Harf – Yemeni Zaidi State

In 1756, the Zaidi Imamate of Yemen was in a period of significant political and economic fragmentation, which was directly reflected in its currency situation. The authority of the Imam in Sana'a was contested by rival Zaidi dynasties, powerful tribal confederations, and independent coastal powers, particularly the Sultanate of Lahej in the south. This decentralization meant there was no unified monetary authority or standard currency circulating throughout the region. Instead, the economy operated on a complex mixture of older, depreciated coinage and foreign specie.

The primary coins in circulation were silver riyals, but these came from a multitude of sources. Most important were the Maria Theresa thalers (MT$), large silver coins minted in Austria but which had become the dominant trade currency throughout the Red Sea and Arabian Peninsula. Alongside these, various Ottoman and earlier Yemeni imadi coins, often clipped or worn, remained in use. The value and acceptance of these coins fluctuated based on their weight, silver purity, and the political authority backing them in a given market or city. This created a chaotic environment for trade, requiring constant assessment by money changers (sarrafs).

Furthermore, the currency situation was exacerbated by Yemen's integration into regional trade networks. The important coffee trade, though past its peak, still generated significant revenue, but this wealth was often captured by coastal merchants and local rulers who minted or imported their own coinage. The inability of the central Imamate to control the minting of currency or regulate its flow was both a symptom and a cause of its weakened state. Consequently, in 1756, Yemen lacked a sovereign monetary system, relying instead on a precarious patchwork of foreign and debased coins that mirrored its profound political disunity.