5 Dollars - Elizabeth II Pegasus

Tokelau — three Pacific atolls with a combined land area under 12 square kilometers and no indigenous coinage tradition — began issuing collector silver under New Zealand administration primarily as a revenue mechanism. The territory has no mint of its own; these pieces are produced by the New Zealand Mint on contract. KM#70 belongs to a broader bullion and numismatic program that Tokelau has expanded aggressively since 2012, making the issuing authority effectively nominal.