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 16,340 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

This week we’re highlighting the work of our #AfricanRockArt image project. The project team are now in the third year of cataloguing, and have uploaded around 19,000 digital photographs of rock art from all over #Africa to the Museum’s collection online database.

This photograph shows an engraving of a large, almost life-sized elephant, found on the Messak Plateau in #Libya. This region is home to tens of thousands of depictions, and is best known for larger-than-life-size engravings of animals such as elephants, rhino and a now extinct species of buffalo. This work of rock art most likely comes from the Early Hunter Period and could be up to 12,000 years old.

Follow the link in our bio and explore 30,000 years of stunning rock art from Africa. Watch the incredible discovery of this colossal statue, submerged under the sea of thousands of years. This colossal 5.4-metre statue of Hapy was discovered underwater in what was the thriving and cosmopolitan seaport of Thonis-Heracleion. It once stood in front of a temple and would have been an impressive sight for traders and visitors arriving from the Mediterranean.

Come face to face with the ancient Egyptian god Hapy for yourself in our‪ #SunkenCities exhibition, until 27 November 2016.

Colossal statue of Hapy. Thonis-Heracleion, Egypt. About 380-250 BC. Maritime Museum, Alexandria. © Franck Goddio/Hilti Foundation. The discovery of this stela, which once stood at the entrance of the main entry port into ancient Egypt, was an extraordinary moment. Its inscription detailing taxes helped solve a 2,000-year-old mystery!

This magnificent monument was crucial to revealing that Thonis (in Egyptian) and Heracleion (in Greek) were in fact the same city. The decree was issued by the pharaoh Nectanebo I, regarding the taxation of goods passing through the cities of Thonis and Naukratis, and it originally stood in the Temple of Amun-Gereb. The inscription states that this slab stood at the mouth of the ‘Sea of the Greeks’ (the Mediterranean) in Thonis.

A bilingual decree found in 1881 refers in its Greek inscription to ‘the Temple of Heracleion’ and in hieroglyphs to ‘the Temple of Amun-Gereb’. Together these objects revealed that Thonis and Heracleion were the same place.

Learn more about the deep connections between the great ancient civilisations of Egypt and Greece in our #SunkenCities exhibition.
Stela commissioned by Nectanebo I (r. 380–362 BC), Thonis-Heracleion, Egypt, 380 BC. © Franck Goddio/Hilti Foundation. For centuries nobody suspected that the #SunkenCities of Thonis-Heracleion and Canopus lay beneath the sea. Recorded in ancient writings and Greek mythology, the ancient Egyptian cities were believed to be lost.

Over the last 20 years, world-renowned archaeologist Franck Goddio and his team have excavated spectacular underwater discoveries using the latest technologies. The amazing rediscovery of these lost cities is transforming our understanding of the deep connections between the great ancient civilisations of Egypt and Greece.

See more magical moments of discovery in our #SunkenCities exhibition, until 27 November 2016. © Franck Goddio/Hilti Foundation.

#archaeology #diving #ancientEgypt This week we’re highlighting some of the incredible clocks and watches on display in the Museum. Mechanical clocks first appeared in Europe at some time between 1200 and 1300. Their introduction coincided with a growing need to regulate the times of Christian prayer in the monasteries. Telling the time with a sundial was especially difficult in western Europe with its unreliable weather. From the end of the 13th century, clocks were being installed in cathedrals, abbeys and churches all around Europe.

The design of turret clocks (public clocks) changed little over the following three centuries and this particular example, made around 1600, has similar characteristics to clocks made for churches in the medieval period. The maker of this clock was Leonard Tenant, one of the most prolific makers of church clocks in the first half of the 17th century. The clock was installed in Cassiobury Park, a country house near Watford.

See this incredible clock in Rooms 38-39 
#clocks #watches #horology When clocks and watches were invented around 1200, sound, touch and illumination were all used to read the time in darkness. This was significant because electric lighting did not become widespread until the 20th century.

This photograph shows a detail from a night clock by Pietro Tomasso Campani made in 1683. When it is dark, light from an oil lamp behind the dial shines through the cut-out Roman numerals enabling the time to be read. Each hour, the numeral for that hour moves round the dial. This ‘wandering hour’ dial was invented by the makers of this clock.

You can see this clock in a new display of clocks and watches in our Members’ Room, just one of the many benefits of becoming a Member of the British Museum. Find out more about Membership at www.britishmuseum.org/membership
#clock #watch #nightclock #horology
Follow

Get every new post delivered to your Inbox.

Join 16,340 other followers

%d bloggers like this: