MONEY TN SOUTH SEAS.

Taranaki Herald, Volume XXVIII, Issue 3516, 18 August 1880, Page 3

MONEY TN SOUTH SEAS.

Coins from all parts of the ■world are current in Samoa ; but the ordinary currency of the South Seas has hitherto generally consisted of the Chilian dollar and of the old Bolivian or iron halfdollar and shilling. The intrinsic value of the iron money may be surmised from the fact that it was brought to this group as ballast ; landed, then cleaned of rust, and circulated. To ensure the circulation of this iron money among the natives, many tricks were resorted to by the traders of former years, who pretended to value this base coin more than any genuine silver coinage. To impress the native mind with the value of this all but worthless money, a trader of the early days was known to pitch a genuine English crown into the sea, and to ask indignantly of the native, who had tendered it in payment, if he thought that the white man was to be imposed upon ; the white man wanted money like this — producing his iron coins — . and that all other kinds of coins were worthless. Even at present the natives prefer a fine old rusty iron " Bolivar " to an English florin. The circulation of this base coin is confined to the South Pacific. The holders of the Chilian coin lose only between 7 and 10 per cent. The iron money, though current as yet within the Samoan group, has been tabooed in Tonga, and in other islands. The supercargoes of European and colonial vessels refuse to take in payment any of the iron or Bolivar money, and a few traders who visit this port will take only English coin.