500 Francs CFA Helmut Schmidt

Togo's authority to issue commemorative coinage in CFA francs has long been a point of friction — the country is a member of the West African Economic and Monetary Union, whose coinage policy is administered collectively, yet Togo has periodically licensed its name to foreign minting operations producing pieces with no practical circulation role. This Helmut Schmidt issue is one such item, almost certainly produced under a licensing arrangement by a European private mint and sold directly to collectors rather than through any banking channel.

Schmidt served as West German Chancellor from 1974 to 1982, navigating the oil crisis and the politically brutal Autumn of 1977.