1500 Francs Year of the Dragon

Togo's coinage authority has issued prolifically through the Paris-based Monnaie de Paris and various private minting houses, producing collector-targeted issues under licensing arrangements that give the West African nation nominal issuing authority while the actual commercial decisions rest elsewhere. This dragon piece is part of that wave of themed bullion and numismatic products that expanded sharply after 2008 as silver spot prices rose and collector demand for two-troy-ounce issues grew.

The 1500 CFA franc denomination has no meaningful relationship to face value in circulation — at 2012 silver prices, the metal content alone exceeded 100 times the stated denomination.