Moroccan dirham
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| Moroccan dirham درهم مغربي (Arabic) |
|
| ISO 4217 Code | MAD |
|---|---|
| User(s) |  Morocco and  Western Sahara |
| Inflation | 3.4% |
| Source | The World Factbook, 2006 est. |
| Subunit | |
| 1/100 | santim |
| Symbol | د.م. |
| Coins | 1, 5, 10, 20 santimat, ½, 1, 2, 5, and 10 dirham |
| Banknotes | 10, 20, 50, 100, 200 dirham |
| Central bank | Bank Al-Maghrib |
| Website | www.bkam.ma |
The dirham (Arabic: درهم, plural: درهمان , دراهم or درهما) is the currency of Morocco. The plural form is pronounced darahim, although in French and English "dirhams" is commonly used. Its ISO 4217 code is "MAD". It is subdivided into 100 santimat (singular: santim, Arabic singular: سنتيم, plural: سنتيما or سنتيمات). The dirham is issued by the Bank Al-Maghrib, the central bank of Morocco. It is also the de facto currency in Western Sahara. While the dirham is a fully convertible currency, export of the local currency is prohibited by law.
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[edit] History
Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in falus, silver coins denominated in dirham and gold coins denominated in benduqi. From 1882, the dirham became a subdivision of the Moroccan rial, with 10 dirham = 1 rial.
The dirham was reintroduced in 1960. It replaced the franc as the major unit of currency but, until 1974, the franc continued to circulate, with 1 dirham = 100 francs. In 1974, the santim replaced the franc.
[edit] Coins
In 1960, silver 1 dirham coins were introduced. These were followed by nickel 1 dirham and silver 5 dirham coins in 1965. In 1974, with the introduction of the santim, a new coinage was introduced in denominations of 1, 5, 10, 20 and 50 santimat and 1 dirham. The 1 santim coins were aluminium, the 5 up to 20 santimat were minted in brass, with the highest two denominations in cupro-nickel. Cupro-nickel 5 dirham coins were added in 1980 and changed to a bi-metal coin in 1987. The bi-metal coins bear two year designations for the issue date--1987 in the Gregorian calendar and the 1407 in the Islamic calendar. The 1 santim was only minted until 1987 when new designs were introduced, with a ½ dirham replacing the 50 santimat without changing the size or composition. The new 5 dirham coin was bimetallic, as was the 10 dirham coin introduced in 1995. Cupro-nickel 2 dirham coins were introduced in 2002.
| Dirham Coins [1] | |||||||
|---|---|---|---|---|---|---|---|
| Value | Technical parameters | Description | |||||
| Diameter | Mass | Composition | Edge | Obverse | Reverse | ||
| 1 santim | 17 mm | 0.7 g | Aluminium | Smooth | Arms of the Kingdom and inscription "Kingdom of Morocco" | Design of fishing | |
| 5 santimat | 17.5 mm | 2 g | Aluminium bronze 92% copper 6% aluminium 2% nickel |
Smooth | Arms of the Kingdom and inscription "Kingdom of Morocco" | Fish in a fishing net under a boat tiller | |
| 10 santimat | 20 mm | 3 g | Reeded | An ear of corn | |||
| 20 santimat | 23 mm | 4 g | Reeded | Design representing a Fibule | |||
| ½ dirham | 21 mm | 4 g | Cupronickel 75% copper 25% nickel |
Reeded | Arms of the Kingdom and inscription "Kingdom of Morocco" | Design representing communications and new technology | |
| 1 dirham | 24 mm | 6 g | Reeded | Mohammed VI (earlier issues show Hassan II) | Arms of the Kingdom and inscription "Kingdom of Morocco" | ||
| 2 dirham | 26 mm | 7 g | Reeded | Mohammed VI | |||
| 5 dirhams | 26.2 mm | 6.8 g | Ring: 82.5% iron 17.5% chromium Center: Aluminium bronze (as 20 santimat) |
Reeded | Mohammed VI (earlier issues show Hassan II) | ||
| 10 dirhams | 28 mm | 12 g | Ring: Aluminium bronze (as 20 santimat) Center: Cupronickel (as 1 dirham) |
Reeded | Mohammed VI (earlier issues show Hassan II) | Arms of the Kingdom and inscription "Kingdom of Morocco" | |
| For table standards, see the coin specification table. | |||||||
[edit] Banknotes
The first notes denominated in dirham were overprints on earlier franc notes, in denominations of 50 dirham (on 5000 francs) and 100 dirham (on 10,000 francs). In 1965, new notes were issued for 5, 10 and 50 dirham. 100 dirham notes were introduced in 1970, followed by 200 dirham notes in 1991 and 20 dirham in 1996. 5 dirham notes were replaced by coins in 1980, with the same happening to 10 dirham notes in 1995.
| Dirham Banknotes [2] |
|||||||
|---|---|---|---|---|---|---|---|
| 1987 Series (Including 1991 Revision) | |||||||
| Value | Dimensions | Main Colour | Description | Date of | |||
| Obverse | Reverse | Watermark | printing | issue | |||
| 10 dirhams | 143 × 70 mm | Yellow and pink (1987) violet (1991) |
Hassan II | Moroccan lute | Hassan II | 1987 | 1987/ca. 1991 |
| 50 dirhams | 148 × 70 mm | Green | Hassan II | A fantasia scene | Hassan II | 1987 | 1987/ca. 1991 |
| 100 dirhams | 153 × 75 mm | Brown | Hassan II | The Green March | Hassan II | 1987 | 1987/ca. 1991 |
| 200 dirhams | 158 × 75 mm | Blue | Hassan II | Shellfish, a branch of coral, and an Arab fishing boat. | Hassan II | 1987 | ca. 1991 |
| 1996 Series | |||||||
| 20 dirhams | 130 × 68 mm | Brown-reddish | Hassan II | Wall fountain of the Hassan II Mosque | Hassan II | 1996 | 1996 |
| 2002 Series | |||||||
| 20 dirhams | 140 × 70 mm | Violet | Mohammed VI | A panoramical view of the Oudayas | Mohammed VI and "20" | 2005 | 2005 |
| 50 dirhams | 147 × 70 mm | Green | Mohammed VI | A clay-made building (Ksour) | Mohammed VI and "50" | 2002 | 2002 |
| 100 dirhams | 150 × 78 mm | Brown | Mohammed VI, Mohammed V and Hassan II | The Green March | Mohammed VI and "100" | 2002 | 2002 |
| 200 dirhams | 158 × 78 mm | Blue | Mohammed VI and Hassan II | A window of the Hassan II Mosque | Mohammed VI and "200" | 2002 | 2002 |
| For table standards, see the banknote specification table. | |||||||
[edit] Popular denominations and usage
Popular denominations are words widely used in Morocco to refer to different values of the currency they are not considered official by the state though. Those include rial /rjal/, equivalent to 5 santimat and franc /frˤɑnk/, equivalent to 1 santim. Usually, when dealing with goods with a value lower than a dirham, it is common to use the rial or santim. However, rial is used when speaking in Arabic and centime when speaking in French. Though not used by the young generation, the denomination 1000, 2000, ... to 100,000 franc will be used by people who lived during the French colonial period when referring to 10, 20 and 1000 dirham. Likewise, rial is also used for higher value than portions of the dirham, reaching 5000 dhs (100,000 rial). This denomination is used in Arabic speaking context especially in popular milieu such as old medina souks or vegetable markets.
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[edit] See also
[edit] References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
[edit] External links
- Don's World Coin Gallery - Morocco
- Ron Wise's World Paper Money - Morocco Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Morocco Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Western Sahara Mirror site
- The Global History of Currencies - Morocco
- The Global History of Currencies - Western Sahara
- Global Financial Data data series - Morocco Dirham
- Global Financial Data currency histories table (
Microsoft Excel format) - Numismo
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