20 Dollars Zebra

Palau has operated as one of the more prolific novelty bullion issuers since gaining independence in 1994, licensing its monetary authority to private minting houses — primarily European — that produce collector-targeted issues with no meaningful domestic circulation. This piece is a product of that arrangement, almost certainly struck by a European contractor under license rather than any Palauan government mint facility, which does not exist in any conventional sense.

At 155.5 g, the blank alone represents five troy ounces of silver beneath a gold wash thin enough to be cosmetic rather than intrinsic to value.