5 Dollars - Elizabeth II Winston Churchill

Niue's commemorative coinage of the early 1990s was largely the product of licensing arrangements with foreign minting houses, producing collector pieces with little connection to the island's own monetary history. This Churchill issue appeared 25 years after his death in January 1965, timed to that anniversary. Niue, a self-governing territory in free association with New Zealand, had only begun issuing its own coinage in 1987 — the program existed almost entirely for the export collector market rather than any domestic circulation.