2011 Bank of Nauru $10 Coin

These Adverts help to pay for this site. ai2

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.


These Adverts help to pay for this site ai6.

This picture though, from the selling website, does make it very clear.
$10.00 Nauru Coin 2011

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…


Agoda HolidaysAgoda HolidaysThese Adverts help to pay for this site. ai5

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

 


1,320.1 - 570,730
Scroll down for Comments
0 0 vote
Article Rating
Subscribe
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

1 Comment
Inline Feedbacks
View all comments