Don't particularly like that design either, but I have always thought that the "no spaces" style was meant to evoke the times of the mid-17th century when the agreement was made. The spelling, e.g. VREEDE instead of vrede, and WERRELD instead of wereld, suggests that too. The double portrait of the Queen is interestingly done, raised on one side and incused on the other. I would have preferred a design that focuses, on one side, on the Peace of Münster theme, but with such "abstract themes" a good design is always a challenge. The German coin issued on that occasion* shows a peace dove, lips, hands and a quill. Better? Hmm.
(* Not the very same occasion - the German coin
commemorated the "Westphalian Peace", ie. the results of the negotiations in both Münster and Osnabrück. But for the Netherlands, the Peace of Münster was more relevant, as that ended the 80 Years Dutch-Spanish War. Also, as a result of that peace, the country was no longer part of the Holy Roman Empire. For the HRE as a whole, and from a "German point of view", however, the combination of both Münster and Osnabrück was important - that is why you almost always hear/read "Westfälischer Friede" here in DE.)