1 Dollar - Elizabeth II Year of the Horse

Tokelau's coinage program is effectively a licensing operation — the territory has no mint of its own and issues collector pieces through the New Zealand government, with production typically contracted to private minting houses. The 2016 Horse dollar falls within a zodiac series that Tokelau has used, alongside several other small Pacific jurisdictions, to tap the substantial Chinese collector and gift market.

KM#218 is a relatively low-mintage bullion-adjacent piece rather than a true circulation issue — Tokelau's permanent population sits below 1,500 and has no practical need for dollar coinage.