When the coins recites history
the coins is, among other things, one of the vectors which hail a dynastic past and the construction of a Nation-State. The coins displayed the most mastery and consistency in accompanying this construction.
Our Subject retraces roughly the monetary past of the Alaouites, from the beginning of the cherifian dynasty to 1920, a date at which Morocco knew a monetary and financial transformation in favor of the appearance of the bank note and new modes of payment.
Morocco was prey to a serious political, social and economic crisis when in the middle of the 17 th century, following the Saadiens, the Alaouite Cherif managed to establish authority over the country. Political instability, the decline in urban life, wars and epidemics had accentuated the financial crisis. The stock of precious metal that the Saadien rulers detained progressively dwindled, and at the end of this dynasty, the gold coin (the dinar) and convertible cash in silver (the dirham with its multiple and subdivisions) disappeared com¬pletely from circulation. With no more gold and no more silver, Mediterranean business withdrew from Morocco where a crude economy was organized locally with an essentially depreciated bronze coin. Such was the situation in Morocco at the accession of the Alawids.
Moulay Rachid (1075-1082 H/1664-1672)
In reestablishing order, Moulay Rachid inherited an arduous task : that of putting the public finances back in order and of the organization of a coherent monetary system. The young Sovereign had audacious views. First he decided to revise the fiscal system in abolishing the taxes which hit the poor popu¬lation. Next he ordered on 23 May 1669 the production of a new type of silver dirham, called commonly « Mouzouna » (0,73 g) to curb bartering which had become common practice. Finally, he helped the tradesmen of Fez and other towns by granting them from his own pocket 50 hundred – weight of convertible silver. This in take of air relaunched the economy. The different emissions of silver, coming from the workshops of Fez, Sijilmassa, Marrakesh and Rabat, showed the judiciousness of the Sovereign’s policy who gave each province the autonomy of minting in order to favour regional commerce. Some time after, in November 1670, began bronze convertibility, to replace the Fels in circulation which had different values – by a fixed unit. With the installation of a new coin and the expression of sovereign authority, the mass of dinars that had been hoarded up « came back to the surface » and the exchange value gold / silver fell again to 12/1 under the combined effect of the regulation of the monetary circuit and from the impulse given to external trade. Moulay Rachid died accidentally in 1672 leaving behind him a Morocco hardly unified, but an immense work all the same.
Moulay Ismail (1082-1139 H/1672-1727)
Moulay 1smail, the successor, carried out his tireless activity on all branches of the Makhzen administration. This enterprising mind alerted him that only a healthy and rapid monetary circulation could ensure the vitality of commerce and regular income to Bayt el-mâl (Tresory); thus he thought about creating the first dinar of the dynasty, the bunduqi, calibrated on the Venice Seguin which was the reference point in the big trading towns’ of the Mediterranean. Gold minting was concentrated in Meknes (The Capital), Fez and Marrakesh whereas the convertibility of silver and bronze spread to other towns like Rabat and Safi. These monetary series revealed, through their consistency, a period of prosperity in Morocco: So much so that when the Sovereign died, while six of his sons were disputing the throne, the country didn’t suffer from a monetary shortage nor from a political crisis: obvious sign that this Great King had finished establishing the Kingdom ‘s unity.
Sidi Muhammad Ibn ‘Abd Allah (1171-1204 H/1757-1790)
Under the reigh (of Sidi Muhammad Ibn ‘Abd Allah the coin diversified and the workshops multiplied. In order to rehabilitate the metallic circulation weighed down by numerous foreign cash, the Sovereign revaluated the gold coin in creating once again the bunduqi of his grandfather (Mly Ismail). At the same time, abandonning the silver mouzouna, he installed the dirham, which found its legal weight again (2,93g) and its tenfold, the Mithqâl a small masterpiece which is highly cove¬ted by today’s collectors.
At the exchange the bunduqi was 4 worth two mithqâl. But it is important to note that only just out the bunduqi and the mithqâl ended up in jars (our woollen stockings).
