300 Ngultrums Year of the Sheep

Bhutan's Royal Monetary Authority issued a series of lunar year commemoratives through the 1990s largely as numismatic exports — the domestic economy ran on ngultrum notes and small coinage, and silver pieces of this size never entered circulation. The Year of the Sheep falls in the Tibetan-influenced calendar cycle central to Bhutanese religious and agricultural life, giving the issue genuine local resonance even as it was minted primarily for foreign collector markets.