25 Maloti - Letsie III Central Bank

The 25 Maloti denomination sits well above everyday circulation value, placing this squarely in the commemorative category issued for foreign collector markets — a revenue strategy the Central Bank of Lesotho has relied on since the 1970s. Letsie III's path to the throne was anything but straightforward: he was first installed in 1990 when his father Moshoeshoe II was deposed by the military government, then himself deposed in 1995 to restore his father, then reinstated permanently after Moshoeshoe II died in a disputed horse-riding accident in 1996.