1 Dollar - Elizabeth II Uray

Niue has operated as a prolific licensing platform for commemorative silver issues since the 1990s, contracting its sovereign authority to private minting programs with little connection to the island's own economy or history. The "Uray" designation here almost certainly refers to a themed collector series rather than any indigenous monetary purpose — Niue's resident population hovers around 1,500, and its circulating currency is the New Zealand dollar.

KM#413 places this among hundreds of Niue-issued collector pieces catalogued in that range, most produced at the New Zealand Mint or Pobjoy Mint under licensing agreements.