5 Gold Mu – Myanmar

In 1879, Myanmar (then known as the Kingdom of Burma) existed in a complex monetary landscape defined by the coexistence of multiple currency systems. The royal government in Mandalay, under King Thibaw, issued its own silver kyat and fractional coins, which were the official legal tender. However, these coins competed with a wide array of other mediums, including Indian rupees (both British and those minted by Indian princely states), as well as traditional silver bars and lead ingots. The value and acceptance of these currencies varied significantly by region and transaction type, creating a fragmented and often confusing economic environment.

This fragmentation was exacerbated by the kingdom's precarious political and economic position. Following the Second Anglo-Burmese War (1852-53), British Lower Burma was already under colonial control and fully integrated into the British Indian monetary system, using the rupee. Upper Burma, though still independent, was economically weakened and heavily influenced by British Indian trade. Consequently, the Burmese kyat struggled to maintain its authority, with its value often fluctuating against the more dominant Indian rupee, leading to instability in both internal commerce and cross-border trade.

Ultimately, the currency situation of 1879 reflected the broader trajectory of the kingdom itself: a sovereign system under severe strain from colonial encroachment. The lack of a unified, trusted currency hindered economic development and state revenue collection. This monetary instability was a symptom of the kingdom's deeper vulnerabilities, which would culminate just six years later in the Third Anglo-Burmese War (1885) and the complete annexation of Upper Burma, after which the Burmese kyat was demonetized and replaced by the Indian rupee.