10 Dollars - Elizabeth II 4th Portrait, America's Cup, Gold Proof

New Zealand hosted the America's Cup defence in 2003 after Team New Zealand's dominant victory in Auckland in 2000, and the Royal New Zealand Mint began issuing commemorative gold ahead of the event. The Cup itself — the oldest international sporting trophy in existence, first contested in 1851 — had only come to New Zealand shores after Russell Coutts and Brad Butterworth led a syndicate that ended 132 years of American dominance in 1995.

The 2003 defence ultimately ended in defeat to Alinghi, making this coin a pre-loss commemorative issued in a climate of considerable national confidence.