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500 Maloti - Moshoeshoe II Commonwealth Membership
| Issuer | Central Bank of Lesotho |
|---|---|
| Year | 1981 |
| Type | Non-circulating coin |
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| Reverse lettering | 15TH ANNIVERSARY OF COMMONWEALTH MEMBERSHIP |
| Edge | Reeded |
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| Additional information |
Lesotho joined the Commonwealth in 1966 upon independence from Britain, but it took fifteen years before the occasion received a platinum commemorative. The 1981 issue was part of a broader wave of high-denomination platinum coins produced by smaller nations during the early 1980s, when platinum's price volatility made such issues simultaneously attractive to speculators and difficult to price for collectors.
Moshoeshoe II had by this point already been twice suspended from executive power by Prime Minister Leabua Jonathan, whose 1970 coup voided election results that had gone against his party. The king's role was ceremonial in the most constrained sense.