Pitcairn Islands - Drafting of Constitution - Ship - $50 - 1988 - 5 Ounces .999 Silver. Pitcairn Island was discovered in 1767 by the British and settled in 1790 by the Bounty mutineers and their Tahitian companions. Pitcairn was the first Pacific island to become a British colony in 1838 and today remains the last vestige of that empire in the South Pacific. This huge coin is listed in Krause's Standard Catalog of World Coins as KM-1, and was minted from 4.9974 troy ounces of .999 fine silver. Comes as shown with a Royal Mint issued case and Certificate of Authenticity.