10 Dollars - Elizabeth II Carousel Horses

Tokelau's collectible coin program, administered through New Zealand, accelerated sharply after 2010 as the territory's government sought revenue from the numismatic market — one of the few income streams available to a Pacific atoll group with no airport and a population under 1,500. By 2014 the program was producing large-format silver pieces aimed squarely at the themed collector market, with subjects having no particular connection to Tokelau itself.

The carousel horse series belongs to a wave of oversized 2-troy-ounce issues from smaller Pacific jurisdictions during this period, competing for the same buyer pool as similar releases from Niue, Palau, and the Cook Islands.