Context

The Moroccan Rial was introduced in 1882 when Morocco adopted a new monetary system. The Rial is intended to replace a set of values composed of the copper falus, the silver dihram and the gold benduqui. Thus, until the start of the First World War in 1914, Moroccan banknotes were denominated in Rials (equivalent to 20 and 100 francs respectively). Then a dahir (decree of the Moroccan king) dated March 19, 1920 will order the definitive withdrawal of these banknotes. The visual will be reused for the 100 francs Type 1920 (Ref. Pick: # 14 or # MK518).


Morocco. State Bank. 20 Rials Makhzani Argent Type 1910 (Ref. Pick: # 2, The Banknote Book: # B202 or Muszynski-Kolsky: # MK502). First issue dated July 15, 1910. Dimensions: 180 x 105 mm. Printer: Bank of France. This note is the work of the artist Henri Bellery-Desfontaines (1867-1909) and the engraving was produced by Ernest Florian. The two artists know each other well because they have already collaborated together on Bank of the West Africa banknotes, see our article of February 14, 2020.

The rare copies issued known are unfortunately for the most part in poor grade. We therefore invite you to discover this magnificent banknote with a full proof of the front and a full proof of the back graded "PCGS 64 Choice Unc" (see Note). These one-sided proofs come from a lot of proofs sold for € 9,600 by cgb.fr in 2017. This set does not include any overprint or "SPECIMEN" perforation. The front is dated "31-2-10" and numbered "0.0 - 000". These are two exceptional documents ...

20Rials_Makhzani_00_000.jpg

Front and back: multicolored print, mainly pale yellow, dark blue and almond green. On the front, a palm tree separates the general composition from the middle. The frame is decorated with a floral composition with local fruits and plants in the foreground. The value in letters and the words "Payables à vue au porteur à Tanger (Payable on sight bearer in Tangier)" are translated into French on the left and Spanish on the right and are printed in dark blue. The numbering, the alphabet and the date of issue are printed in black. On the left, there is a distant view of the bay of Tangier with a commercial boat arriving at the port. On the right, we can see the modern buildings of the city of Rabat. The article of law, in French and Spanish, is printed at the bottom of the bill in two blue cartridges. The note has two octagonal watermarks with a lion's head on a crescent on the left and a Cherifian star on the right.

20Rials_Makhzani_cover2.jpg

On the back, all the texts are in Arabic and decorated with arabesques on a background of repeating patterns. The note has Three signatures: Omar El Mokri (High Commissioner for the Government of the Cherif), Gaurand (Director of the State Bank of Morocco) and Demachy (Chairman of the Council of the State Bank of Morocco). At the bottom of the denomination, the value is printed in a yellow cartridge repeated in the corners.

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The issued note

Three issues dates are known: 15-7-10, 18-7-10 and 19-7-10. 25,000 copies were printed for each of these dates, for a total of 75,000 copies. The alphabets encountered: 1 and 4. We noticed that the World Paper Money (WPM) and some websites mention the existence of a fourth date of issue (31-2-10 or 31-3-10), but there is undoubtedly confusion with the date registered on the proof (31-2-10)! No banknote has yet been found for the date of 18-7-10. Collectors with a copy of this date or of alphabets 2 and 3 are therefore invited to contact us.

ReferencesDateInventoryGradeComments
#2 / #B202a / #MK50215-7-10C.1 - 068-Illustrating page 230 of the Muszynski-Kolsky catalog.
#2 / #B202a / #MK50215-7-10J.1 - 093FSeen in private collection.
#2 / #B202a / #MK50219-7-10D.4 - 974XFcgb.fr 2006 (lot #p06_1002).
#2 / #B202a / #MK50219-7-10D.4 - 975VFcgb.fr 2011 (lot #p18_1042).

All the notes we have listed (except C.1-068) are cancelled by four star perforations and have a red "CANCELLED" stamp.



Note: For your information, the two large margin paper proofs sold at cgb.fr in 2017 were presented pasted on a cardboard window page. The front and back copies that we present have been separated from this cardboard page and put under slab by PCGS!