1 Dollar - Elizabeth II Habemus Papam: Franciscus

Issued within months of Jorge Mario Bergoglio's election on 13 March 2013, this piece capitalizes on the short window between a papal election and the market's saturation with commemorative material. The Cook Islands has no meaningful connection to the Vatican; the issue exists because the territory's monetary arrangement with New Zealand allows it to produce legal tender coinage largely as a numismatic export commodity.

At 0.5 g of .9999 fine gold, the metal content is negligible by bullion standards — the piece trades entirely on its commemorative premium.