½ Benduqi – Morocco

In 1817, Morocco's currency situation was characterized by significant instability and complexity, rooted in both internal economic pressures and disruptive foreign trade. The country operated on a bimetallic system, using both gold (benduqi) and silver (dirham) coins, but the valuation between them was not fixed and fluctuated wildly. This instability was exacerbated by a severe shortage of precious metals, as Morocco's traditional sources of bullion from the trans-Saharan trade had drastically declined. Simultaneously, an influx of debased European coins, particularly Spanish reales (known as riyals), circulated widely, further undermining the integrity and trust in the domestic currency.

The core of the crisis was fiscal. The Alawite Sultanate, under Moulay Sulayman (r. 1792–1822), faced immense financial strain due to costly military campaigns to suppress tribal rebellions and the loss of revenue from state monopolies. The government's response—repeatedly debasing the silver dirham by reducing its silver content—led to rampant inflation and a loss of public confidence. This monetary devaluation was effectively a form of unannounced taxation, which harmed local markets and ordinary citizens while benefiting a small class of merchants and money-changers who could speculate on the fluctuating values.

Consequently, the monetary chaos of 1817 reflected a broader period of economic contraction and political challenge for Morocco. The state's inability to control its currency mirrored its weakening central authority in the face of European commercial dominance and internal fragmentation. This precarious financial environment would persist and contribute to the country's increasing vulnerability to European economic and political pressure throughout the 19th century.