Royal African Company

From Wikipedia, the free encyclopedia

The Royal African Company was a slaving company set up by the Stuart family and London merchants once the former retook the English throne in the English Restoration of 1660. It was led by James, Duke of York, Charles II's brother.

Originally known as the Company of Royal Adventurers Trading to Africa, it was granted a monopoly over the English slave trade, by its charter issued in 1660. With the help of the army and navy it established trading posts on the West African coast, and it was responsible for seizing any rival English ships that were transporting slaves.

It collapsed in 1667 during the war with the Netherlands — the very war it started by having company Admiral Robert Holmes attacking the Dutch African trade posts in 1664 — and re-emerged in 1672.

In the 1680s it was transporting about 5000 slaves per year. Many were branded with the letters 'DY', after its chief, the Duke of York, who succeeded his brother on the throne in 1688, becoming James II. Other slaves were branded with the company's initials, RAC, on their chests.^[1]

Between 1672 and 1689 it transported around 90,000-100,000 slaves. Its profits made a major contribution to the increase in the financial power of those who controlled London.

In 1698, it lost its monopoly. This was advantageous for merchants in Bristol, even if the Bristolian Edward Colston had already been involved in the Company. The number of slaves transported on English ships then increased dramatically.

The company continued slaving until 1731, when it abandoned slaving in favour of trafficking in ivory and gold dust. It was dissolved in 1752, its successor being the African Company.

The Royal African Company's logo depicted an elephant and castle.

From 1668 to 1722 the Royal African Company provided gold to the English Mint. Coins made with this gold bear an elephant below the bust of the king and/or queen. This gold also gave the coinage its name--the guinea.