100 Francs CFA Elizabeth II, fourth portrait

Benin has no constitutional monarchy and no historical tie to the British Crown — this is a privately commissioned bullion and collector piece, issued under the CFA franc designation purely as a legal fiction to attach a face value. The fourth portrait of Elizabeth II, sculpted by Ian Rank-Broadley and used on Commonwealth coinage from 1998 onward, continued appearing on non-Commonwealth issues like this one even after her death in September 2022.