Moroccan Dirham Banknotes: From the Franc to Bank Al-Maghrib's Modern Series
Morocco is one of the few countries that prints its own money, mints its own coins and makes its own passports in the same building. That building is Dar As-Sikkah, opened in 1987, and everything before it was printed abroad. The story runs from silver rials of 1911, through Moroccan francs, to a dirham series designed and produced entirely in Rabat.
State Bank of Morocco created 1906 Dirham adopted 17 October 1959 Dar As-Sikkah opened 5 March 1987 Current series issued 2023 and 2024
Last updated: September 2026
Morocco uses the dirham, adopted on 17 October 1959, and its banknotes are issued by Bank Al-Maghrib. Before the dirham, Morocco used rials and then Moroccan francs issued by the Banque d'Etat du Maroc, created after the Algeciras conference of 1906. Since 1987 the notes have been printed at the central bank's own works, Dar As-Sikkah.
What currency does Morocco use?
Morocco uses the dirham. The country's own central bank dates its adoption precisely: 17 October 1959, a few months after the Banque du Maroc was created as the national issuing institution on 30 June 1959, replacing the Banque d'Etat du Maroc. That is the date in the bank's French timeline (Bank Al-Maghrib, La Banque en quelques dates); its English translation prints it as July 30, and the bank's museum dates the new institution from 1 July 1959. The bank took the name Bank Al-Maghrib on 5 March 1987 (Bank Al-Maghrib, The Bank in a few dates).
The fraction of the dirham changed later than the unit itself. Bank Al-Maghrib's own timeline records that the franc was replaced by the issuing of the centime as a fraction of the dirham in 1974, fifteen years after the dirham itself was adopted.
Morocco's monetary independence from the franc area came first, and it came fast. The central bank's museum records that the Moroccan franc evolved within the franc area until the decoupling carried out on 28 December 1958 by the independent Government of Morocco (Bank Al-Maghrib Museum, The Moroccan Banknote). A national institute took over note issue the following year, and the dirham arrived a few months after that.
Who issued Morocco's first banknotes?
The Banque d'Etat du Maroc, the State Bank of Morocco, created on 7 April 1906. It was set up after Morocco, in the aftermath of a financial and monetary crisis, asked for foreign financial support, and an international conference was organised at Algeciras. Its main tasks were to rehabilitate the monetary situation and to issue currency.
The first notes were denominated in rials, not francs. Bank Al-Maghrib's museum records that the first banknotes, of 20 rials, were put into circulation on 2 December 1911. The museum illustrates a 4 silver Makhzani rials note of the 1917 type, French printing, measuring 164 by 95 mm, which gives a sense of how large early Moroccan paper was compared with a modern note of 130 by 70 mm (Bank Al-Maghrib Museum, The Moroccan Banknote).
Foreign notes circulated in Morocco until the 1920s. The museum is explicit that once the Moroccan franc notes were in place, French and Algerian banknotes were no longer legal tender in Morocco. That single sentence explains why Moroccan collections so often begin with a mixed drawer of French colonial paper: for the first years of the State Bank, the country's money was not only its own (Bank Al-Maghrib Museum, The Moroccan Banknote).
What are the Moroccan franc banknotes?
The Moroccan franc was created after a monetary crisis that began in 1914, when silver coins became scarce and the value of the Hassani rose. The Hassani was demonetised and the franc took its place. The State Bank put the first Moroccan franc banknotes into circulation on 15 November 1920.
The rollout of denominations is documented by the museum note by note. Notes of 5, 20, 50 and 100 francs came first in 1920. The 10 and 1000 franc notes followed in 1921, and the 500 franc note in 1922. That six year span defines the classic Banque d'Etat du Maroc franc family, the material most collectors mean when they talk about old Moroccan banknotes.
The Second World War produced its own chapter. The standard catalog lists a group headed Banque d'Etat du Maroc, resumed, 1943 WWII first issue, and the museum illustrates a 5 francs note dated 14 November 1941, French printing, without the mark stating that it was payable on demand to the bearer (PMG World Paper Money Price Guide, read September 2026; Bank Al-Maghrib Museum). Our page on wartime occupation and military currency explains why wartime notes so often lose their promises to pay, and our France banknotes hub covers the other side of the franc area.
When did Morocco adopt the dirham?
