10 Kwacha

Malawi's silver commemorative program of the late 1990s was aimed squarely at the collector export market — these pieces were never intended for domestic circulation in a country where the kwacha was under sustained devaluation pressure following the removal of foreign exchange controls in 1994. KM#38 was produced in limited numbers for international distributors, typical of the small-nation commemorative trade that flourished through firms like Pobjoy Mint during this period.