1 Dinar – Morocco

In 1785, the currency situation in the Alaouite Sultanate of Morocco was characterized by a complex and often chaotic multiplicity of coins in circulation, reflecting both its deep integration into Mediterranean trade networks and the internal challenges of state control. The primary unit was the silver dirham, but its weight and purity were not consistently standardized, leading to significant variations. Alongside these, a plethora of foreign coins circulated freely, most notably the Spanish real de a ocho (piece of eight) and other European silver coins, which were highly trusted for international commerce. The gold benduqi (or mithqal) was also used for larger transactions and state treasury purposes, but the lack of a unified, authoritative minting system created a marketplace where money-changers (sarrafs) held considerable power, assessing and exchanging this heterogeneous mix on a daily basis.

This monetary fragmentation was a source of persistent concern for Sultan Mohammed ben Abdallah (r. 1757-1790), who sought to centralize authority and stabilize the economy. In response, he initiated a significant monetary reform in the early 1780s, culminating in the issuance of a new, standardized silver coin—the ryal (or mohammadi)—in 1785. Struck at the imperial mints in Marrakesh and other cities, this coin was an attempt to reassert royal prerogative over currency, provide a reliable medium of exchange, and reduce dependence on foreign specie. Its introduction represented a direct effort to impose order, with the Sultan decreeing its value and mandating its use.

Despite this top-down reform, the practical reality in the markets of cities like Salé, Essaouira, and Fez remained one of duality and competition. The new ryal entered circulation but did not immediately displace the entrenched foreign coins, which merchants continued to prefer for their consistent silver content and wide acceptance abroad. Thus, 1785 stands as a pivotal moment of transition, capturing the tension between a reforming central power striving for monetary sovereignty and a pragmatic, trade-oriented economy still deeply wedded to a pluralistic and international currency system. The success of the Sultan's ryal would be tested over the following decades, as it struggled to gain universal confidence.