1 Falus – Morocco

In 1693, the currency system of the Alaouite Sultanate under Sultan Moulay Ismail was characterized by a complex and often unstable bimetallic system of gold and silver. The primary silver coin was the dirham, while the gold benduqi (or benduqui) served as the higher-value unit. However, the integrity of this system was under severe strain. The Moroccan state, engaged in continuous military campaigns to consolidate power and repel European incursions, faced immense fiscal pressure, leading to repeated debasements of the coinage. The silver content of the dirham was frequently reduced to fund the vast expenses of the Sultan's armies and monumental building projects, like the construction of Meknes.

This monetary instability was exacerbated by external trade dynamics. Morocco maintained significant commercial ties with Europe, particularly through the export of sugar, salt, and leather. Payments from European merchants, often in Spanish reales or other foreign silver coins, flowed into the country, but these were irregular and subject to political relations. Simultaneously, Morocco experienced chronic trade deficits with the Ottoman East, draining gold and full-weight silver to pay for luxury goods. This combination of domestic fiscal need and international bullion flows created a chronic shortage of sound, full-weight currency in circulation, harming market confidence.

Consequently, the everyday economic reality for merchants and subjects was one of uncertainty and variability. The value of coins was not strictly face value but depended on their weight and actual metal content, leading to cumbersome assays and disputes in transactions. Counterfeiting was also a persistent problem. While the central Makhzen (government) in Meknes sought to impose control over the mint, regional governors and tribal authorities sometimes issued their own coinage, further fragmenting the monetary landscape. Thus, in 1693, Morocco's currency situation was a reflection of a powerful but financially stretched state, navigating the pressures of empire-building within a precarious global bullion market.