Silver Five Ounces (5 oz), Coin Type from Pitcairn Islands - detailed information

The Pitcairn Islands is a non-sovereign British overseas territory in the Pacific Ocean. Having a population of fewer than fifty people, the territory has no need for local coinage and uses the New Zealand dollar as a medium of exchange. Pitcairn Islands began issuing its first commemorative coins in 1988. Though the Pitcairn Islands dollar is not a true currency in the strict sense of the word and is not used as a circulation coinage, it can be lawfully exchanged as tender and is considered a variety of the New Zealand dollar (although it is not legal tender in New Zealand). The Pitcairn Islands dollar exists only because of the coin collecting market, which provides a major staple for the tiny island nation.

The coins are struck by various foreign mints and use internationally popular formats, such as the very large five troy ounces (5oz) of silver size.