2 Dollars - Charles III Bull and Bear

Niue has operated as a prolific licensing vehicle for novelty bullion since the 1990s, its status as a New Zealand associated state giving it the legal standing to issue coins bearing the Commonwealth monarch's effigy. The ruthenium plating here is a relatively recent technique in the commemorative market, applied selectively to create contrast against the silver field — the process requires electrodeposition at lower temperatures than gold or rhodium to avoid stress fracturing the planchet surface.