including silver plates and cut glass. The next gallery space in our #MuseumOfTheFuture series is Room 51, Europe and Middle East 10,000–800 BC. Farming began in the Middle East around 12,000 years ago, making possible the social, cultural and economic changes which shaped the modern world. It arrived in Britain around 6,000 years ago bringing a new way of life. This change in lifestyle meant people competed for wealth, power and status, displaying these through jewellery, weapons and feasting.
The objects on display in Room 51 show how the people of prehistoric Europe celebrated life and death and expressed their relationship with the natural world, the spirit world and each other. The object in the centre of this picture is the Mold gold cape, found in Flintshire in 1833 and dating to around 1900–1600 BC.
Follow

Get every new post delivered to your Inbox.

Join 10,270 other followers

%d bloggers like this: