Morocco was part of the Mauritanian Empire until it was incorporated into the Roman Empire around 40 BC. Although some Mauritanian coins were produced locally, most Roman coins were imported from imperial mints. In 699 the Arab army of Umayyad Caliph 'Abd al-Malik conquered Morocco. By the 750s Morocco had become independent of the 'Abbasids. In succession the Idrisids, Fatimids, Midradids, Umayyads and Hammudids issued their own coins between the eighth and eleventh centuries. The Murabituns issued large numbers of gold coins in the eleventh century as did the Muwahhids, Marinids and Sharifs.
The Sharifi Moroccan State was founded on June 6, 1666. France invaded Morocco in 1830 and the 1906 Treaty of Algeciras recognized Morocco's independence. However, wars in 1907-1912 caued Morocco to be divided into four zones of influence, Spanish Morocco in the north, French Morocco representing most of the country, the Spanish enclaves of Tafaya and Ifni and the international city of Tangiers. The French established a protectorate in Morocco on March 30, 1912 (French Morocco) which covered most of Morocco, while Spain established a smaller protectorate on the north shore in Morocco on November 27, 1912 (Spanish Morocco). France left Morocco on March 2, 1956 and Spain abandoned its protectorate in the Northern Zone on April 7, 1956. French Morocco and Spanish Morocco were merged to form the Kingdom of Morocco on August 14, 1957. Ceuta and Melilla remain part of Spain.
The Rif Republic existed between February 1, 1923 and May 27, 1926 when it was reabsorbed into Morocco. Tangier became an international protectorate in 1912 and the Statute of the International Zone of Tangier was signed on December 18, 1923. Tangier was occupied by Spanish troops on June 14, 1940 and annexed the Northern Zone of the protectorate on November 23, 1941. The International Statute of Tangier was reestablished on October 11, 1945, but was repealed and was became part of Morocco on October 29, 1956. Morocco ceded Ifni to Spain in 1860, and it became part of Spanish West Africa in 1884. Ifni was occupied by Spain beginning on April 6, 1934 and returned to Morocco on June 30, 1969.
Moulay-Hassan reformed Morocco's currency in 1881, issuing the Rial Hassani (MAH), equal to 10 French Francs, and making French, Spanish and British coins legal tender. The Spanish Peseta (ESP) rather than a locally produced Peseta, circulated in Spanish Morocco. During the Spanish Civil War (1936-1939), Nationalist forces occupied Spanish Morocco. Only Bank of Spain notes overstamped by the Burgos government were valid in Spanish Morocco during the war. After gaining its independence, the Moroccan Franc replaced the Spanish Peseta in Spanish Morocco at the rate of 10 Moroccan Francs equal to 1 Spanish Peseta. The Spanish Peseta circulated in Spanish Morocco until February 15, 1958. The Peseta circulated in Ceuta and Melilla until it was replaced by the Euro in 2002.
French Francs (FRG) circulated in French Morocco. Banknotes were issued by the Banque d'Etat du Maroc beginning in 1910. Algerian Francs were legal tender in French Morocco from August 5, 1914 to December 30, 1924. The Banque d'etat du Maroc continued to issue banknotes until July 1, 1959 when it was replaced by the Banque du Maroc. Morocco went off the Gold Standard on June 30, 1937 and introduced exchange controls on September 10, 1939. The Franc was divisible into 100 Centimes and was also known as the Franc Cherifien.
On October 17, 1959, the Moroccan Dirham (MAD) replaced the Franc with 1 Dinar equal to 100 Francs. The Dirham is divisible into 100 Santimat (Centimes).
Spanish Pesetas were used in Ifni while it was a Spanish colony. The Rif Republic issued some banknotes denominated in Riffan (MARR), which were equal in value to the British Pound Sterling. The Tangier Government issued some emergency Franco (MATF) banknotes during World War I. |
