5 Dollars - Elizabeth II Pegasus

Cook Islands has been one of the most prolific issuers of licensed commemorative coinage since the 1970s, with its numismatic program operated largely through external minting agencies rather than any domestic facility. This Pegasus issue belongs to a wave of privately-driven bullion and collector rounds that use Cook Islands' legal tender framework as a licensing vehicle — the face value is nominal, the real market is entirely collector-driven, and the issuing authority has little involvement beyond the arrangement.

KM#3251 places it within a catalog sequence that runs into the thousands for this issuer alone.