ABSTRACT
Yet another short-cut to making money is to engage in its private manufacturing. In 1937, the British colonial government became alarmed over the high rate of currency counterfeiting and the ease with which such illegal money circulated all over Nigeria. In that year, over two thousand counterfeit coins were discovered in the Oyo province alone. 1 Not only was counterfeit money spent in the local markets, it was also used for many official transactions in the payment of taxes, licenses, market levies, court fees, fines, and so on. Several major banks made monthly reports and returns that indicated that they frequently received forged coins and notes in error. So serious was the situation that the District Officers (D.O.) and many local chiefs began to call for greater punishment for offenders.
