5 Ducats

Obwalden was among the smallest and most isolated of the Swiss forest cantons, a landlocked half-canton with no mint tradition to speak of — which makes this 1732 emission genuinely anomalous. Multi-ducat gold pieces from minor cantons were almost never struck for commerce; they functioned as presentation pieces, diplomatic gifts, or marks of cantonal prestige during periods when the larger confederate members were asserting financial muscle.

The Frühwald reference and the SMK4 classification both flag this type as rare. Unw#24b suggests a variant within an already thin series.