3 Falus – Morocco

In 1822, Morocco's currency situation was characterized by a complex and fragmented system, deeply rooted in centuries-old practices but strained by internal pressures and external trade imbalances. The country operated on a bimetallic standard, with gold benduqi dinars and silver dirhams circulating alongside a plethora of foreign coins, particularly Spanish silver dollars (pieces of eight or riyals) and Austrian Maria Theresa thalers. These foreign coins were essential for foreign trade, especially with European powers, and their value fluctuated against local coinage, creating a dynamic and often unstable exchange environment. The Alawite Sultanate minted its own coins, but their weight and purity were not always consistent, leading to variations in trust and value across different regions and markets.

The early 19th century was a period of significant financial pressure for the Makhzen (the Moroccan state). Military defeats, notably the disastrous loss to France in the 1819 Battle of Tondibi (part of the Franco-Moroccan War), resulted in heavy war indemnities that drained the treasury. Furthermore, a decline in traditional revenue from trans-Saharan trade routes and piracy, coupled with increased imports of European manufactured goods, led to a persistent outflow of silver bullion. This shortage of specie (coined money) caused domestic deflationary pressures, making it difficult for the state to pay its troops and officials, and for merchants to conduct business smoothly.

Consequently, by 1822, Sultan Moulay Slimane faced a currency system in distress. While no single, sweeping monetary reform was enacted that specific year, the ongoing crisis forced the Makhzen to engage in ad-hoc measures such as debasing coinage to stretch limited silver supplies and attempting to exert greater control over the valuation of foreign coins in Moroccan ports. The situation highlighted Morocco's increasing entanglement in the global economy and its struggle to maintain monetary sovereignty amidst internal fiscal weakness and growing European commercial influence, setting the stage for more profound economic challenges in the decades to follow.