10 Dollars - Elizabeth II Pegasus

The Pegasus bullion series from Cook Islands sits in a crowded market of fractional gold issues sold primarily to collectors rather than investors, where the legal tender face value is purely nominal and the issuing authority is a formality of New Zealand's free association arrangement. Cook Islands has no independent mint and licenses production through third-party refiners, which is standard practice for the dozens of small Pacific jurisdictions that generate revenue through numismatic licensing agreements rather than actual monetary circulation.