Falus – Morocco

In 1614, Morocco's currency situation was characterized by instability and transition, deeply influenced by the political and economic turmoil of the late Saadian dynasty. The powerful Sultan Ahmad al-Mansur, whose reign (1578-1603) had brought immense wealth from Trans-Saharan gold trade and ransoms from the Battle of the Three Kings, had died over a decade prior. His death plunged the realm into a protracted civil war between his sons, fracturing central authority and disrupting the economic foundations that supported a stable currency. The lucrative gold trade from Timbuktu, which had allowed for the minting of high-quality gold benduqi dinars, became increasingly unreliable as internal conflicts weakened control over trade routes.

The monetary system in practice was a complex bimetallic system, but one under severe strain. The primary coins were the silver dirham and the gold dinar, though the latter's production had likely diminished. A profusion of lower-value copper fulus served everyday transactions. However, the civil war led to debasement, where various regional mints, controlled by rival factions, reduced the precious metal content in coins to finance their military campaigns. Furthermore, the Moroccan market was flooded with a variety of foreign currencies, most notably Spanish reales and Ottoman coins, which circulated widely due to Morocco's active maritime trade and diplomatic engagements with European and Ottoman powers. This created a heterogeneous and often confusing monetary environment.

Consequently, merchants and the populace faced significant challenges, including uncertainty over the real value of coins, exchange rate fluctuations, and the risk of accepting debased currency. The lack of a strong central minting authority meant no uniform standard could be enforced. This monetary fragmentation mirrored the political fragmentation of the era, preceding the rise of the new Alaouite dynasty, which would later work to restore monetary unity and stability. Thus, in 1614, Morocco's currency was less a unified system and more a reflection of a kingdom in crisis, caught between its golden past and an uncertain future.