elf New Caledonia French 10 Francs 1972 Outrigger

Description

KM 11, 20 year type, from an unusual location, issued for French Polynesia as a French Overseas Territory. New Caledonia is made up of about 25 islands in the Pacific, east of Australia. Quarter dollar size nickel coin, with an outrigger sailboat on the reverse.
The coin was issued by the Institut d'emission d'outre-mer (Overseas Issuing Institut). The CFP franc (originally stood for "French Colonies of the Pacific", but the official name has been changed twice without affecting the initials) was established in 1945, to prevent the French colonies (French Polynesia, New Caledonia and New Hebrides) from incurring the same massive devaluations that the French franc incurred due to World War II (from 1949 to 1960, the CFP franc was worth 5.5 French francs!)
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