Harf – Yemeni Zaidi State

In 1845, the currency situation within the Zaidi Imamate of Yemen (often called "Yemen" or "North Yemen" in historical texts) was characterized by monetary fragmentation and the persistent circulation of obsolete coinage. The primary unit was the Imadi Riyal, a silver coin named after Imam al-Mahdi Abbas (d. 1775), but its production and purity were inconsistent. Alongside it, a variety of older, worn silver coins remained in use, including Ottoman qirsh and even much older Maria Theresa thalers (riyal franji), which were valued by weight rather than face value. This created a complex and inefficient system where exchange rates fluctuated locally, hindering trade.

This monetary disarray was a direct reflection of the Imamate's political and economic stagnation during this period. The Zaidi state, ruled from Sana'a, had limited control over the coastal regions and was largely isolated from the modernizing monetary reforms occurring in the Ottoman Empire and Egypt. There was no central mint operating with standardized output, and the economy remained predominantly agrarian and localized. Consequently, foreign coins from regional trade, along with clipped and debased domestic pieces, filled the void left by the lack of strong central monetary authority.

The situation posed significant challenges for both internal administration and foreign commerce. Merchants in ports like Al Hudaydah had to navigate a confusing array of coins, while the government struggled to collect taxes in a reliable, standardized medium. This monetary instability underscored the broader decline of the Qasimid Imamate in the mid-19th century, leaving its economy vulnerable. Within a few decades, this weakness would be exacerbated by the return of Ottoman occupation in 1849, which would later attempt to impose its own standardized currency system on the region.