200 Ngultrum Year of the Horse

Bhutan's lunar series issues are produced under the Royal Monetary Authority, established in 1982 as the kingdom's first central bank — prior to that, currency matters were handled directly through the royal government with no independent monetary institution. The Horse holds particular significance in Bhutanese Buddhist tradition as one of the Lungta, or "Wind Horse," a symbol tied to the prayer flag tradition practiced across the Himalayan Buddhist world.

The 2026 lunar year begins in February, making this a forward-dated issue struck well ahead of the actual Year of the Horse.