100 Shillings Elephant

Somalia's elephant bullion series has been running since 1999 and occupies an unusual position in the silver bullion market: the designs change annually, which drives collector demand well beyond what pure metal content would justify. The Central Bank of Somalia issues these coins under licensing arrangements with European distributors — primarily the Bavarian State Mint in Munich — meaning the coins are designed, struck, and distributed almost entirely outside the country whose name they bear.

The 2018 issue introduced a new reverse design, as the series does each year, sustaining secondary market premiums over spot that few sovereign bullion programs outside the major mints reliably achieve.