1 Dollar - Elizabeth II Lady with an Ermine

Niue has functioned since the 1990s as a licensed issuer for the global commemorative coin market, its sovereignty essentially rented to private mints producing collector pieces with no meaningful local circulation. This particular issue — copper-clad with a nominal silver content of one gram — sits at the bottom of the precious metals hierarchy, more souvenir than coin.

The Lady with an Ermine was painted by Leonardo da Vinci circa 1489–1490, likely commissioned by Ludovico Sforza, Duke of Milan.