Upon the introduction of decimal currency in New Zealand on 10 July 1967, there was no circulating denomination that matched the size and specifications of the old one crown piece, which had only been used for commemorative coins. The new fifty-cent coin had the same value but was not the same size. To address this, New Zealand minted crown-sized commemorative coins based on the British pre-decimal Crown, which had the same specifications as the old crown. Initially denominated as one dollar until the introduction of the smaller circulating dollar coin in 1990, later issues were denominated as five dollars.

While these coins are legal tender, they were not intended for circulation. The 1986 one dollar coin commemorates the Royal Visit of Queen Elizabeth II to New Zealand from 22 February to 2 March 1986. There were two large one dollar coins issued that year.