On 15 January 1701, the small colony was renamed Prussian Gold Coast Settlements, in connection with the founding of the Kingdom of Prussia, which formally took place three days later, when Frederick III, Elector of Brandenburg and Duke of Prussia, crowned himself King in Prussia (after which he became known as Frederick I of Prussia).
From 1711 to April 1712, the Dutch occupied Fort Dorothea. In 1717, the Prussian Gold Coast colony was physically abandoned by Prussia; from then until 1724, John Konny (in Dutch Jan Conny) occupied Groß Friedrichsburg, despite the sale of the colony to the Dutch in 1721.
Prussia was the last major European power, and first German state, to enter transatlantic trade. It was relatively isolated from major European trade hubs at the time, so the incentive existed to enter transatlantic trade and fortify the Prussian economy.[3]
The colony was founded for many reasons, mainly: for Prussia to increase its gold reserves,[4] to supply slaves for Prussia's entry in the human cargo trade, and to engage in gum arabic and ostrich feathers trade. Yet shortly after its founding, it was soon realized that the greatest profits could only be made from human cargo trade as gold had eventually run scarce in the area,[4] so the focus of the colony was put almost exclusively on trading slaves.
Prussia also leased part of the island Saint Thomas in the Caribbean (present-day part of the U.S. Virgin Islands) from the Kingdom of Denmark as a colony to which it could transport slaves, and thus a transatlantic trade between the Prussian Gold Coast and the Caribbean was born.[5]
Sale to the Dutch
Under King Frederick William I, In 1721, after 39 years of administration, the Kingdom of Prussia sold the remaining rights to the colony to the Dutch, who renamed it Hollandia, as part of their larger Dutch Gold Coast colony. The king had no personal ties to the colony and saw it as a drain on his kingdom's resources.[6][5] By this time the Brandenburg African Company had lost all but one of its ships at the colony due to Dutch and French plundering, and competition primarily with a growing Dutch presence in the area lowered Prussian revenues. Prussia’s slave output was, at its peak, less than a quarter of the United Netherlands'. Resources going into the colony were restricted as the colony neared its end.[5]
^Sutton, Angela (2014). "Competition and the Mercantile Culture of the Gold Coast Slave Trade in the Atlantic World Economy, 1620-1720". {{cite journal}}: Cite journal requires |journal= (help)
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