Kabir – Yemeni Zaidi State

In 1901, the currency situation within the Zaidi Imamate of Yemen (often referenced retrospectively as the Yemeni Zaidi State) was characterized by monetary fragmentation and the circulation of diverse, often debased coinage. The Imamate, under Imam Muhammad ibn Yahya Hamid ad-Din, exercised loose control over the highlands, while the Ottoman Empire maintained a firmer grip on the coastal regions and key cities. This political division was mirrored in the monetary system, where the primary circulating coins were the Ottoman qirsh (piastre) and the imadi riyal, a silver coin named after Imam al-Mahdi Abbas. However, the imadi riyal's silver content and weight were not consistently standardized, leading to variations in value and frequent counterfeiting.

The economy remained largely subsistence-based, with significant use of barter in rural areas. Foreign coins, particularly the Austrian Maria Theresa thaler and the British sovereign, were also in widespread use for larger transactions and foreign trade, owing to their trusted and consistent silver and gold content. This created a complex multi-currency environment where exchange rates fluctuated based on the metallic purity of individual coins rather than a central authority's decree. The Ottoman state attempted to impose its own currency reforms, but these had limited penetration in the Zaidi highlands, where local imams and market forces held sway.

Consequently, the monetary landscape was one of instability and uncertainty. The lack of a unified, trusted currency issued by a strong central authority hampered commerce and facilitated exploitation by money changers (sarrafs). This fragmentation reflected the broader political reality of Yemen at the time—a contested territory between a weakening Ottoman administration and a resurgent but financially constrained Zaidi Imamate, with both entities struggling to project full economic sovereignty over the region.