20 Dollars Admiral Heihachiro Togo

Tōgō Heihachirō commanded the Combined Fleet at the Battle of Tsushima in May 1905, where the Japanese navy destroyed two of Russia's three Pacific fleets in under 48 hours — a decisive result that shocked European observers and accelerated the peace negotiations ending the Russo-Japanese War. The centennial of Tsushima prompted a wave of commemorative issues worldwide in 2005, with Liberia among the most prolific producers, licensing Japanese historical subjects with no organic connection to the issuing state.

Liberia's commemorative program of this period was essentially a commercial operation run through European distributors, aimed squarely at the collector market rather than circulation.