20 Dollars - Elizabeth II 4th Portrait, The Four Winds

New Zealand's "Four Winds" kilo belongs to a collector bullion program that RBNZ has used since the 2010s to push into the high-end commemorative market dominated by the Perth and Royal Canadian mints. Production runs on these kilo-format issues are typically capped in the low hundreds, and secondary market movement is almost entirely driven by the thematic series rather than silver spot.

Elizabeth II's fourth portrait, by Ian Rank-Broadley, was adopted by New Zealand in 1999 and remained current until her death in September 2022 — making issues from that final year the last New Zealand coinage struck under the effigy she carried for over two decades.