½ Dinar – Morocco

In 1616, the currency situation in the Saadi Sultanate of Morocco was characterized by a complex and often turbulent bimetallic system, heavily influenced by both internal sovereignty and intense foreign pressure. The primary coins in circulation were the gold benduqi (a local dinar) and the silver dirham, but their value and supply were highly unstable. This instability stemmed from a critical shortage of precious metals within the kingdom, exacerbated by the sultanate's costly military campaigns, including the recent expulsion of Spanish and Portuguese from many coastal strongholds and ongoing conflicts with the Ottoman Regency of Algiers.

External economic forces exerted overwhelming pressure. Vast quantities of Spanish pieces of eight (reales) and Portuguese cruzados flowed into the country through trade, ransom payments for Christian captives, and the activities of corsair ports like Salé. This influx of foreign coinage, particularly Spanish silver, effectively made it a parallel currency, undermining the authority of the Saadi mint. Furthermore, European merchants and diplomats, backed by their consular powers, often demanded payment in their own specie, creating a dual economy that disadvantaged local traders and complicated state finances.

Sultan Zaydan an-Nasir, ruling from Marrakesh, struggled to assert monetary control. While the royal mint (Dar al-Sikka) in Marrakesh produced coinage, its output was irregular and could not meet demand, leading to widespread clipping and debasement of existing coins. The result was a fragmented monetary landscape where exchange rates fluctuated wildly between gold, silver, and various foreign coins, creating significant hardship for common people and hindering long-distance trade. Thus, the currency situation of 1616 reflected a powerful kingdom caught between its imperial ambitions and the penetrating, disruptive force of early modern global commerce.