1 Dollar - Elizabeth II Madonna and Child

Niue has operated as a coin-issuing jurisdiction for collector markets since the 1980s, despite having a resident population that has never exceeded 2,000 people. The island's arrangement with New Zealand — which handles its defense and foreign affairs — gives it the legal standing to issue its own coinage, a quirk exploited almost entirely for the bullion and numismatic export trade rather than any domestic monetary function.

The KM# 204 attribution places this within a sprawling Niue silver program that has issued hundreds of collector types across multiple decades, most struck at the New Zealand Mint in Auckland.