5 Dollars - Elizabeth II 3rd Portrait, Four Stars

New Zealand's third-portrait five-dollar coin had an unusually short run. The Raphael Maklouf effigy series was retired in 1999 when the Ian Rank-Broadley portrait was introduced across Commonwealth coinage, making 1998 one of the final years for this type. The four-star reverse was itself a relatively recent design, introduced in 1990 following Waitangi Tribunal discussions around appropriate national symbolism.

KM#109 is frequently encountered in circulated condition — the denomination saw heavy everyday use before New Zealand's 2006 coinage rationalisation eliminated the five-dollar coin from circulation entirely.