10 Dollars Beluga Whale

The Marshall Islands began issuing commemorative coinage in the late 1980s after the Compact of Free Association with the United States gave the republic a degree of financial autonomy, though lacking a central bank, these pieces were produced under contract by foreign mints rather than any domestic facility. The beluga series was part of an aggressive commemorative program that flooded the market throughout the early 1990s, ultimately undermining collector interest through sheer volume.

KM#134 circulated primarily through mail-order channels in the U.S. and never meaningfully entered circulation on the islands themselves.