100 Shillings Elephant, Silver

Somalia's elephant bullion series has been running since 1999 and occupies an unusual position in the silver bullion market — issued under Somali authority but produced and distributed entirely through European channels, primarily by the German trading house MDM. The Central Bank of Somalia has virtually no operational involvement in the physical production. Each annual release carries a new reverse design, which has driven a collector following well beyond ordinary bullion demand and consistently pushes secondary market premiums above spot.

The 2022 issue is the twenty-third in the series. KM# 199 confirms the design change that year.