5 Dollars - Elizabeth II Alexander I

Niue's coinage program has operated largely as a vehicle for international bullion and commemorative sales since the 1990s, with the island's actual monetary needs met by the New Zealand dollar. The Alexander I issue belongs to a broader Russian Emperors series produced for the collector market, trading on Niue's willingness to license its legal tender status to mints producing coins with no circulation intent whatsoever.

Alexander I ruled during the Napoleonic Wars and died under circumstances suspicious enough to spawn a persistent legend — that he faked his death in 1825 and lived out his years as a Siberian hermit named Fyodor Kuzmich. The Orthodox Church beatified Kuzmich in 1984 without formally resolving the question.