5 Dollars - Elizabeth II Millennium

Tuvalu's commemorative output in the late 1990s was largely contracted through the Perth Mint under licensing arrangements that gave Australia's facility near-complete control over design, striking, and distribution. The millennium coin boom of 1998–2000 was a global phenomenon driven by collector demand rather than any monetary need — Tuvalu had a population of under 11,000 and no meaningful domestic coin circulation to speak of.

Perth Mint production for Tuvalu during this period is generally well-executed, but the commercial rationale was unambiguous: these were made to sell to collectors, not to spend.