1/2 Royal - Elizabeth II Collie

Gibraltar's Royal series, launched in the early 1990s, was produced by the Pobjoy Mint under license and targeted squarely at the collector bullion market rather than circulation. The half-Royal denomination contains a half-troy-ounce of fine gold, structured to compete directly with fractional issues from the Royal Mint and Perth Mint during a period when themed bullion coinage was expanding rapidly across Commonwealth jurisdictions.

The Collie issue is one of several dog-breed strikes in this run. Pobjoy was notably aggressive in pursuing breed-specific releases throughout the mid-1990s, a strategy that fragmented mintages considerably across types.