Harf – Yemeni Zaidi State

In 1837, the Zaidi State in Yemen, ruled by Imam al-Mansur Ali bin Abdullah, operated within a complex and fragmented monetary system typical of the region's historical integration into wider trade networks. The primary currency in circulation was the silver riyal, specifically the Maria Theresa thaler (MT$), a globally traded coin minted in Austria but ubiquitous in Red Sea and Arabian Peninsula commerce. This foreign coin had effectively become the de facto standard due to its reliable silver content and acceptance in international trade, upon which Yemen's economy heavily depended for coffee exports and imports of goods. Alongside the thaler, various older Ottoman and local imitative coins, often of irregular weight and purity, circulated at fluctuating exchange rates, leading to chronic confusion in everyday transactions.

The state's own minting capacity was limited and inconsistent. The imams in Sana'a occasionally struck silver qirsh coins and copper fulus, but these were often low in prestige and authority, unable to displace the trusted foreign thaler. This reliance on external currency highlighted the Zaidi State's limited fiscal sovereignty and the practical challenges of governing a mountainous, tribal society. The monetary landscape was further complicated by the circulation of coins from other regional powers and the lingering presence of currency from previous Ottoman occupations, creating a multi-layered and unstable monetary environment.

This situation posed significant challenges for both trade and governance. The Imam's government struggled to control the money supply or derive consistent seigniorage revenue, while merchants and the populace had to navigate unreliable exchange rates. The currency fragmentation mirrored the political reality of the era, where the Imam's direct control was often contested by local tribes and powerful families. Thus, the monetary system of 1837 was not one of unified state issuance but a contested, porous, and pragmatic marketplace of metals, reflecting Yemen's position at the crossroads of regional commerce and its internal political decentralization.