1 Mazuna – Morocco

In 1794, Morocco's currency situation was characterized by significant instability and complexity, rooted in both internal governance and external pressures. The Alawite Sultan Moulay Slimane, who ascended to the throne in 1792, inherited a treasury depleted by his predecessor's military campaigns and faced the ongoing challenge of asserting central authority over tribal regions. The monetary system was a bimetallic one, relying on a silver dirham and a gold benduqi (or mithqal), but the value and purity of these coins were inconsistent. This was due to widespread clipping and counterfeiting, as well as the circulation of a multitude of older, foreign, and debased coins from European and Ottoman trade, leading to chronic confusion in everyday transactions.

Externally, Morocco's currency was under pressure from European commercial interests, particularly from Spain, France, and England. These nations, engaged in global conflicts like the French Revolutionary Wars, sought to influence Moroccan trade and politics, often paying for goods and concessions in their own fluctuating currencies. This influx further complicated the domestic money supply. Furthermore, the sultanate's attempts to reform the coinage were hampered by the need to finance the Mahalla—the annual tax-collecting military expedition—and to maintain costly diplomatic relations, which drained silver and gold from the royal mints (dar al-sikka).

Consequently, the year 1794 saw a period of monetary scarcity and economic difficulty for many Moroccans. The state's struggle to standardize and control the currency contributed to price volatility, especially for basic commodities, and eroded public confidence. This financial weakness reflected the broader challenges of the era: a central government striving to consolidate power amidst regional fragmentation, while navigating an increasingly assertive European presence in North African affairs. The currency troubles of this period were thus a symptom of the wider political and economic transitions facing the Moroccan state in the late 18th century.