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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 Africa n coast, and it was responsible for seizing any rival English ships that were transporting slaves. It collapsed in 1667 during the war with Holland , 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. 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. |
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