On 17 October 1959, a few months after the Banque du Maroc took over note issue from the Banque d'Etat du Maroc. The museum records that after independence the state recovered the privilege of issuing money, which was devolved upon a national institute, and that a series of 5 and 10 dirham banknotes was issued in the same year.
The family grew slowly. A 50 dirham banknote bearing the effigy of the late King Hassan II was issued in 1965, followed by a series of coins of 5 dirhams, 1 dirham and 50, 10, 5 and 1 centimes. The museum illustrates a 10 dirhams of the 1960 type at 150 by 80 mm and a 10 dirhams of the 1970 type, printed by Thomas de la Rue and Company, at 145 by 72.5 mm in brown and red (Bank Al-Maghrib Museum, The Moroccan Banknote).
Everything in that period was made abroad. The museum states plainly that the printing of banknotes and the striking of coins was carried out by internationally renowned institutions until 1987, when Dar As-Sikkah was set up. For a collector this is the dividing line: a Moroccan note printed before 1987 was made in another country, and one printed after it was almost certainly made in Rabat.
What is Dar As-Sikkah?
Dar As-Sikkah is Bank Al-Maghrib's own banknote printing and minting works. Morocco established it in 1987, and it was inaugurated on 5 March 1987 by the late King Hassan II, putting Bank Al-Maghrib into the small circle of central banks with their own currency manufacturing facility. It also produces Morocco's national passport.
The works grew quickly. Bank Al-Maghrib set up a second banknote production line in 1992, and Dar As-Sikkah has been printing foreign banknotes since 1995. A large scale modernisation of its manufacturing equipment began in 2008, and the first Moroccan biometric passport was produced in 2009 in a facility built specifically for it. Its portfolio now includes visa stickers, stamps and checkbooks alongside currency (Bank Al-Maghrib, Dar As-Sikkah).
The bank makes a point of this in its modern press releases. For the current series it states that the entire design and production process was carried out exclusively by Moroccan experts operating within Dar As-Sikkah. Very few countries can say that about every denomination in circulation, which is why Morocco turns up so often in our guide to who prints the world's money.
Moroccan banknote series at a glance
The table sets the issuers and series side by side, using Bank Al-Maghrib's own labels and first issuance dates. Reigns are given because the portrait on the front is the fastest way to date a Moroccan note.
| Series | Reign or era | Denominations | Main motifs | Printer |
|---|---|---|---|---|
| Banque d'Etat du Maroc, rials | From 1911, protectorate era | 20 rials first, later silver Makhzani rials | Large format notes; the 1917 type measures 164 by 95 mm | French printing |
| Banque d'Etat du Maroc, francs | 1920 to 1959 | 5, 20, 50, 100 francs from 1920; 10 and 1000 in 1921; 500 in 1922 | Moroccan scenes and ornament; wartime issues resumed in 1943 | Various, including EAW on the 1943 to 1944 5 francs |
| Banque du Maroc, first dirham notes | 1959 to 1969 | 5 and 10 dirhams from 1959; 50 dirhams from 1965 | The 1965 50 dirhams carries the effigy of Hassan II; 10 dirhams 1960 type at 150 by 80 mm | Printed abroad |
| Banque du Maroc, 1970 issue | Hassan II | Includes 5, 10 and 100 dirhams | Hassan II at left with a castle at centre on the 5 dirhams, industrial processing on the back | Thomas De La Rue |
| 1987 series | Hassan II | 10, 50, 100 and 200 dirhams | Theme of the city on the 10 dirhams: ablution lodge of the Qaraouiyine Mosque, with a Moroccan oud and a pillar of the Attarin Medersa in Fez on the back | Dar As-Sikkah from 1987 |
| 1996 20 dirhams | Hassan II | 20 dirhams | Hassan II Mosque in Casablanca, with the mosque's wall fountain on the back | Dar As-Sikkah |
| 2002 series | Mohammed VI | 50, 100 and 200 dirhams | Theme of the land on the 50 dirhams: Mohammed V Dam, with Ksour earthen buildings on the back | Dar As-Sikkah |
| 2005 20 dirhams | Mohammed VI | 20 dirhams | Historical heritage: Bab Challah on the front, a panoramic view of the Oudayas on the back | Dar As-Sikkah |
| 2012 series | Mohammed VI | 20, 50, 100 and 200 dirhams | Theme of the city on the 20 dirhams: the Hassan II bridge linking Rabat and Sale, Casablanca with the Hassan II Mosque, carpet ornament on the back | Dar As-Sikkah |
| 2023 series | Mohammed VI | 20, 50, 100 and 200 dirhams | Four themes: culture and sport, environment and renewable energy, the Sahara and openness to Africa, infrastructure and industry | Dar As-Sikkah, entirely by Moroccan experts |
Series data from Bank Al-Maghrib's banknotes in circulation pages for the 1987 series, the 2002 series, the 2012 series and the 2023 series, plus the museum and the price guide for the older issues.
