HISTORY OF CURRENCY
Boli
Cowry shells (cypraea moneta), or boli, were the first known medium of exchange used in the Maldives. Various writers and travelers have in the past; have recorded the country's trade in these money shells, which were used as a medium of exchange in parts of Asia and Africa.
Cowry shells were actually cultivated in the Maldives, in the past. When the Moroccan traveler and historian, Ibn Battuta visited the Maldives in the fourteenth century, the Maldives was trading extensively with the money shells. These shells were also used to make ornaments. The country's trade in cowry shells, which attracted the particular attention of the Dutch in Ceylon, continued right up to the late nineteenth century, when it was used mostly as ballast for sailing vessels.
Dhigu Laari
According to history, the first dhigu laari was struck in the Maldives, during the reign of Sultan Ibrahim III, (1585-1607), son of the hero Sultan Muhammad Bodu Thakurfanu al A'zam. Dhigu laari or larin, which owes its name to Lar, in the Persian Gulf, where it was originally struck, was a one of the standard currencies of the Indian Ocean, in the late 16th century. The dhigu laari is actually a long piece of silver, about three inches in length, doubled over and stamped with the name of the sultan, in Arabic letters.
Loa Laari
Loa laari or laari fothi (circular coin), was first struck by Sultan Ibrahim Iskandar I (1648-87). The first coins were of silver and fairly course. Later, coins of copper and lead were put in to circulation. Gold coins were also struck by Sultan Hassan Nooraddin (1779-1799). Said to be the finest struck at the Maldive mint, the two denominations of gold coins issued by Sultan Hassan Nooraddin, known as the mohori and bai mohori, were never put into circulation.
Paper Money
The Maldivian unit of currency is the rufiyaa. Introduced in 1981. The rufiyaa is divided into 100 laari. Today's dollar exchange rate is US$1 = Rf. 12.85
Currency in circulation, Banknotes
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