1 Mazuna – Morocco

In 1670, the currency situation in the Alaouite Sultanate of Morocco was complex and transitional, reflecting both its deep-rooted economic traditions and the pressures of a changing global trade system. The foundational unit was the silver dirham, a legacy of the preceding Saadi dynasty, but its purity and weight were highly variable, leading to chronic instability. Concurrently, the gold mithqal (or benduqi) served for high-value transactions and state finance, its value intrinsically linked to the fluctuating supply of West African gold via trans-Saharan trade routes. This bimetallic system was further complicated by a plethora of foreign coins, most notably Spanish reales (pieces of eight) and Ottoman gold, which circulated freely in port cities like Salé and Essaouira due to robust maritime trade, piracy, and diplomatic exchanges.

The monetary chaos was a significant concern for Sultan Moulay Ismail, who had recently consolidated power and was embarking on his ambitious project to build a centralized, imperial state. A stable and uniform currency was essential for financing his vast military projects, including the construction of Meknes and the maintenance of the formidable Black Guard. While Ismail would later attempt more comprehensive reforms, in 1670 the system remained largely decentralized. Control over minting was not absolute, with regional qaids and powerful tribes often issuing their own copper fulus for local markets, leading to severe inflation of this fractional coinage and further eroding public trust in the currency.

Ultimately, the monetary landscape of 1670 Morocco was characterized by fragmentation and competition between domestic and foreign mediums of exchange. This instability hindered internal commerce and complicated the Sultan's efforts to extract revenue efficiently. The situation underscored the broader challenge of integrating Morocco’s traditional, land-based Saharan economy with the burgeoning Atlantic and Mediterranean commercial spheres, a tension that would define the Alaouite dynasty's economic policies for decades to come.