10 Dollars - First anniversary of the Euro

Nauru issued this piece through its long-running arrangement with coin marketing firms — the island nation has no meaningful domestic coin market and produced virtually no circulating coinage, making its commemorative program essentially a licensing operation aimed at international collectors. The euro's first anniversary in 2003 gave promoters a topical hook.

At 1.24 g, the gold content is fractional by design — enough to justify the "gold coin" designation while keeping production costs and retail price accessible. KM#20 is one of several Nauruan issues from this period that share the same fractional format.