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100 Ngultrum Year of the Horse

Issuer Royal Monetary Authority of Bhutan
Year 2014
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Orientation Coin alignment ↑↓
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Obverse script Latin, Tibetan
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Reverse lettering YEAR OF THE HORSE 100 NGULTRUM AU999
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Additional information

Bhutan's lunar series issues are struck in limited quantities for the collector market, with distribution handled almost entirely through overseas numismatic agents rather than domestic circulation. The Royal Monetary Authority has used these small-format gold pieces since the 1990s as a modest foreign exchange vehicle — collectible exports in a country with few such options.

The 2014 Horse year aligns with the Tibetan-influenced Bhutanese calendar, where the lunar cycle carries religious significance tied to the country's Vajrayana Buddhist institutions.

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