1 Dirham – Morocco

In 1854, Morocco's currency situation was characterized by profound instability and complexity, a direct reflection of the country's political and economic pressures. The monetary system was a fragmented bimetallic system, relying on both silver dirhams and gold benduqi coins, but their values and purity were highly inconsistent. This was exacerbated by a severe shortage of precious metals due to a chronic trade deficit, as imports (particularly textiles and tea from Europe) far exceeded exports. The Sultanate's mints, scattered across cities like Fez and Marrakech, produced coins of varying weight and fineness, leading to a bewildering array of circulating currencies that undermined both domestic trade and foreign commerce.

This monetary chaos was intensified by heavy foreign interference and debt. European merchants and diplomats, backed by their governments, demanded payment in reliable silver coinage, often Spanish pesetas or Maria Theresa thalers, which further drained the country of sound money. The situation reached a critical point in the early 1850s following Morocco's defeat in the Franco-Moroccan War of 1844 and the subsequent imposition of unequal treaties. By 1854, the Alawite Sultan Abd al-Rahman was grappling with the financial aftermath of these conflicts, including a large indemnity paid to Spain after the Tetouan War of 1859-60 was looming. The state treasury (Bayt al-Mal) was depleted, forcing increased taxation and contributing to widespread popular discontent.

Consequently, the currency crisis of 1854 was not merely a financial issue but a symptom of Morocco's weakening sovereignty in the face of European imperial expansion. The inability to control its own money supply highlighted the Makhzen's (central government) administrative struggles and its vulnerability to external economic forces. This period set the stage for more severe financial crises in the following decades, which would ultimately lead to Morocco falling deeply into debt and under foreign financial control, a key factor that paved the way for the establishment of French and Spanish protectorates in the early 20th century.