The Republic of Palau is an island country in the western Pacific, in free association with the United States. In one way or another, the country has been under US administration since it was established, and has never had its own separate currency - it has always used the US Dollar. However, Palau allows some foreign mints to issue coins under its authority; these are denominated in US Dollars but are only legal tender in Palau, so can in a way be considered to be in "Palau Dollars", even though such a currency does not officially exist.
The coins are usually dedicated to historical or general popular culture themes not related to the country itself. Many of them are in standard bullion sizes, including the large three troy ounces (3oz) of silver format.
The Mint says about this coin:
The Nefertiti Bust coin is the second issue in the Egyptian Art 3D series. The coin’s reverse depicts Nefertiti’s appearance in a silhouette-shaped way you have never seen before. It has the same appearance as her bust, which is kept in the Neues Museum in Berlin.
Nefertiti was the Queen of the 18th Dynasty of Egypt. She reigned as a great royal lady alongside Akhenaten, the pharaoh who ruled Egypt at the beginning of the New Kingdom (1352 B.C. - 1338 B.C.) during the Amarna period. Her name Nefertiti means ‘the beautiful has come’. Nefertiti owes much of her fame to her bust, preserved today in the Neues Museum in Berlin. The parentage of Nefertiti has not been established with certainty. One hypothesis says that she would have been the daughter of Ay, who would have reigned as pharaoh for four years after Tutankhamun but previously held various high positions with his predecessors. Some say he was a brother or half-brother of Teje, the Great Royal Lady in Egypt’s 18th Dynasty on the side of Pharaoh Amenhotep III.