500 Pesetas / 25 Dirham

Dakhla — a territory within Western Sahara under Moroccan administration — issued this piece as a local currency token rather than a nationally recognized coin. The dual denomination, pairing the Spanish peseta (long obsolete by 2006) with the Moroccan dirham, reflects the unresolved political status of the region and the competing administrative claims that have defined it since Spain withdrew in 1976.

These pieces circulated, if at all, in extremely limited geographic and commercial contexts. Most appear to have been produced for collectors rather than trade.