10 Dollars Coral Reef

Palau has issued silver bullion and themed collector pieces under licensing arrangements since the late 1990s, with much of the actual minting contracted to European facilities — predominantly in Germany and Austria — rather than struck domestically. The "Coral Reef" designation appears across multiple years in Palau's catalog, making KM#965 one of several iterations in an ongoing series rather than a standalone commemorative.

Worth noting: Palau has no central bank in the conventional sense and uses the US dollar domestically, meaning these $10-denominated pieces carry legal tender status that is largely nominal.