4000 Kwacha African Wildlife - Elephant

Zambia's African Wildlife series launched in the 1990s as a direct play on the bullion collectibles market pioneered by South Africa's Krugerrand and, later, the Britannia and Maple Leaf programs. The Bank of Zambia had limited leverage in international bullion markets, so the Wildlife series leaned heavily on rotating animal subjects and high nominal face values to attract speculative buyers rather than serious numismatists. The elephant subjects from this run were produced in relatively high quantities for a sovereign issue and saw wide secondary-market distribution through European dealers, particularly in Germany and Austria.