Buqsha – Yemeni Zaidi State

In 1758, the Zaidi State in Yemen, formally known as the Qasimid Imamate, was grappling with a fragmented and unstable currency system that reflected its political and economic decline. The Imamate’s authority had significantly weakened, with effective control largely confined to the highlands around Sana'a, while coastal regions and key trade routes were under the influence of rival powers like the Sultanate of Lahej or autonomous tribes. This political fragmentation was mirrored in the monetary sphere, where no single, strong currency dominated. The official silver riyal, often struck in the name of the Imam, competed with a plethora of older, worn Yemeni coins and a steady influx of foreign currencies, particularly the Spanish real de a ocho and Austrian Maria Theresa thalers, which circulated widely due to regional trade.

The economy was further strained by a severe shortage of silver, the primary metal for high-value coinage. This scarcity was caused by Yemen's declining role in the international coffee trade, as European colonies began production elsewhere, reducing a critical source of bullion inflow. Consequently, the Imamate struggled to mint sufficient quantities of reliable, full-weight coins. This led to widespread practices of clipping and counterfeiting of existing coins, eroding public trust in the currency. Daily transactions for commoners relied heavily on small-denomination copper coins (fulus), which were prone to severe debasement and inflation, causing hardship for the population.

Ultimately, the currency situation of 1758 was a symptom of the Zaidi State's loss of fiscal sovereignty and integration into a broader, chaotic monetary zone of the Red Sea and Indian Ocean. The Imam’s mint could not assert a uniform standard, leaving the market dependent on imported silver coins from Europe and a debased local coinage. This monetary instability undermined internal trade, complicated taxation, and highlighted the Imamate’s inability to control its own economic destiny, a factor that contributed to its ongoing political decay throughout the late 18th century.