25 Dollars - Elizabeth II Battle of Midway

Niue has operated as a prolific licensed issuer for third-party bullion and commemorative programs since the 1990s, with the New Zealand-administered territory lending its legal tender status to coins it has no organic connection to. This piece falls squarely in that commercial minting tradition — the Battle of Midway association is a licensing arrangement, not a sovereign statement.

Midway itself, fought June 4–7, 1942, turned on cryptanalysis: Station HYPO's partial break of the Japanese JN-25 naval code gave Admiral Nimitz advance knowledge of the attack vector, enabling the ambush that sank four Japanese fleet carriers in a single engagement.