1/10 Royal - Elizabeth II Cherub with crossed arms, Gold

Gibraltar's Royal series launched in 1999 as a fractional bullion program aimed squarely at the investor market, though the territory's constitutional relationship with the Crown gave it unusual latitude to issue coins bearing the monarch's effigy independently of the Royal Mint. The cherub reverse designs rotated annually, making each year a distinct issue rather than a continuous type — a deliberate strategy to drive collector demand alongside bullion buyers.

The .9999 fineness was a commercial differentiator at the time of issue, matching the Canadian Maple Leaf standard rather than the Britannia's then-.9167 alloy.