4 Rials Makhzani

The 4 Rials Makhzani denomination — equivalent to 1 Moroccan Hassani franc at the time — reflects the transitional currency arithmetic imposed on Morocco under the French Protectorate after 1912. The Banque d'État du Maroc had been established by the 1906 Act of Algeciras, making it one of the few central banks created by multinational treaty rather than domestic legislation, with shareholding spread across fourteen signatory powers.

Jouenne was among the Banque de France's most accomplished intaglio engravers of the period, and his work on this first Pick series gives the notes a finish well above what colonial emergency issues typically received. Duval handled the compositional design work; the two collaborated on several French-sphere issues of the same decade.

This is Pick #1 for Morocco — the first catalogued paper issue for the territory.