10 Dollars - Elizabeth II Saxonia

Nauru's late-2000s and early-2010s commemorative program was essentially a licensing operation — the island's sovereign status gave it treaty minting rights, but production was contracted to the Saxonia Eurocoin mint in Germany, which struck coins for dozens of small sovereignties during this period. The Bank of Nauru itself had no functional retail banking role in these issues; distribution ran entirely through third-party coin dealers and telemarketers targeting collector markets in Europe and North America.

KM#88 is one of several near-identical Elizabeth II portrait coins Nauru issued across multiple years, differentiated primarily by the Saxonia mint attribution rather than any Nauruan historical or political occasion.