1/2 Dollar - Elizabeth II Posthumous, Gandalf

Cook Islands has operated one of the more prolific fantasy-issue programs in modern numismatics, licensing pop culture properties through the New Zealand Mint for collector-market coins that bear legal tender face values but are never intended for circulation. This Gandalf piece is part of that pipeline — a Middle-earth licensing agreement rather than a monetary decision.

Struck as a posthumous issue following Elizabeth II's death in September 2022, it carries her effigy under a reign that had already ended.