1 Mazuna – Morocco
Morocco
Context
References
KM: #Click to copy to clipboard55.1
Numista: #157435
Value
Bullion value: $1.95
Obverse
Reverse
Edge
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1790 | — | — | ||
| 1791 | — | — | ||
| 1792 | — | — |
Historical background
In 1790, Morocco's currency situation was characterized by a complex and often unstable bimetallic system, heavily influenced by both internal governance and external trade pressures. The primary circulating coins were the silver dirham and the gold benduqi (or mithqal), whose values fluctuated against each other based on the relative availability of precious metals. The Alawite Sultan Moulay Yazid, who had recently ascended to the throne in 1790 following a period of civil war, inherited a treasury depleted by conflict and rampant monetary debasement. This instability was exacerbated by the widespread practice of clipping coins and the circulation of a multitude of foreign coins, particularly Spanish reales (pieces of eight) and other European currencies from thriving maritime trade.
The state's control over the mint was a crucial source of sovereign authority and revenue. The Dar al-Sikka (the Mint) in cities like Fez and Marrakech struggled to maintain consistent standards, as successive sultans often resorted to reducing the precious metal content in newly minted coins to finance military campaigns and court expenditures. This debasement eroded public trust in the currency, leading to hoarding of full-weight coins (Gresham's Law in practice) and creating a disconnect between the official and market exchange rates. Furthermore, the economy remained significantly reliant on barter in rural areas, while urban centers and international trade hubs operated with this mixed and uncertain monetary environment.
Externally, Morocco's currency was deeply entangled with European commercial interests. The demand for Moroccan sugar, leather, and other goods brought in a steady flow of foreign silver, but this was offset by payments for imported textiles and armaments. The resulting balance of payments influenced the domestic supply of specie. Sultan Moulay Yazid's brief and tumultuous reign in 1790 did not allow for monetary reform, leaving the system in a fragile state. This instability would persist until the stronger centralization efforts of later sultans in the 19th century, who sought to modernize the currency in response to increasing European economic pressure.
The state's control over the mint was a crucial source of sovereign authority and revenue. The Dar al-Sikka (the Mint) in cities like Fez and Marrakech struggled to maintain consistent standards, as successive sultans often resorted to reducing the precious metal content in newly minted coins to finance military campaigns and court expenditures. This debasement eroded public trust in the currency, leading to hoarding of full-weight coins (Gresham's Law in practice) and creating a disconnect between the official and market exchange rates. Furthermore, the economy remained significantly reliant on barter in rural areas, while urban centers and international trade hubs operated with this mixed and uncertain monetary environment.
Externally, Morocco's currency was deeply entangled with European commercial interests. The demand for Moroccan sugar, leather, and other goods brought in a steady flow of foreign silver, but this was offset by payments for imported textiles and armaments. The resulting balance of payments influenced the domestic supply of specie. Sultan Moulay Yazid's brief and tumultuous reign in 1790 did not allow for monetary reform, leaving the system in a fragile state. This instability would persist until the stronger centralization efforts of later sultans in the 19th century, who sought to modernize the currency in response to increasing European economic pressure.
✨ Legendary