10 Dollars Mermaid

Palau's 1995 bullion and commemorative program launched under a licensing arrangement that allowed the island nation — with no meaningful domestic gold reserves and a population under 20,000 — to issue legal tender coinage struck entirely abroad. KM#112 is among the earliest entries in what became one of the Pacific's most prolific commemorative programs, with production handled by foreign private mints rather than a state facility.