1 Falus – Morocco

In 1824, the currency situation in the Kingdom of Morocco was characterized by a complex and fragmented system, heavily reliant on silver and deeply integrated into Mediterranean and trans-Saharan trade networks. The primary unit was the silver dirham, but its weight and purity were not standardized nationally, varying significantly between cities and even transactions. Alongside these, a multitude of foreign coins circulated freely, most notably the Spanish silver dollar or "piece of eight" (real de a ocho), British shillings, and Ottoman and French coins. This foreign specie was essential for international commerce, particularly with European powers, while internally, smaller transactions often relied on copper fulus.

The monetary landscape was under the ultimate authority of the Sultan, Moulay Abderrahmane (r. 1822–1859), who controlled the minting of coins as a key sovereign right (sikka). However, the state's minting was irregular and insufficient to establish a uniform national currency. The system was largely commodity-based and driven by the intrinsic value of the metal, leading to frequent clipping and debasement of coins. Furthermore, the economy was still recovering from the costly Napoleonic Wars and the subsequent rise of European naval power, which had disrupted traditional trade routes and placed increasing pressure on Morocco's fiscal autonomy.

This fragmented system created significant challenges for both domestic trade and state finances. Merchants and money changers (sarrafs) played a crucial role in assessing and exchanging the myriad of coins, but their activities introduced uncertainty and transaction costs. For the Makhzen (the central government), the lack of a standardized currency complicated tax collection and economic planning. The situation in 1824 thus reflected a pre-modern monetary order, on the cusp of increasing pressure from European economic imperialism that would, in the coming decades, force profound changes to Morocco's financial sovereignty.