Harf – Yemeni Zaidi State

In 1809, the Zaidi Imamate of Yemen, centered in the rugged northern highlands, operated within a complex and fragmented monetary system typical of a pre-modern state. The primary currency in circulation was the silver riyal, specifically the Maria Theresa thaler (MT$). This iconic coin, minted in Austria but traded globally, was the dominant medium for large transactions, foreign trade, and state treasury reserves due to its consistent weight and high silver purity. Its widespread acceptance underscored Yemen's integration into Indian Ocean and Red Sea trade networks, even as the Imamate's political control fluctuated.

Alongside the thaler, a variety of other coins circulated, creating a multi-layered system. Older Ottoman and Yemeni imitative coins, often of varying and debased silver content, were used for local and regional trade. For smaller, everyday transactions, the chief coin was the copper falus. The exchange rates between these currencies—silver thalers, fractional silver coins, and copper fulus—were not fixed by a central bank but were subject to local market conditions, the quality of the coins, and the authority of local money changers (sarrafs) in the souks.

This monetary environment reflected the political reality of the era. While Imam Al-Mansur Ali bin Abbas (r. 1775-1809) held the title, the Imamate's authority was challenged by internal tribal divisions and external threats from the Wahhabi expansion into Asir. Consequently, there was no unified, state-issued coinage bearing the Imam's name in 1809. The currency situation was one of practical adaptation, relying on trusted foreign silver for stability and a legacy of older coins for daily use, all managed through decentralized, traditional market mechanisms rather than a centralized fiscal policy.