20 Dollars Dog

Palau has operated as a prolific novelty bullion issuer since the late 1990s, licensing its monetary authority to foreign minting houses — primarily in Europe — to produce collector-targeted pieces with no meaningful domestic circulation. This coin is almost certainly a product of that arrangement, struck to order for the international collector market rather than for any Palauan monetary purpose.

KM#986 places it within a sprawling series; Krause documentation of Palauan issues from this period runs to hundreds of entries, most sharing the same legal-tender fiction.