5 Cents - Elizabeth II 3rd Portrait, Treaty of Waitangi

Issued to mark the sesquicentennial of the 1840 Treaty of Waitangi, this piece appeared during a politically charged year in New Zealand — the 150th anniversary prompted significant national debate over Māori land rights and the Crown's treaty obligations, debates that were far from resolved in 1990 and in many respects remain ongoing. The commemorative program that year extended across several denominations, all sharing the sesquicentennial theme.

KM#72 represents the last gasp of the small-format five cent coin; New Zealand eliminated the denomination entirely in 2006 during its coinage rationalisation.