100 Francs CFA Lion

The BCEAO issues commemorative and collector pieces like this under licensing arrangements that have little to do with the monetary policy functions the institution otherwise serves — these silver-plated copper pieces are produced primarily for the international collector market, not for circulation in the eight member states of the West African Economic and Monetary Union. The francs CFA themselves remain pegged to the euro at a fixed rate guaranteed by the French Treasury, a arrangement dating to 1945 that has survived decolonization, currency reforms, and recurring political pressure to sever it entirely.