2 Dollars - Elizabeth II 4th Portrait, Silver Currency Set Issue

New Zealand's standard circulation $2 coin had been struck in aluminum bronze since its 1990 introduction, making this .999 silver version a deliberate departure — produced specifically for inclusion in annual currency sets rather than any monetary function. The 4th portrait of Elizabeth II, by Ian Rank-Broadley, was adopted by New Zealand in 1999, several years after the Royal Mint's phased rollout across Commonwealth nations following Raphael Maklouf's unpopular 3rd effigy.

KM#121b exists solely as a collector artifact of the set program — no individual retail issue accompanied it.