50 Dollars - Elizabeth II Ronald Reagan

Cook Islands has operated one of the more prolific commemorative bullion programs in the Pacific, licensing its sovereign authority to issue coins for subjects with no geographic connection to the islands whatsoever. This piece was struck during Reagan's first year of death — he died in June 2004 — making it part of an immediate wave of memorial issues that flooded the market that year from multiple minor issuers.

The KM# 123 assignment places it within a catalog sequence that reflects just how many Cook Islands gold issues were registered in this period. Mintage figures for these licensed commemoratives were typically low by design, though "low" in this market was often a sales tool as much as a production reality.