1 Mazuna – Morocco

In 1766, Morocco's currency situation was characterized by significant instability and complexity, reflecting the broader political and economic challenges of the Sidi Mohammed III's reign. The country operated on a bimetallic system, relying primarily on the silver dirham and the gold benduqi (or mithqal). However, the quality, weight, and value of these coins varied drastically across different cities and regions, as local authorities and tribal leaders often minted their own versions. This lack of standardization, combined with the widespread circulation of debased and counterfeit coins, created a chaotic monetary environment that hampered both domestic trade and international commerce.

This instability was exacerbated by intense foreign economic pressure. European merchant nations, particularly Spain, Portugal, France, and England, flooded the Moroccan market with their own silver coins, like Spanish reales and Austrian thalers (known as "Maria Theresa" thalers). These foreign coins, often of more reliable silver content, competed with and often displaced local currency, undermining the Sultan's monetary authority. Furthermore, Morocco's chronic trade deficit, driven by imports of European textiles and other goods, led to a persistent drain of precious metals out of the country, straining the treasury in Marrakesh and limiting the state's ability to mint sufficient, high-quality currency.

Sultan Sidi Mohammed III was acutely aware of these problems and had begun efforts to reform and centralize the monetary system. His long-term goal was to standardize coinage, regain control over minting, and stabilize the economy to strengthen the Makhzen (central authority). However, in 1766, these reforms were still a work in progress, and the day-to-day reality for merchants and subjects was one of uncertainty, constant exchange rate fluctuations, and the hassle of verifying the authenticity of every coin, making the monetary situation a persistent source of economic friction.