1 Dollar - Elizabeth II Melbourne and Hobson's Bay Railway Company

The Melbourne and Hobson's Bay Railway Company opened in September 1854, operating Australia's first steam-powered passenger railway on a line running from Flinders Street to Sandridge (now Port Melbourne). The company remained independent until absorbed into the Victorian Railways network in 1878 — a relatively short commercial life for a concern that effectively launched rail travel on the continent.

Cook Islands has issued commemoratives under this general railway history series for the numismatic wholesale market, with no domestic circulation intended.