10 Francs Leopard

Rwanda's "Leopard" bullion series occupies an odd niche: a landlocked country with no historical gold-mining tradition issuing fractional bullion under a central bank mandate that dates only to 2008 reforms following the post-genocide reconstruction of the financial system. These pieces are struck by foreign mints on contract — Rwanda itself has no coining facility — and the series exists primarily as a vehicle for fractional gold investment in markets where Swiss or South African product dominates at larger weights.

KM#164 is among the smallest denominations in the run, at a size where handling losses during assay can measurably affect fine weight recovery.