Kabir – Yemeni Zaidi State

In 1898, the Zaidi Imamate of Yemen, ruled by Imam Muhammad bin Yahya Hamid ad-Din, existed within a complex and fragmented monetary landscape, a direct reflection of its political and economic circumstances. The state's official currency was the Imadi Riyal, a silver coin named after Imam al-Mutawakkil Isma'il (1644–1676) but still minted in Sana'a. However, its circulation and authority were severely limited. The Imamate's control did not extend to the key coastal regions, particularly the British-controlled port of Aden and the surrounding Sultanates in the south, which operated on a different monetary system tied to British India.

The dominant currency in everyday trade, especially for foreign commerce, was the Maria Theresa Thaler (MTT). This large silver coin, minted in Austria but circulated widely across the Red Sea and Arabian Peninsula, was prized for its consistent weight and purity. Its ubiquity underscored the Imamate's integration into regional trade networks and its lack of a strong, unified national currency. Furthermore, Ottoman coins, from the rival Qasimid dynasty and later the re-invading Ottoman forces who controlled much of the north including the key port of Hodeidah after 1849, also circulated freely, creating a multi-currency environment where value was determined by metal content and merchant agreement rather than state decree.

This monetary fragmentation highlighted the Imamate's weakened sovereignty in the late 19th century. With competing currencies—the domestic Imadi Riyal, the regional MTT, and the Ottoman rivals—circulating simultaneously, the state had limited control over its money supply or fiscal policy. This situation mirrored the broader geopolitical pressures from the Ottoman Empire to the north and the British Empire to the south, with the Zaidi state's economic autonomy being squeezed between imperial powers and their respective monetary spheres of influence.