The Aksumite kings, powerful rulers of a kingdom in northern Ethiopia from the 2nd to the 9th century ce, who were Christian from the 4th century, issued small gold coins, with a little bronze and very rare silver, from the 3rd century onward; the initially Greek inscriptions were replaced ultimately by Amharic. Indigenous coinage lapsed in the 10th century, the country becoming dependent on imported currencies, of which the silver Maria Theresa thalers of Austria were conspicuous from the 18th century onward. National coinage was resumed by King Menilek II, emperor of Ethiopia (1889–1913), with silver coins called talaris and their fractions and subsidiary copper, showing the Lion of Judah reverse—an allusion to the tradition that Menilek I had been the son of King Solomon and the Queen of Sheba. Some gold came later, to be continued by Emperor Haile Selassie (1930–36), who coined also in nickel and bronze until the Italian occupation and after his restoration in 1941. A national coinage continued after he was deposed in 1974.

Elsewhere the 19th-century partition of Africa by colonial powers led to a great miscellany of currencies before decolonization and independence were achieved from the mid-20th century. Egypt, after gaining independence from the Ottoman Empire in 1914, based its currency on the piastre, with Arabic inscriptions; some gold and silver multiples were produced. Under Fuʾād I (1922–36) and Farouk I (1936–52), the royal portrait was used. The subsequent republic, with its piastres of aluminum-bronze alloy accompanied by rare silver and even rarer gold, has often chosen types referring to national history (e.g., the Great Sphinx, Ramses II, the Aswan High Dam).

The piastre became the unit of Libya, which, after a period as an Italian colony, briefly became a kingdom under Idris I (1951–69), with a fine portrait coinage, before the regime of Col. Muammar al-Qaddafi. The piastre was also the unit of the French protectorate of Tunisia until 1891, when a coinage of francs and centimes was introduced. Independence from France in 1956 brought Arabic inscriptions. The piastre was also adopted in 1956 as the unit of the new republic of Sudan. In Morocco, however, which was an early 20th-century protectorate of France, the unit was the Arabic silver dirham, replaced in 1902 by the silver rial until the introduction of the franc in 1921.

Farther south the various regional currencies grew out of the 19th-century European colonization. Thus, Ghana, before independence in 1957, had been the British colony of the Gold Coast, in which the British denominations of shilling and penny were traditionally used; special gold was coined to mark the declaration of a republic in 1960. Similar developments took place in the British colonies of East Africa and in the colonial territories of Northern and Southern Rhodesia (later independent as Zambia and Zimbabwe), Nyasaland (later Malawi), and Nigeria. The currency of Liberia (founded by former American black slaves) from the mid-19th century consisted mainly of copper or bronze, with an elephant displacing the head of Liberty, of U.S. type.

In South Africa, before the Union was established in 1910, the only coinage of note was that of the South African Republic. During South Africa’s membership in the Commonwealth, its currency was assimilated to that of Great Britain. When South Africa left the Commonwealth in 1961, it established a new system based on the gold rand.

Coinage for the French colonies such as the Cameroons, French West Africa and Equatorial Africa, Madagascar, and French Togoland, showed the French cockerel or the head of “Marianne” (emblem of the spirit of the French Revolution) and was in general more standardized than in the British colonies. In the principal Portuguese colonies, Angola and Mozambique, the former used macutas (equal to 50 reis) of copper, followed by centavos and silver escudos, whereas copper reis were current in the latter, followed by escudos or centavos. In the former Belgian Congo (now the Democratic Republic of the Congo), originally established as the Congo Free State by King Leopold II in 1885, currency was based on silver francs and copper centimes.

The essential advantage of using metals for currency, apart from durability, is that they can be shaped by melting and casting. Casting, therefore, has always been an integral part of the coin manufacturing process. Indeed, in some instances, it has been the only part. In early China bronze was cast into the form of the hoes and knives originally used for payment, and up to the 19th century the objects called “cash,” with their square central holes, were also cast. Similarly, the first Roman issues, aes grave (heavy bronze), were ponderous cast pieces, the heaviest actually corresponding in weight to the libra, the Roman pound. However, as soon as the state realized that it could make a profit from issuing coins by decreeing that their value in the market should be greater than the intrinsic value of their metal content, casting—so simple an operation—at once led to counterfeiting. Provided the mold was made from an official coin, there was no straightforward visual way of distinguishing true from false. For this reason, casting alone seems not to have been employed for precious metal currency.

The prototype coinage of Greek Ionia on the west central coast of Anatolia in the 7th century bc consisted of pellets of electrum (a gold–silver alloy) made by pouring the molten metal onto the striated surface of an anvil, where, under the action of surface tension, they assumed a characteristic lenslike shape before solidification. The weight of the pellets was checked and confirmed for use by stamping them with a punch—a naillike piece of metal, probably of bronze or iron. The punch sometimes had a crudely fractured end surface (which, of course, would be unique), sometimes an engraved design (the latter produced on the punch by drilling with abrasive corundum dust, which ate away at the surface, as in the lapping process perfected over millennia for sealstones). A counterfeiter would have had great difficulty in simulating the exact form of the punch surface. Within a short time, the issuing authorities began putting their own validating punch marks on the pellets, thus producing coins as opposed to bullion. In India before the Mauryan Empire (c. 321–185 bc), currency consisted of small silver bars carrying as many as six marks; the boat-shaped silver emanating from Southeast Asia in the 19th century was also officially confirmed in this fashion.