20 Dollars - Elizabeth II Peonies

Cook Islands has issued commemorative gold under its own authority since the 1970s, a arrangement that has nothing to do with local monetary needs and everything to do with the international collector market. The .9999 fineness here is worth noting — four-nines gold was not standard for most sovereign mints in 2008, and its use signals that this piece was aimed squarely at bullion-sensitive buyers rather than thematic collectors.