What is on Morocco's current banknotes?
All four current notes carry a portrait of King Mohammed VI, the coat of arms of the Kingdom and an architectural detail inspired by Moroccan portals. Each denomination then takes one theme, and the backs are where Morocco makes its argument about itself: universities and theatres, solar plants and dams, the Sahara, and bridges and airports.
The rollout dates are precise and each one was timed to an anniversary. The 100 dirham note entered circulation on Friday 24 November 2023, the first of the new series, alongside a new set of coins (Bank Al-Maghrib press release, Rabat, 24 November 2023). The 200 dirham followed on Friday 12 January 2024, timed to coincide with the 80th anniversary of the Manifesto of Independence (Bank Al-Maghrib press release, 12 January 2024). The 50 dirham arrived on Tuesday 30 July 2024, timed to the 25th anniversary of the enthronement of Mohammed VI, according to the bank's press release of that date. The 20 dirham came last, on Wednesday 21 August 2024, in commemoration of Youth Day (Bank Al-Maghrib press release, 21 August 2024).
Each denomination gets a different security thread. Bank Al-Maghrib describes the 20 dirham thread as dynamic and colour shifting with an iridescent stripe on the back, the 50 dirham thread as colour shifting with a dynamic effect, the 100 dirham as a three windowed security thread with colour shifting magnetic ink, and the 200 dirham as a thread with a three dimensional dynamic effect. All four notes add tactile relief for visually impaired users and progressive numbering (Bank Al-Maghrib press releases, 2023 and 2024).
The designs reward a close look. The 20 dirham puts a stylised view of the Al Quaraouiyine University in Fez on the front and the Grand Theatre of Rabat, the Mohammed VI Museum of Modern and Contemporary Art and the Kasbah of Ait-Ben-Haddou on the back. The 50 dirham pairs the Ouzoud Falls with the NOOR solar power plant at Ouarzazate, wind turbines, the Ouirgane dam and the Agadir seawater desalination plant. The 100 dirham shows the arcades of the Hassan II Mosque in Casablanca, then Mechouar Place in Laayoune, the Tiznit to Dakhla expressway and the Tan-Tan Moussem festivities. The 200 dirham carries the Mohammed VI cable stayed bridge, the Mohammed VI Tower and Marrakech-Menara International Airport.
What are old Moroccan banknotes worth?
Moroccan paper is one of the more affordable entry points in North African collecting, and the wartime francs are cheaper than their history suggests. Catalog values in US dollars below are from the PMG World Paper Money Price Guide, read in September 2026.
The Banque d'Etat du Maroc 5 francs of 1943 to 1944, cataloged as P-24a, is listed at $1 in Very Good 8, $3.50 in Very Fine 20 and $15 in Uncirculated 60, while its specimen, P-24s, is listed at $50 in Uncirculated 60. The Banque du Maroc 5 dirhams of 1970, P-56a, with Hassan II at left and a castle at centre, is listed at $2.50 in Very Fine 20 and $10 in Uncirculated 60, and the specimen P-56s at $32.50 in Uncirculated 60.
The pattern is the one you see across the region. Circulated notes of a long running type are inexpensive, uncirculated examples cost several times as much, and specimens are their own small market. Catalog values are a reference point rather than a quote, and what determines banknote value covers the rest. Catalog numbers are Pick numbers, explained in our guide to Pick numbers.
How do you start collecting Moroccan banknotes?
Pick a portrait and work outward. A Hassan II note from the 1970 issue, a Hassan II note from the 1987 series and a Mohammed VI note from the 2002 or 2012 series give you three reigns and three printing eras for very little money, and they show the move from foreign printers to Dar As-Sikkah in a single row.
