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The Republic of Nauru is the smallest republic on the planet and the smallest "island" state. Independence from Great Britain was declared on January 31, 1968 and the Australian dollar became the official currency, which freed the country from establishing a central bank on Nauru. Therefore, commemorative coins are issued from precious and base metals, on the obverse of which the coat of arms of Nauru is depicted; the currency of the coins is the Australian dollar.