Pitcairn Islands is a non-sovereign British Overseas Territory and the New Zealand dollar is used as 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 isn't used as a circulation coinage, it can be lawfully exchanged as tender. The Pitcairn Islands dollar exists only because of the coin collecting market, which provides a major staple for the island nation.