20 Vatu Year of the Horse

Vanuatu has no indigenous horse population and no historical association with the animal — the coin exists purely to capture the Chinese lunar calendar collector market, a revenue strategy the Reserve Bank of Vanuatu has pursued aggressively since the 1990s through licensing arrangements with overseas minting and marketing firms. The actual 20 Vatu denomination is effectively fictional at this size and metal; nothing circulates at that value in silver.