5 Dollars Spanish 5 Peseta, Essai

Palau's coinage program launched in 1994 as a frankly commercial venture — the island nation had no domestic numismatic tradition and contracted its issues almost entirely to foreign minting houses targeting collector markets. This 1999 palladium essai sits in that context without apology. Essai strikes of this type were produced in extremely limited quantities as pattern or presentation pieces, typically for assay verification or distributor approval, and rarely entered any form of circulation.

Palladium at .999 fineness was an unusual choice for 1999; the metal was then trading at a fraction of its later peak prices before the automotive catalytic converter shortage drove it above gold.