½ Benduqi – Morocco

In 1825, the currency situation in the Kingdom of Morocco was characterized by a complex and fragmented monetary system, a legacy of its historical trade networks and limited central minting authority. The primary unit was the silver dirham, but its weight and purity could vary significantly between different regional mints and even between rulings of successive Sultans. Alongside this, the gold benduqi (or mithqal) circulated for larger transactions and foreign trade. However, the most striking feature was the proliferation of diverse foreign coins, which were essential for commerce. Spanish silver pesos (pieces of eight), Austrian Maria Theresa thalers, and other European coins circulated freely, often preferred for their consistent weight and purity in international trade, particularly with European merchants in coastal enclaves.

This monetary heterogeneity created chronic problems for the Alawite Sultanate, then under the rule of Moulay Abderrahmane. The influx of foreign silver, while lubricating trade, undermined the Sultan's control over the economy and seigniorage (profit from minting). Furthermore, a recurring shortage of small-denomination coinage for everyday local trade caused significant hardship for the common population. The state's attempts to manage currency often involved periodic recalls and re-minting of coins, which could be disruptive and were not always successful in standardizing the circulating medium.

The year 1825 itself falls within a period of increasing European commercial and political pressure on Morocco, following its defeat in the Franco-Moroccan War of 1844 (not yet occurred, but part of the growing pressure). While major currency reforms were still decades away, the monetary chaos of the 1820s reflected the broader challenges of a traditional empire grappling with an evolving global economic order. The reliance on foreign coinage highlighted Morocco's integration into, and dependence on, Atlantic and Mediterranean trade circuits, even as it struggled to maintain its own sovereign monetary system.