1 Dollar - Elizabeth II Horse

Niue has operated as a prolific vehicle for third-party coin programs since the 1990s, with its government licensing designs to foreign mints and bullion distributors under agreements that bear little resemblance to conventional sovereign coinage. This piece falls squarely in that category — struck almost certainly by a European or Australian private mint, nominally denominated at one dollar against a currency Niue doesn't actually issue independently, using New Zealand dollar parity as its functional monetary anchor.

KM#538 sits in a catalog range crowded with similar Niuean licensed issues from 2010–2013, most sharing the same 42.5g fabric.