Dinar – Morocco

In 1604, Morocco's currency situation was characterized by instability and transition under the Saadi Sultanate, particularly during the reign of Sultan Zidan Abu Maali. The kingdom, a significant hub in trans-Saharan and Atlantic trade, relied on a bimetallic system of gold dinars and silver dirhams. However, the primary challenge was a severe shortage of precious metals, especially gold. The once-lucrative trans-Saharan gold trade from West Africa had been severely disrupted by European coastal trading posts and internal conflicts along the caravan routes, starving the mint of its most crucial raw material.

This scarcity led to widespread monetary debasement, where the silver content of coins was reduced to stretch the limited bullion supplies. Consequently, a plethora of irregular and low-quality coins, including clipped and counterfeit pieces, circulated alongside older, purer issues, causing confusion in commerce and a loss of public trust. The situation was exacerbated by the circulation of diverse foreign currencies, such as Spanish reales and Ottoman coins, which were often preferred for their reliable weight and fineness, further undermining the domestic monetary system.

Sultan Zidan attempted reforms, centralizing minting operations and striving to impose standard weights, but his efforts were hampered by ongoing political and military crises, including internal rebellions and pressure from Iberian powers. Therefore, the currency landscape in 1604 was one of fragmentation and competition, reflecting a state struggling to maintain monetary sovereignty amidst regional economic shifts and internal fragility.