5000 Pesetas 20th Anniversary - Proclamation of Republic

Western Sahara has no functioning government with recognized minting authority — these issues were produced by private licensing arrangements, typically through the Agence Comptable de Monaco or similar intermediaries, targeting the collector market rather than any actual circulation. The "proclamation of republic" referenced is the Sahrawi Arab Democratic Republic, declared by the Polisario Front in 1976, which by 1996 controlled only a narrow strip of territory east of the Moroccan berm.

KM#35 is part of a wave of SADR-attributed issues from the mid-1990s with no monetary infrastructure behind them whatsoever.