50 Rial – Tunisia

In 1887, Tunisia existed under the complex monetary legacy of the 1881 Treaty of Bardo, which established a French protectorate over the nominally Ottoman Regency. The financial situation was chaotic, characterized by a circulation of diverse and often depreciated currencies. The primary unit was the piastre, but its value was unstable and varied regionally. Alongside it circulated French francs, Spanish pesetas, Italian lire, Ottoman gold coins (like the bendūqī), and various silver and copper coins, creating a confusing and inefficient system for trade and taxation.

This monetary disorder was a direct symptom of Tunisia's severe sovereign debt crisis. Prior to the protectorate, the Beylik had accumulated enormous debts to European creditors, leading to the 1869 establishment of the International Financial Commission—controlled by France, Britain, and Italy—to manage Tunisian revenues and repay loans. By 1887, the French Résident Général was intensifying efforts to streamline administration and fully integrate Tunisia into the French economic sphere. A key goal was replacing the heterogeneous coinage with a stable, French-controlled currency to facilitate colonial exploitation and commercial integration.

Therefore, 1887 represents a pivotal moment of transition. While the old multi-currency system still physically circulated, French authorities were actively planning its demise. Within a few years, this pressure would culminate in the 1891 decree that formally pegged the Tunisian franc at par with the French franc, effectively ending the era of the piastre and cementing French financial dominance. The currency situation of 1887 was thus the final chapter of a pre-colonial monetary system, awaiting imminent and deliberate overhaul by the protectorate administration.