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3000 Ngultrums - Jigme Singye Year of the Horse

Issuer Royal Monetary Authority of Bhutan
Year 2002
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Diameter 38.61 mm
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Obverse script Latin
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Reverse description The reverse features an elaborate central device comprising two sinuous dragons in high relief, flanking a traditional Bhutanese double dorje (vajra cross) surmounted by a lotus blossom, all rendered in fine detail against a frosted field. A decorative inner border separates the central design from the legend area, punctuated by six-pointed star ornaments at intervals. The Dzongkha script legend arcs along the upper border, while the Latin inscription 'KINGDOM OF BHUTAN' is engraved in capital letters along the lower border.
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Bhutan's lunar series commemoratives were issued through a licensing arrangement common to small-nation minting programs of the late 1990s and early 2000s, where the Royal Monetary Authority contracted production to foreign mints — in this case almost certainly Pobjoy or a comparable European facility — with the coins intended entirely for collector export rather than domestic circulation. The 2002 Horse year coincided with Jigme Singye Wangchuck's 27th year on the throne, a reign marked by his deliberate policy of limiting foreign economic influence while simultaneously authorizing these bullion commemoratives as a foreign currency earner.

KM#168 has no meaningful circulation history. It was a revenue instrument from the moment of striking.

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