1 Dollar - Elizabeth II Treaty of Tartu

The Treaty of Tartu, signed on February 2, 1920, was the peace agreement between Soviet Russia and Estonia that granted Estonia full sovereignty — the first time Moscow formally recognized an independent Estonian state. It ended the Estonian War of Independence and fixed a border that would be violently erased when the Soviet Union occupied and annexed Estonia in 1940, a annexation the United States and several Western governments refused to formally recognize for the entirety of the Cold War.

Niue's involvement is purely fiduciary; the island issues coins under licensing arrangements with foreign distributors, and this is a commemorative product aimed at the collector market rather than circulation. The centenary occasion drove the issue date.