½ Dinar – Morocco

In 1619, the currency situation in the Saadian Sultanate of Morocco was characterized by a complex and often unstable bimetallic system, heavily influenced by both internal pressures and international trade. The primary coins in circulation were the gold benduqi (based on the Ottoman sultani) and the silver dirham. Their values and availability were in constant flux due to the sultanate's deep integration into Mediterranean and trans-Saharan trade networks. Morocco exported sugar, salt, and leather, while importing vast quantities of European silver and textiles, as well as gold from sub-Saharan Africa, making its money supply highly dependent on foreign bullion flows.

This reliance created significant vulnerability. Sultan Zidan al-Nasir, ruling from Marrakesh, faced ongoing financial strain from maintaining a large military, costly construction projects, and the lingering expenses of his father Ahmad al-Mansur's ambitious campaigns. Furthermore, the period was marked by internal fragmentation and rebellion, particularly from his brother Abu Marwan Abd al-Malik II, who controlled parts of the north. This political instability disrupted trade routes and state mints, leading to periodic shortages of specie, erratic minting, and widespread debasement of coinage as a short-term fiscal measure.

Consequently, the monetary landscape for merchants and commoners in 1619 was one of uncertainty. Exchange rates between gold and silver were not fixed and could vary between ports like Safi and Salé and inland cities like Fez. Counterfeiting was a persistent problem, and the varying quality of coins required careful assay. While the state attempted to regulate currency through the Musta'min (the official in charge of the mint and foreign merchants), its control was inconsistent. Thus, the economy functioned on a mixture of official coinage, foreign coins (especially Spanish reales), and in many rural areas, continued use of commodity money or barter.