The somalo was the currency of the Trust Territory of Somalia

Italian Somaliland

Italian Somaliland , also known as Italian Somalia, was a colony of the Kingdom of Italy from the 1880s until 1936 in the region of modern-day Somalia. Ruled in the 19th century by the Somali Sultanate of Hobyo and the Majeerteen Sultanate, the territory was later acquired by Italy through various...

 between 1950 and 1962. It was subdivided into 100 centesimi (singular: centesimo).

History

The somalo was authorized by Trusteeship Administration Ordinance No. 14 of 16 May 1950. A currency exchange was scheduled to last from 16 May until 22 July, but was eventually extended until 22 August. The somalo replaced the East African shilling

East African shilling

The shilling was the currency issued for use in British controlled areas in East Africa from 1921 until 1969. It was produced by the East African Currency Board...

 at par and remained equal to it. It replaced the small amount of Italian lire in circulation at 1 somalo = Lit 87.49. It was given an IMF parity

Bretton Woods system

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century...

 of 124.414 mg fine gold, equal to one shilling sterling. Internationally, this currency became known as the "Somali shilling" when Somalia became independent on 1 July 1960. The somalo/shilling was replaced at par on 15 December 1962 (along with the East African shilling circulating in British Somaliland

British Somaliland

British Somaliland was a British protectorate in the northern part of present-day Somalia. For much of its existence, British Somaliland was bordered by French Somaliland, Ethiopia, and Italian Somaliland. From 1940 to 1941, it was occupied by the Italians and was part of Italian East Africa...

) by the "Somali scellino" (Somali shilling).

Coins

In 1950, coins were introduced in denominations of 1, 5, 10 and 50 centesimi and 1 somalo. The three lower denominations were minted in copper, with the higher two being struck in silver.

Banknotes

The Cassa per la Circolazione Monetaria della Somalia, headquartered in Rome, began operations 18 April 1950 and was authorized to issue 55 million shillings in paper money. It released notes in denominations of 1, 5, 10, 20 and 100 somali on 22 May 1950. A smaller version of the 5-somali note was put into circulation in May 1951. These notes were withdrawn beginning 15 December 1962 and ceased to be legal tender on 31 December 1963.

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