Why were the people of East Africa using aggry beads instead of gold and silver? Presumably, they primarily used the beads over metals because their economies collapsed from hyperinflation when the Portuguese showed up with ships filled with beads. (So I’ve been told).

I have a few guesses.

1. The collapse of the Malian empire with the death of Mansa Musa, the wealthiest person in history and famous gold accumulator, and the ensuing chaos dispersed Musa’s gold to the point where it wasn’t liquid enough to be used for trade?

2. Perhaps international trade with the East and Europe increased. Beads were more portable than gold so beads were the primary MoE.

3. The gold and silver were sucked up by the European Renaissance and its industrialization.

Maybe a bit of each. If anyone has more definitive theories, anything to add, or pieces to debunk, I’d appreciate it. It’s a common story for explaining money and it would be good if we could get it right. Someone asked me the initial question and I didn’t have a great answer.