During the reign of Ogiso Ohuede, there was severe inflation. Other pestilences followed. People counterfeited the coins of the realm by bringing illegal money into the country. What happened was that people suddenly discovered a large number of cowries (which was the then known coin or money in use) and after that flooded the country with it. The attendant result was inflation. When Ogiso Obioye came in as ruler, he harnessed the whole currency by nationalizing cowries wherever they were in private hands or with the state. This money became scarce, and its value restored. It is this state of affairs which gave rise to the expression "a valuable article purchased with Obioye's Coin". Ogiso Obioye, therefore, was the first king who reformed the currency.