Cook Islands has issued novelty plated pieces under licensing arrangements for decades, with much of the actual production contracted to private mints in Europe — this piece almost certainly never circulated and was sold directly into the collector market as a themed release. The underlying iron core rather than a copper or zinc alloy is a cost-reduction choice that also affects long-term preservation, as any breach in the silver plating risks oxidation of the base metal beneath.
Cook Islands has issued novelty plated pieces under licensing arrangements for decades, with much of the actual production contracted to private mints in Europe — this piece almost certainly never circulated and was sold directly into the collector market as a themed release. The underlying iron core rather than a copper or zinc alloy is a cost-reduction choice that also affects long-term preservation, as any breach in the silver plating risks oxidation of the base metal beneath.