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Palau:Watery Wonderland

By Dan Lewis | Tue, 6 Mar 2007

The tiny island Republic of Palau advocates marine conservation on a series of dollar-denominated coins. The American public recently has become aware of Palau, thanks to CBS television's hit series Survivor, which was filmed in the tiny, island nation two years ago. However, collectors of non-circulating, legal-tender coins have had the beautiful coins of Palau in their sights for quite a while.

The Republic of Palau is situated in the Pacific Ocean some 500 miles east of the Philippines. It is the westernmost archipelago in the Caroline chain, consisting of 6 island groups totaling more than 300 islands. Independent since 1994, Palau operates under a Compact of Free Association with the United States.

The nation's profuse, unspoiled reefs offer a wealth of marine life, coral formations and shipwrecks. Huge caverns, large underwater caves, and an immense variety of rare and exotic marine species easily can be observed in the crystal-clear waters. Vast numbers of sharks, turtles and dolphins, and many species of migratory fish gather here at the confluence of three of the world's major ocean currents. Landlocked marine lakes, accessible from the sea through tunnels beneath the islands' steep shorelines, are home to rare jellyfish, anemones and soft corals.

In 1992 the Republic of Palau authorized the issuance of a "Marine Life Protection Series" of coins. These colorized coins depict marine life on the reverse and various renderings of mermaids on the obverse. Dollar coins were struck in copper-nickel and gold, while $5 and $20 pieces were produced in silver and $200 coins were issued in gold. Although 10,000 gold dollar coins were minted, I have never seen one, which might be a result of their international popularity.

Within the past five years, the market value of these coins has increased dramatically. The copper-nickel dollar coin, available for $10 to $12 a few years ago, now sells for $35 to $40, with some of the earlier issues commanding up to $75. The silver $5, which once could be had for $20, sells for more than $50 today, and the silver $20 brings in excess of $200. As more collectors continue to discover the beauty of this series, the trend is likely to continue.

This article is featured in the March 2007 edition of Numismatist magazine, the official publication of the American Numismatic Association