1 Mazuna – Morocco

In 1789, the Moroccan monetary system was a complex and fragmented blend of indigenous and foreign currencies, reflecting the country's position at the crossroads of trans-Saharan, Mediterranean, and Atlantic trade. The official currency was the silver dirham, minted by the Alawite Sultans in cities like Fez and Marrakech. However, its weight and purity were not always consistent, leading to fluctuations in value. Alongside this, the gold benduqi (from the Venetian sequin) and the mithqal were used for larger transactions and international trade, particularly with the Ottoman Empire and sub-Saharan Africa.

This system was further complicated by the widespread circulation of a multitude of foreign coins, a testament to Morocco's deep integration into global commerce. Spanish reales (pieces of eight), particularly the famous "Spanish dollar," were dominant due to extensive trade across the Strait of Gibraltar and were often preferred for their reliable silver content. Portuguese, French, and other European coins also circulated freely, especially in the coastal presidios and trading ports. Internally, small transactions were often conducted using copper fulus, which were prone to inflation and frequent debasement.

The monetary landscape was therefore one of inherent instability and calculation. Sultan Mohammed ben Abdallah (r. 1757-1790), who died in 1790, had attempted reforms to standardize minting and assert control, but with limited success. Merchants and money changers (sarrafs) played a crucial role in navigating this heterogeneous environment, determining exchange rates and facilitating trade. Thus, on the eve of the French Revolution, Morocco's currency situation was less a unified national system and more a pragmatic, market-driven bazaar of competing metallic monies, presenting both a challenge to central authority and a necessity for its vibrant commercial life.