100 Ngultrum Year of the Dog

Bhutan's lunar series issues are produced for the collector market and do not circulate domestically — the ngultrum's de facto peg to the Indian rupee makes commemorative silver largely irrelevant to everyday commerce. The Royal Monetary Authority began issuing these annually-themed pieces in the 1990s as a foreign exchange mechanism, selling primarily to European and Asian wholesale distributors.

The 2018 dog year aligns with the Tibetan Buddhist calendar as well as the Chinese lunar cycle, a dual resonance that broadens the coin's collector base considerably beyond either tradition alone.