1 Dollar - Elizabeth II Hungarian Sand Flag

Niue has issued silver dollars under licensing arrangements since the 1990s, contracting private mints — primarily the New Zealand Mint — to produce themed collector pieces that bear the island's name largely as a legal convenience. This particular issue commemorates the Hungarian Sand Flag, a patriotic symbol with roots in the 1956 uprising against Soviet occupation, when protesters famously cut the communist emblem from the center of the national flag.

The KM# 201 reference places it within a sprawling catalog of Niuean commemoratives that number in the hundreds.