5 Dollars - Elizabeth II Unicorn, gilded

Tokelau — three coral atolls with no indigenous coinage tradition and a population under 1,500 — began issuing collector coins around 2012 under a New Zealand-administered program effectively designed for the bullion and numismatic export market. The coins carry no practical circulation function; they exist entirely as revenue instruments for a territory with almost no other exportable product.

The unicorn here draws from Scottish heraldic tradition, one of the supporters of the Royal Arms of the United Kingdom. Its appearance on a Tokelauan issue is purely a licensing and market decision.