The Story of Maldivian Currency: From Cowrie Shells to Rufiyaa

Money tells stories of trade, culture, and identity – and in the Maldives, currency has a history as rich as the islands themselves. From humble cowrie shells to the colorful Maldivian Rufiyaa, the nation’s journey of currency reflects centuries of change.

Cowrie Shells: The First Currency

Long before coins and notes, the Maldives was famous for cowrie shells (cypraea moneta). Found in abundance on Maldivian reefs, these shells were traded across Asia and Africa, even reaching as far as China and Africa. For centuries, they served as one of the world’s earliest currencies.

Early Coins and Trade

With growing international trade, especially with Arabs, Indians, and later Europeans, coins began to replace cowrie shells. Early Maldivian coins were often made of copper or silver and bore Arabic inscriptions, reflecting Islamic influence.

Colonial Era and Currency Changes

During Portuguese, Dutch, and British involvement in the Indian Ocean, Maldivian trade routes and currency systems shifted. Imported coins circulated alongside local ones, creating a unique blend of monetary history.

Birth of the Rufiyaa

In 1947, the Maldivian Rufiyaa was introduced, influenced by the Indian Rupee but soon developed into its own currency system. Today, the Maldivian Monetary Authority (MMA) issues notes and coins featuring local culture, marine life, and national icons.

Modern Notes and Coins

Current Maldivian banknotes are recognized for their vibrant designs and themes highlighting the country’s identity – fishermen, dhonis, corals, and traditional crafts. The modern polymer series introduced in 2015 is both durable and visually striking.

A Symbol of Identity

From shells to modern banknotes, Maldivian currency is more than just money – it is a reflection of history, heritage, and the spirit of the islands.