½ Dinar – Morocco

In 1776, the currency situation in the Sultanate of Morocco under Sultan Mohammed ben Abdallah was characterized by a complex and often chaotic bimetallic system, heavily influenced by foreign trade and internal tribal dynamics. The primary coins in circulation were the silver dirham and the gold benduqi (or mithqal), but their weight, purity, and value were not standardized nationally. Instead, various mints in cities like Fes, Marrakech, and Mogador (Essaouira) produced coins of differing quality, leading to a proliferation of types that complicated commerce and encouraged clipping and counterfeiting.

This monetary disorder was exacerbated by intense European commercial pressure, particularly from Spain, France, England, and the emerging United States, which sought trade agreements for Morocco's key exports like wheat, saltpeter, and leather. European silver coins, especially the Spanish real de a ocho (piece of eight), circulated widely in port cities, often preferred for their reliable silver content over local issues. Sultan Mohammed ben Abdallah, a reformer seeking to centralize authority and stabilize the economy, recognized this instability as a threat to both sovereignty and tax revenue, prompting him to initiate monetary reforms.

Consequently, the late 18th century was a period of attempted consolidation. The Sultan worked to exert greater control over the mints, standardize coinage, and assert a royal monopoly on currency issuance. His efforts, however, met with limited success due to the entrenched power of local chieftains, the variability of silver supplies, and the sheer inertia of the existing fragmented system. Thus, in 1776, Morocco's currency was in a transitional state—caught between a traditional, decentralized past and a centralized, modernizing future desired by its ruler.