Withe Grescham’ s law (bad coins chase the good) exercising its perverse effect the monarch had a religious inscription engraved on these coins al high value which predicted a disastrous fate the hoardes Struck however at a very reduced pace by rudimentary techniques they were not produced in sufficient quantity to feed an increasingly intense circulation. Discouraged, Sidi Muhammad limited himself to striking dirhams in several towns in order to respond to the growing volume of transactions and to alleviate the impact of the Spanish real on the Moroccan economy.
Moulay Slimân (1206-1238H/1792-1822)
Son of Sidi Muhammad, Moulay Slimân managed to bring calm to the tribes and to work for the development of trade and exchange. By its changes and ruptures, his coin convertibility reflected the political fluctuations of his reign. He struck a new bunduqi as well as dirhams of a lighter weight. Whereas gold and silver were hoarded only casted fels were in circulation.
At Moulay Slimàn ‘s death, the lack of precious metals began to be felt and in the Moroccan ports there was an influx of coins from Spain and France which were progressively integrated into the monetary system.
Sidi Muhammad Ibn’ Abder-Rahman (1276-1290 H /1859-1873)
Not content with having increased their economic influence over Morocco, the European states wanted to seize the country politically. In Septemberl859 the Spanish army occupied Tetouan. The Spanish would only evacuate the city in payment of 100 Million pesetas. Sidi Muhammad Ibn Abder Er Rahman had to borrow from the English and empty the tresory in order to satisfy the Spanish demands and finally liberate the town. It meant ruin for Morocco who stopped all minting save that of bronze which became common currency for more than twenty years.
Moulay el-Hassan (1290-1311 H/1873-1894)
From this reign the financial situation imporved. An excellent and scrupulous man, he reestablished the legal metrological system and modified the types of coins. He thus crea¬ted, taking alter the Spanish real (27 g) the “riyal Hassan” 29,1I g. This coin first came out in Paris in 1299 H (/882). It was follo¬wed by three others and was continued by Moulay ‘Abd el-Aziz until 1900. The hassani competed advantageously against the real. This was not to account for the attractive power of the Spanish silver coin which at first circulated at a par with the rival before outclassing it on the exchange market. The hassani was subjected to fierce speculation. Bought at a low price, it was transformed on Iberian soil into reals before going back to Morocco a few grammes lighter. Moulay Abd el- ‘Aziz dared to remedy the situation in establishing the riyal at 25 g, the weight of the latin Union. New and numerous emissions of the new rival called « azizi » were carried out in Paris, Berlin and Birmingham. The reform added to national discord. The Sultan ‘s oppo¬nents saw it as an abandoning of the
legal system, the public saw it as a manipulation of the coin ‘s rate. The turmoil incited the coin to [all. of his brother ill Marrakesh, Moulay Abd el -Haîid proclaimed the deposition of Moulay ‘Abd-el- ‘Aziz and imposed himself to lead the fight against the French troops landed in Casablanca. But once proclaimed Sultan, he had to compro¬mise with the French representative and sign the Protectorate Treaty on 30 March 1912. For all this, the striking of the hassani was not interrupted. Following Moulay ‘Abd-el’Aziz and Moulay ‘Abd-el-Hafid. Moulay youssef struck a new type of rival called « Youssoufi » as well as « Mouzounas » in bronze decorated with the Moroccan star. The series of riyals struck since Moulay elHassan I until Moulay Youssef was made up of 87 coins known as « Hassani ». On March 19 1920,following a serious monetary crisis linked to the rise in silver, the hassani was withdrawn. Shortly after, the Moroccan franc appeared whose production was assured by the Morocco state Bank. The frist notes began circulating on November 15 1920. Satelleite currency, the Moroccan franc evolved in the franc zone until disengagement on 28 December 1958, the day after Morocco’s independance. A new monetary era, this time contemporary was approaching. In terms of a break but also continuity.