5 Dollars - Elizabeth II Koala and Eucalyptus Leaves

Cook Islands has issued commemorative silver dollars under its own authority since the 1970s, a practice enabled by its self-governing status in free association with New Zealand. The arrangement gives Wellington control over defense and foreign affairs while leaving monetary policy — including the right to issue legal tender coinage — with Rarotonga, a right the islands have exploited extensively through licensing agreements with foreign minting houses targeting the collector market.

KM#1287 is one of hundreds of issues produced under such arrangements, with the actual striking almost certainly handled offshore.