1 Falus – Morocco

In 1788, the Moroccan currency system was a complex and fragmented landscape, reflecting the decentralized nature of the Alawite Sultanate under Sultan Moulay Yazid. The primary unit was the silver dirham, but its weight, purity, and value varied significantly across regions and even between cities, leading to chronic instability in trade. Alongside these local silver coins, a multitude of foreign currencies circulated widely, most notably the Spanish real de a ocho (piece of eight) and other European silver coins, which were often preferred for large-scale and international transactions due to their reliable silver content. This reliance on foreign specie highlighted Morocco's integration into Atlantic and Mediterranean trade networks, but also its vulnerability to external economic shifts.

The monetary situation was further strained by the Sultanate's chronic fiscal difficulties. The treasury, or Bayt al-Mal, was frequently depleted due to costly military campaigns, tribal rebellions, and the extravagant expenditures of the makhzen (central government). To raise funds, the state often resorted to debasing the coinage—reducing the silver content in newly minted dirhams—a practice that eroded public trust and fueled inflation. This cycle of debasement and inflation was particularly damaging to the urban merchant class and salaried officials, while benefiting those with access to stable foreign currency or tangible assets.

Ultimately, the monetary chaos of 1788 was both a symptom and a cause of broader political instability. The death of Sultan Mohammed ben Abdallah in 1790 and the ensuing civil war between his sons, including Yazid, would exacerbate these economic woes. The lack of a unified, trusted currency hindered internal commerce, complicated tax collection, and weakened the central authority's economic control, setting the stage for a period of profound crisis and transition in the late 18th and early 19th centuries.