Kabir – Yemeni Zaidi State

In 1899, the currency situation within the Zaidi Imamate of Yemen (often referred to in historical texts as the Yemeni Zaidi State) was characterized by monetary fragmentation and the circulation of a diverse array of coins, reflecting both its political autonomy and its integration into regional trade networks. The Imamate, ruled by Imam Muhammad bin Yahya Hamid ad-Din, primarily minted and used its own silver riyal, known as the riyal majidi or riyal da'imi. This coinage served as a symbol of Zaidi sovereignty and was the standard unit for official transactions and taxation within the territories firmly under Imam's control in the northern highlands.

However, the monetary landscape was far from unified. Alongside the local coinage, various foreign currencies circulated widely, particularly the Austrian Maria Theresa thaler and the Ottoman qirsh. The ubiquitous Maria Theresa thaler, valued for its consistent silver content, was a cornerstone of Red Sea and Arabian Peninsula commerce. The continued presence of Ottoman currency, despite the Imam's de facto independence from the Ottoman Empire after the 1849 Treaty of Da'an, highlighted ongoing economic ties and the lingering influence from the lowland regions where Ottoman authority persisted until the 1911 Treaty of Da'an solidified Zaidi control.

This multiplicity of currencies created a complex and often unstable economic environment. Exchange rates between the local riyal, the thaler, and the qirsh fluctuated based on political events, trade flows, and the varying silver content of the coins themselves. The system required money changers (sarrafs) to play a crucial role in daily commerce, but it also posed challenges for state finance and trade, complicating revenue collection and price stability. Thus, the currency situation in 1899 was a direct reflection of Yemen's transitional geopolitical position—caught between asserting independent statehood and navigating the economic currents of a globalizing world.