1 Falus – Morocco

In 1672, Morocco was in a period of significant monetary instability and transition, largely stemming from the political and military upheavals of the preceding decades. The country was emerging from the era of the Saadi dynasty, which had collapsed into fragmentation after 1659, leading to a period of internal conflict known as the "Revolt of the Marabouts." The new Alaouite Sultan, Moulay Ismail, had just ascended to the throne that very year, inheriting a realm with a deeply fractured economy. The currency system was a patchwork of debased silver coins, foreign currencies (particularly Spanish pieces of eight and Ottoman akçe), and various locally minted coins of unreliable weight and purity, which severely hampered trade and state revenue.

The core of the problem was the scarcity of precious metals, especially silver, needed to mint strong, authoritative currency. Control over the vital trans-Saharan gold trade had weakened, and European powers were increasingly diverting bullion flows. Previous sultans had resorted to severe currency devaluations to finance their military campaigns, eroding public trust in the coinage. In the markets, merchants and money-changers had to constantly assay coins, leading to complex exchange rates and commercial friction. This monetary chaos reflected the broader challenge facing Moulay Ismail: the need to unify a divided kingdom both politically and economically.

Recognizing that a stable currency was essential for consolidating power, Moulay Ismail would soon embark on a major monetary reform as a cornerstone of his reign. While the full implementation occurred in the years after 1672, the situation in that year set the stage for his decisive actions. He would move to centralize minting operations, impose strict standards on the silver dirham, and introduce a new gold benduqi,
aiming to displace foreign coins and establish a uniform, trusted monetary system that would underwrite the stability and grandeur of his new imperial state.