100 Francs Water

Niger issued this piece as part of a broader series of fractional gold coins produced for the collectibles market rather than domestic circulation — the country abandoned the CFA franc's physical coinage infrastructure decades ago and has no meaningful domestic gold minting tradition of its own. Production was almost certainly contracted to a European private mint, as is standard for these sub-Saharan nominal issues.

KM#69 is a collector instrument, full stop. Its legal tender status under Niger's nominal authority is a technicality of international numismatic marketing.