5 Dollars - Elizabeth II Buffalo, Gold Bullion Coinage

Cook Islands has issued gold bullion coinage under its own authority since the 1990s, though the islands' monetary policy remains tied to New Zealand. This particular fractional issue belongs to a wave of sub-gram gold products that flooded the market in the late 2000s, aimed squarely at entry-level bullion buyers priced out of full-ounce product. The Buffalo design was a deliberate play on the popularity of the U.S. American Buffalo series, which had launched in 2006 and generated immediate collector demand.

At half a gram, premiums over spot on these pieces are steep relative to metal content.