3000 Ngultrums - Jigme Singye Year of the Horse

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.