1 Kharub – Regency of Algiers

On the eve of the French invasion in 1830, the Regency of Algiers operated within a complex and hybrid monetary system, reflecting its history as an Ottoman province and its deep integration into Mediterranean and European trade networks. The official currency was the Algerian boudjou, a large silver coin minted locally, but its value and circulation were unstable. Alongside it, a plethora of foreign coins circulated freely, most notably the Spanish silver piastre (or "piece of eight"), various Ottoman sultani, and French écus and louis d'or. This multiplicity created a constant challenge of exchange rates and valuation, managed by money changers (sarrâfs) who were essential to commerce.

The state's fiscal health was in severe decline by the late 1820s, critically undermining its monetary stability. Years of internal strife, reduced revenues from piracy and tribute after the 1815 Congress of Vienna, and a series of poor harvests had depleted the treasury. The Dey's government resorted to debasing the boudjou, reducing its silver content to fund its operations, which led to inflation and a loss of public confidence in the local coinage. Consequently, merchants and the state itself increasingly preferred the more reliable foreign silver, especially the Spanish piastre, for significant transactions and international trade.

Thus, when the French forces landed at Sidi Fredj in June 1830, they encountered a currency system in transition and under stress. The monetary landscape was fragmented, with a weakened local currency competing with stronger foreign specie. This economic fragility mirrored the political vulnerability of the Regency and complicated the immediate aftermath of the conquest, as the new colonial authorities had to grapple with establishing a functional and unified monetary order amidst the collapse of the previous regime.