1 Dollar - Elizabeth II 1813 Holey Dollar

The original 1813 Holey Dollar was Australia's first distinct currency — Governor Lachlan Macquarie solved a coin shortage in New South Wales by importing Spanish dollars and having a disc punched from each centre, creating two coins from one. The outer ring became the Holey Dollar; the punch-out became the Dump. Cook Islands commemorated this episode nearly two centuries later, embedding an actual replica of that punched-centre form into the design conceit.

The KM# 1025 is part of a broader wave of Pacific island legal-tender issues that used novel formats to attract collector premiums rather than circulate.