ItalianSomalilandP13-10Somali-1950-donatedcm f

The Somalo (plural: Somali, صومالي) was the currency of the

Trust Territory of Somaliland The Trust Territory of Somaliland, officially the "Trust Territory of Somaliland under Italian administration" ( it, Amministrazione fiduciaria italiana della Somalia), was a United Nations Trust Territory situated in present-day Somalia. Its c ...

administered by

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...

between 1950 and 1960. The "Somalo" remained officially in use in the newly created

Somali Republic The Somali Republic ( so, Jamhuuriyadda Soomaaliyeed; it, Repubblica Somala; ar, الجمهورية الصومالية, Jumhūriyyat aṣ-Ṣūmālīyyah) was a sovereign state composed of Somalia and Somaliland, following the unification o ...

until 1962. It was subdivided into 100 ''

centesimi ''Centesimo'' (plural centesimi) is the Italian word for " cent", derived from the Latin ''centesimus'' meaning "hundredth". In Italy it was the division of the Italian lira. Currencies that have centesimo as subunits include: Circulating * Sw ...

'' (singular: ''centesimo'').

History

The "Somalo" was authorized by Trusteeship Administration Ordinance No. 14 of 16 May 1950. A currency exchange was scheduled to last from 16 May until 22 July, but was eventually extended until 22 August. The somalo replaced the East African shilling at par and remained equal to it. It replaced the small amount of Italian lire in circulation at 1 Somalo = IT₤87.49. It was given an IMF parity of 124.414 mg fine gold, equal to one shilling sterling. Internationally, this currency became known as the

Somali shilling The Somali shilling (sign: Sh.So.; so, shilin; ar, شلن; it, scellino; ISO 4217: SOS) is the official currency of Somalia. It is subdivided into 100 ''senti'' (Somali, also ), ''cents'' (English) or (Italian). Overview Early history The ...

when Somalia became independent on 1 July 1960. The Somalo/shilling was replaced at par on 15 December 1962 (along with the East African shilling circulating in British Somaliland) by the ''scellino'' (Somali shilling). Following independence in 1960, the somalo of Italian Somaliland and the East African shilling (which were equal in value) were replaced at par in 1962 by the

. Names used for the denominations were cent (singular: centesimo; plural: centesimi) and سنت (plural: سنتيمات and سنتيما) together with shilling (singular: scellino; plural: scellini) and شلن.

Coins

In 1950, coins were introduced in denominations of 1, 5, 10 and 50 centesimi and 1 somalo. The three lower denominations were minted in copper, with the higher two being struck in silver.

Banknotes

The ''Cassa per la Circolazione Monetaria della Somalia'', headquartered in

Rome , established_title = Founded , established_date = 753 BC , founder = King Romulus (legendary) , image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg , map_caption ...

, began operations 18 April 1950 and was authorized to issue 55 million shillings in paper money. It released notes in denominations of 1, 5, 10, 20 and 100 somali on 22 May 1950. The banknotes were written in

Italian Italian(s) may refer to: * Anything of, from, or related to the people of Italy over the centuries ** Italians, an ethnic group or simply a citizen of the Italian Republic or Italian Kingdom ** Italian language, a Romance language *** Regional Ita ...

and Arab language. A smaller version of the 5-Somali note was put into circulation in May 1951. These notes were withdrawn beginning 15 December 1962 and ceased to be legal tender on 31 December 1963.Somalo banknotes (in Italian)
/ref>

Notes

Bibliography

* *

External links

{{Somalia italiana (Colonia) Modern obsolete currencies Economic history of Somalia 1950 establishments in Somalia 1962 disestablishments Italy–Somalia relations Currencies of Somalia