The Tuvaluan Dollar is the currency of Tuvalu - a small nation in the Pacific Ocean. Tuvalu has never had banknotes of its own, and has been issuing coins since 1976; these circulate together with coins of the Australian Dollar, which is also legal tender in the country, and to which the Tuvaluan Dollar is pegged.
The Australian Perth Mint issues a large variety of non-circulating legal tender coins under the authority of Tuvalu. Some of these are in the silver five-ounce format (abbreviated as 5 oz). Strictly speaking, they are not bullion as they are priced at a premium and are targeted at collectors who appreciate them for their artistic merit and collectable value and not just for their precious metal content.
This coin is the first issue in the pirate-themed Black Flag series of premium bullion coins, and features Blackbeard and Queen Anne's Revenge.
Edward Teach (alternatively spelled Edward Thatch, c. 1680 - 1718), better known as Blackbeard, was an English pirate who operated around the West Indies and the eastern coast of Britain's North American colonies. Little is known about his early life, but he may have been a sailor on privateer ships during Queen Anne's War before he settled on the Bahamian island of New Providence, a base for Captain Benjamin Hornigold, whose crew Teach joined around 1716. Hornigold placed him in command of a sloop that he had captured, and the two engaged in numerous acts of piracy.
Teach captured a French slave ship known as La Concorde, renamed her Queen Anne's Revenge, equipped her with 40 guns, and crewed her with over 300 men. He became a renowned pirate, his nickname derived from his thick black beard and fearsome appearance; he was reported to have tied lit fuses (slow matches) under his hat to frighten his enemies. He formed an alliance of pirates and blockaded the port of Charles Town, South Carolina, ransoming the port's inhabitants. He then ran Queen Anne's Revenge aground on a sandbar near Beaufort, North Carolina. He parted company with Bonnet and settled in Bath, North Carolina, also known as Bath Town, where he accepted a royal pardon. But he was soon back at sea, where he attracted the attention of Alexander Spotswood, the Governor of Virginia. Spotswood arranged for a party of soldiers and sailors to capture him; on 22 November 1718 following a ferocious battle Teach and several of his crew were killed by a small force of sailors led by Lieutenant Robert Maynard.
The reverse of the coin shows pirate ship Queen Anne's revenge under sail, flying the flag of Edward Teach - showing himself spearing a heart with his left hand, with his right hand raised and holding a glass in toast. In the background on the left, a human skull.
The Perth Mint's P mint mark is on the right. The initials of the designer, LB (for Lucas Bowers) are in small letters, overlaid on a sail next to the second mast of the ship.
Around above, the inscription QUEEN ANNE'S REVENGE. Separated from this by two skull-and-bones motifs, around below BLACK FLAG: BLACKBEARD 5oz .9999 Ag.