Paper short abstract:

After the takeover of Togo by France, the substitution of mark with franc far from easy. Togolese societies took advantage from the competition between European currencies while French officials claimed a genuine Togolese monetary sovereignty as a guarantee given to the League of Nations.

Paper long abstract:

The takeover of German Togo by France in 1914 was not followed by an easy transition from a European currency to another. The overlapped circulation of European currencies appeared to French officials as an obstacle in their effort to reform the budget of Togo. Indeed, the rapid devaluation of mark below its nominal value, along with the circulation of counterfeit British coins, and the will to express a French sovereignty over Togo, urged the need for a currency reform. While officials refered to this situation as a "monetary disorder", we can study how Togolese societies took profit from monetary multiplicity.

Nevertheless, the mandate system created another obstacle to officials on the road of French monetary sovereignty in Togo. As they tried to increase public revenues, officials were also under the supervision of the League of Nations, which limited their fiscal autonomy. The minting of special coins for Togo demanded by French governor appeared as a solution addressed to both concerns. Seigniorage benefits provided the local budget with higher revenues, while being presented before the Mandates Commission as the expression of a genuine Togolese monetary sovereignty, independent from French tutelage. However, this reform did not only fail at suppressing monetary multiplicity, but it also increased it. Therefore, contrary to what has been anticipated by officials, this reform fueled the monetary agency of Togolese societies.