A $10 commemorative coin for only $10, including postage, seems a good deal at first glance, however, the advert, that I first saw for it, was not totally clear about it being a non local currency.
This picture though, from the selling website, does make it very clear.
Nauru uses the Australian Dollar as its official currency, so I assume this $10 Bank of Nauru coin will be worth Ten Australian dollars.
I bought one, as I like to collect the odd coins, although my main numismatic collecting days were many decades earlier. I need to see what I have in my old coin collection one day.
The Bank of Nauru serves as the Central Bank of the tiny country of Nauru, an independent nation since 1968.
However…
1 June 2011:
The Government of Nauru has appointed Deloitte Insolvency Partner, Neil Cussen, as Liquidator of the island’s only financial institution, the Bank of Nauru.
The formal closure of the Bank of Nauru will help clear the way for the establishment of a new economic framework that is necessary to secure the financial future of the island.
www.deloitte.com
Not sure how this affects the value of my newly purchased coin…
It also appears that the Bank of Nauru has failed before, according to this quote from a New Zealand Government website:
By 1995, following the collapse of the Bank of Nauru, the country found itself facing a serious financial crisis.
www.mfat.govt.nz/Countries/Pacific/Nauru.php
1,794.1 - 873,627
2 years later and the value of Silver is $3.66 for the 5 grams in this coin. ($743 per kg) It was $6 in September 2011.
No mention anywhere of any change in value in the Numismatic sense.