Medal-coin

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A medal-coin or non-circulating legal tender (NCLT) coin is regarded as legal tender, but it does not circulate for the following reasons:

• The intrinsic value exceeds the denominational value.

• The currency unit is not in common use.

• The coin is usually issued as a proof coin only.

• The coin is sold to collectors at a premium above the face value.

The coins of Bophuthatswana were examples of medal-coins. The Krugerrand is an example of a medal-coin, even though it is also a bullion coin.