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The Mysterious Nigerian 100 Naira Crown From 1994

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Netherlands
36 Posts
 Posted 01/26/2016  10:11 pm Show Profile   Bookmark this topic Add dulitu to your friends list Get a Link to this Message Number of Subscribers
I'm collecting silver world crowns by country and have covered over 215 countries so far. However one of hardest to find crowns out there seems to be Nigeria's 100 naira from 1994.

In over 10 years I have never seen one offered anywhere and could not find any info about it (even no proper picture), except this piece of text in Krause catalog: "Issue price at Bank in Lagos approximately $1,400". That seems 'a bit' pricey for 28,28 grams of sterling silver with a mintage of 5000.
I assume it was minted in Britain, but what I don't understand is why the issue price was so ridiculously high?

If anyone here by any chance has any info, or has ever seen this coin in person (maybe even owns it), I would be more than happy to hear.

Here is the picture of it provided by Krause:
The-Mysterious-Nigerian-100-Naira-Crown-From-1994
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Australia
16849 Posts
 Posted 01/27/2016  02:15 am  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
I'm wondering if it's a typo and they really mean "1400 naira" (which in 1994 would have been about US$62).
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Australia
3831 Posts
 Posted 01/27/2016  08:05 am  Show Profile   Bookmark this reply Add gxseries to your friends list Get a Link to this Reply
Sap might have a point - it might be the wrong currency to start off with.

To start out with, I decided to look at the history of Nigeria and it seemed that there was some internal conflict within Nigeria in 1994. https://en.wikipedia.org/wiki/History_of_Nigeria

The real question becomes, how many of them were successfully sold? I can only imagine that they would have been out of reach for many people even at 62USD. This reminds me of silver coins from Uzbekistan - the early issues are just absurdly hard to find for some reason. I presume that none were marketed overseas and what is available are often coins from diplomats or expensive gifts. I suspect this coin would have fallen to similar fate.
My partial coin collection http://www.omnicoin.com/collection/gxseries
My numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htm
Regularly updated at least once a month.
Edited by gxseries
01/27/2016 08:09 am
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Netherlands
36 Posts
 Posted 01/27/2016  10:13 am  Show Profile   Bookmark this reply Add dulitu to your friends list Get a Link to this Reply
Yep, it might be a typo by Krause indeed.
Also might be true that they were not marketed overseas, in this case only some rich Nigerians or diplomats might own one of these...
Anyway, it is rather strange that not a single coin appeared anywhere yet (I know some world crown collectors who don't even have Nigeria on their wishlists, assuming it is impossible to get).

As for Uzbekistan, I'm lucky to own two of the early crowns (1998 100 som), that are not even listed in Krause (I was thinking to contact them about it). Got them from some thrift shop in Las Vegas, which also makes me wonder how they ended up there.
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