2 Dollars - Charles III Victoria

Niue has functioned as a vehicle for commemorative silver issues since the 1990s under an arrangement with New Zealand, which handles its foreign affairs and currency. The island's actual circulating currency remains the New Zealand dollar; these legal tender designations are nominal, issued entirely for the collector market and never intended to pass in trade.

KM#7038 is one of dozens of themed one-ounce pieces released annually under Niue's licensing agreements with third-party minting houses — in this case almost certainly produced at a contracted facility rather than on the island itself, which has no mint.