500 Francs CFA American Bison

Benin issues coins under the West African CFA franc framework administered by the BCEAO, but the central bank has no meaningful role in these collector pieces. They are produced under licensing arrangements with European minting houses — primarily the Bavarian State Mint and B.H. Mayer's — and marketed directly to Western collectors. The American Bison has no historical or cultural connection to Benin whatsoever; the subject was chosen purely for commercial appeal in the North American collector market.

The CFA franc itself was pegged to the French franc at a fixed rate from 1948 until 1999, when it transferred to a fixed peg against the euro at 655.957 francs per euro — a rate that remains unchanged today.