Two deeper routes open from there. The first is the franc era: the 1920 to 1922 denominations of the Banque d'Etat du Maroc, plus the resumed wartime issues of 1943 and 1944, make a coherent set with a clear beginning and end. The second is the modern series, where the 2023 family of four is a complete set that can still be assembled in uncirculated condition, with every issue date and every theme published by the issuing bank.
Learn the grading ladder before you spend. Grades run from Uncirculated down through AU, XF, VF, F, VG and G, and the certified market uses a 1 to 70 scale: our banknote grading guide explains it, and graded versus raw banknotes covers when third party certification earns its cost. The banknote glossary defines specimens and watermarks, and how to store banknotes matters for the large early rial notes. For a neighbouring North African hub, read our Egypt banknotes page, and for the way rulers are chosen for currency, see portraits on banknotes. Collectors chasing tiny formats should also see the smallest banknotes in the world.
Where can you buy Moroccan banknotes?
Buy from an established dealer that authenticates every note, documents where it came from, and stands behind it in writing. Prices far below every other seller, vague sourcing and no returns are the signals to walk away from.
Planet Banknote sources notes direct from mints, central banks and authorized distributors rather than reselling anonymous lots. Browse the current selection through the banknotes by country directory, where availability changes with what has been sourced, and see third-party certified pieces in the graded banknotes selection. Our guide to buying world banknotes safely and how to collect world banknotes cover the rest.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.
Frequently asked questions
When did Morocco adopt the dirham?
Bank Al-Maghrib dates the adoption of the dirham as the national currency of Morocco to 17 October 1959. It followed the creation of the Banque du Maroc on 30 June 1959 as the national issuing institution, replacing the Banque d'Etat du Maroc. A series of 5 and 10 dirham banknotes was issued in the same year, and a 50 dirham note bearing Hassan II followed in 1965.
Who issues Moroccan banknotes?
Bank Al-Maghrib, the central bank of Morocco. It was created as the Banque du Maroc in 1959 and adopted the designation Bank Al-Maghrib on 5 March 1987, the same day its printing works Dar As-Sikkah was inaugurated. Before 1959 Moroccan notes were issued by the Banque d'Etat du Maroc, created on 7 April 1906 after the Algeciras conference.
Where are Moroccan banknotes printed?
At Dar As-Sikkah in Rabat, Bank Al-Maghrib's own banknote printing and minting works, established in 1987 and inaugurated on 5 March 1987 by the late King Hassan II. Before that, the bank's museum says, printing and minting were carried out by internationally renowned institutions abroad. Dar As-Sikkah has also printed foreign banknotes since 1995 and produces Morocco's national passport.
What are the current Moroccan banknote denominations?
The 2023 series has four notes: 20, 50, 100 and 200 dirhams. All carry a portrait of King Mohammed VI, the coat of arms of the Kingdom and an architectural detail inspired by Moroccan portals. They measure 130, 137, 144 and 151 mm long respectively, all 70 mm deep, so the denominations step up in length like a euro or sterling family.
When was the latest Moroccan banknote series issued?
Between November 2023 and August 2024. Bank Al-Maghrib put the 100 dirham note into circulation on 24 November 2023, the 200 dirham on 12 January 2024 to coincide with the 80th anniversary of the Manifesto of Independence, the 50 dirham on 30 July 2024 for the 25th anniversary of the King's enthronement, and the 20 dirham on 21 August 2024 in commemoration of Youth Day.
What currency did Morocco use before the dirham?
Rials and then Moroccan francs. The Banque d'Etat du Maroc put its first banknotes, of 20 rials, into circulation on 2 December 1911. After a monetary crisis that began in 1914 the Hassani was demonetised and the franc created, and the first Moroccan franc banknotes circulated from 15 November 1920 in denominations of 5, 20, 50 and 100 francs.
Are Moroccan banknotes worth collecting?
They are, and the field is unusually well documented because Bank Al-Maghrib publishes the theme, motifs, size, watermark and security thread of every denomination itself. The 2023 series of four makes a realistic complete set in high grade, the Hassan II series of 1987 and 1996 are inexpensive, and the franc era of the Banque d'Etat du Maroc rewards patience.