1 Crown - George V Waitangi

The Waitangi Crown was struck for the centenary of the Treaty of Waitangi, signed February 6, 1840, but its release was handled so poorly that it became a political embarrassment almost immediately. Priced at five shillings retail — face value — it was sold exclusively through the post office and banks, with no provision for general circulation, yet the government had produced only 364,000 pieces. Collectors and speculators cleared stocks within days.

Māori leaders objected that the coin commemorated a treaty many considered already broken. The controversy contributed to New Zealand issuing no further commemorative coinage for decades.