1 Dirham – Morocco

In 1847, Morocco's currency situation was characterized by a complex and fragmented system, reflecting the country's political decentralization and economic pressures. The official currency was the silver dirham, but its value and purity were not uniform, varying significantly between regions and even cities due to the autonomy of local authorities and moneyers. Alongside these, a multitude of foreign coins circulated widely, including Spanish dollars (pesos), French francs, and British sterling, a testament to Morocco's active trade with Europe and the broader Mediterranean. This multiplicity created chronic instability, confusion in commerce, and opportunities for arbitrage.

The period was one of severe financial strain for the Makhzen (the central government). Sultan Abd al-Rahman's reign (1822-1859) was marked by military defeats, most notably the Franco-Moroccan War of 1844, which resulted in a heavy war indemnity owed to France. This burden, coupled with a series of poor harvests and epidemics, drained the state treasury. To meet these obligations, the government resorted to debasing the coinage—reducing the silver content in newly minted dirhams—which led to inflation, a loss of public confidence in the currency, and further economic dislocation.

Ultimately, the monetary chaos of 1847 was both a symptom and a cause of Morocco's deepening crisis. The inability to assert a unified, stable currency undermined the Sultan's authority and the state's fiscal health, while the influx of European coins signaled growing foreign economic influence. This precarious situation would intensify in the following decades, contributing to the political and financial vulnerabilities that led to increased European intervention and, eventually, the establishment of colonial protectorates over Morocco in the early 20th century.