1 Mazuna – Morocco

In 1762, the currency situation in the Alaouite Sultanate of Morocco was characterized by a complex and often chaotic bimetallic system, heavily influenced by both internal governance and intense foreign pressure. The primary circulating coins were the silver dirham and the gold benduqi (or benduqi dinar), but their weight, purity, and value were not consistently standardized across the realm, leading to significant regional variations and confusion in trade. This instability was exacerbated by Sultan Mohammed III’s ambitious economic and infrastructural projects, which strained the treasury and led to periodic debasements of the coinage to raise short-term revenue.

Externally, Morocco’s strategic location and active maritime trade made its currency vulnerable to European mercantile powers. Spanish reales, Portuguese cruzados, and other European silver coins circulated widely in port cities like Salé, Essaouira, and Tangier, often preferred for foreign trade due to their reliability. This influx of foreign specie, while facilitating commerce, further undermined the authority and uniformity of the Sultan’s mint. Additionally, the period was marked by costly conflicts, including ongoing tensions with the Ottoman Regency of Algiers and efforts to reassert control over interior tribes, all of which drained monetary resources and disrupted economic stability.

Consequently, the monetary landscape of 1762 was one of transition and strain. While Sultan Mohammed III (who reigned from 1757-1790) recognized the need for reform and would later attempt to modernize the mint and consolidate authority, the immediate situation was fragmented. The coexistence of official, debased, and foreign coins created a challenging environment for both daily transactions and long-distance trade, reflecting a kingdom navigating between its traditional structures and the demands of an increasingly interconnected Atlantic and Mediterranean economic world.