1 Mazuna – Morocco
Morocco
Context
References
KM: #Click to copy to clipboard31.2
Numista: #157491
Value
Bullion value: $2.50
Obverse
Reverse
Edge
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1764 | — | — | ||
| 1765 | — | — | ||
| 1766 | — | — |
Historical background
In 1764, the currency situation in the Alaouite Sultanate of Morocco was characterized by a complex and often unstable bimetallic system, heavily influenced by both internal governance and intense foreign commercial 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 frequent confusion in trade. This period, under Sultan Sidi Mohammed III (r. 1757-1790), was one of active but challenging economic reform, as the state grappled with counterfeiting, the clipping of coins, and the disruptive outflow of precious metals.
A critical factor shaping the monetary landscape was Morocco's burgeoning trade with European powers, particularly France, Britain, and Spain. European merchants, operating from coastal enclaves, demanded payment in high-quality, standardized silver coinage, often Spanish American pieces of eight (reales), which circulated widely as a de facto international currency. This created a dual economy: a domestic sphere using local coinage and an international trade sphere reliant on foreign specie. The constant drain of silver to pay for European manufactured goods and military supplies threatened the Sultanate's bullion reserves, a classic problem of mercantilist trade imbalance that weakened the state's ability to control its own money supply.
Recognizing these threats to economic sovereignty and fiscal stability, Sidi Mohammed III pursued a policy of monetary centralization and modernization. He sought to impose uniform national coinage from the imperial mints in cities like Marrakech and Fes, asserting royal control over this key symbol of authority. His long-term strategy also involved promoting Moroccan exports (like sugar, salt, and wool) to reduce the trade deficit and stem the outflow of silver. Thus, the currency situation in 1764 was a pivotal moment of tension, caught between a traditional, fragmented system and a ruler's concerted effort to stabilize and unify the kingdom's economy in the face of growing global commercial forces.
A critical factor shaping the monetary landscape was Morocco's burgeoning trade with European powers, particularly France, Britain, and Spain. European merchants, operating from coastal enclaves, demanded payment in high-quality, standardized silver coinage, often Spanish American pieces of eight (reales), which circulated widely as a de facto international currency. This created a dual economy: a domestic sphere using local coinage and an international trade sphere reliant on foreign specie. The constant drain of silver to pay for European manufactured goods and military supplies threatened the Sultanate's bullion reserves, a classic problem of mercantilist trade imbalance that weakened the state's ability to control its own money supply.
Recognizing these threats to economic sovereignty and fiscal stability, Sidi Mohammed III pursued a policy of monetary centralization and modernization. He sought to impose uniform national coinage from the imperial mints in cities like Marrakech and Fes, asserting royal control over this key symbol of authority. His long-term strategy also involved promoting Moroccan exports (like sugar, salt, and wool) to reduce the trade deficit and stem the outflow of silver. Thus, the currency situation in 1764 was a pivotal moment of tension, caught between a traditional, fragmented system and a ruler's concerted effort to stabilize and unify the kingdom's economy in the face of growing global commercial forces.
✨ Legendary