200 Escudos Espingarda, Palladium

Portugal's 200 Escudos series of the late 1980s and early 1990s is unusual in that individual commemorative subjects were struck in multiple metals simultaneously — gold, silver, and in rare cases, palladium. The palladium strikes were produced in extremely limited quantities, aimed squarely at the precious metal investor and high-end collector market that briefly treated palladium coins as a viable bullion vehicle before the format largely disappeared from world mint programs by the mid-1990s.

The "Espingarda" issue commemorates Portuguese firearms development. KM#666c is the palladium variant within that release, struck to .9999 fineness — finer than most contemporary palladium coinage from other world mints.