5 Cedis - Elizabeth II Bullion Coinage - Elephants

Ghana's elephant bullion series launched in 2013 as a direct challenge to established African wildlife programs — Somali elephants, South African Krugerrands — at a moment when sovereign mints across the continent were aggressively courting the international bullion collector market. The series is notable for being struck under royal warrant with Elizabeth II's effigy despite Ghana having been a republic since 1960; the arrangement is purely commercial, mirroring similar licensing agreements used by other non-Commonwealth or lapsed-Commonwealth nations issuing coins through foreign minting partners.

KM#43 is among the earlier emissions, before the series expanded its format offerings in subsequent years.