Ecu – Morocco

In 1607, 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 intense foreign trade. The primary coins in circulation were the gold benduqi (a local dinar) and the silver dirham, but their weight, purity, and value were not consistently standardized, leading to regional variations and frequent disputes. This period, under the rule of Sultan Zidan Abu Maali, saw a significant drain of precious metals, as vast quantities of Moroccan gold and silver were exported to pay for essential imports like European textiles, arms, and timber, exacerbating domestic shortages.

The state's fiscal health was further strained by the enormous costs of maintaining military campaigns, lavish court expenditures, and the ongoing struggle to control lucrative trans-Saharan trade routes. To raise revenue, the Makhzen (central government) periodically resorted to currency manipulations, such as issuing debased coinage or mandating unfavorable exchange rates between gold and silver. These actions often triggered inflation, market confusion, and a loss of public trust in official money, prompting merchants and citizens to hoard older, purer coins or rely on foreign currency.

Consequently, a parallel monetary economy thrived, with a plethora of foreign coins—most notably Spanish reales (pieces of eight), Ottoman altuns, and Portuguese cruzados—circulating freely in port cities like Salé, Safi, and Marrakesh. These foreign currencies, valued for their reliable metallic content, became essential for international commerce, undercutting the Sultan's control over the monetary system. Thus, in 1607, Morocco's currency landscape was one of fragmented authority, where the official bimetallic system competed with and was often undermined by a more trusted, heterogeneous mix of international specie.