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20 Vatu SMS Europa

Issuer Reserve Bank of Vanuatu
Year 2008
Type Non-circulating coin
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Reverse description A detailed depiction of the German Imperial Navy training ship SMS Europa under full sail occupies the central field, rendered in fine relief against a mirror-polished background. The vessel is shown in three-quarter view with all sails set, riding a light swell. The legend 'HISTORY OF SEAFARING' arcs along the left periphery, while 'EUROPA' curves along the upper right. The year of the ship '1911' is inscribed vertically along the lower right, with the denomination '20 VATU' appearing to the right of the vessel.
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Reverse lettering HISTORY OF SEAFARING EUROPA 1911 20 VATU
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Additional information

Vanuatu's Reserve Bank has issued a long-running series of small-denomination gold pieces marketed primarily to European collectors through SMS (coin subscription programs), bearing little relationship to domestic monetary circulation. The 20 Vatu face value is purely nominal — a legal fiction that satisfies the requirements for issuing a "coin" while the intrinsic gold value vastly exceeds it.

KM#56 is one of several near-identical issues distinguished mainly by reverse design within the Europa collector series, a product line rather than a monetary instrument.

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