1 Falus – Morocco

In 1774, the currency situation in the Alaouite Sultanate of Morocco under Sultan Mohammed III was characterized by a complex and often chaotic multiplicity of coins in circulation. The primary unit was the silver dirham, but its value and purity were inconsistent. Alongside locally minted coins, a vast array of foreign currencies circulated freely, particularly Spanish reales de a ocho (pieces of eight), Portuguese cruzados, and other European and Ottoman coins brought through trade and piracy. This created a fragmented monetary landscape where exchange rates fluctuated based on the intrinsic silver content and the reputation of the issuing authority, complicating both domestic commerce and state finances.

Recognizing the economic and sovereign problems this posed, Sultan Mohammed III (r. 1757-1790) had already initiated significant monetary reforms. He established a modern mint (Dar al-Sikka) in Marrakesh and sought to standardize the silver dirham to a reliable weight and fineness. His goal was to centralize minting authority, displace the plethora of foreign coins, and create a unified national currency to facilitate taxation and trade. By 1774, these reform efforts were ongoing but faced challenges, including public suspicion of new coinage, the entrenched use of foreign specie, and the technical difficulties of maintaining consistent minting standards.

Consequently, the year 1774 represents a point of transition within a longer reform process. While the Sultan’s new dirhams were entering circulation, the older patchwork system persisted. The economy, heavily reliant on agriculture and trans-Saharan trade, had to navigate this dual system. The state's ability to project power and fund its administration was directly tied to its success in controlling the monetary supply, making the currency situation a central concern of governance and a reflection of Morocco’s struggle to assert economic sovereignty in a period of intense European commercial and political encroachment.