1/5 Royal - Elizabeth II Cocker Spaniel

Gibraltar's Royal series launched in 1990 as one of the first bullion programs to rotate animal reverse designs annually, a marketing strategy that predated the now-common practice among Commonwealth mints. The Cocker Spaniel appeared in the 1992 issue, a breed with direct royal associations — Flush, Elizabeth Barrett Browning's spaniel, notwithstanding, the working cocker had been a fixture of British country estates for centuries. Mintages across the Royal series were kept deliberately low, and the Pobjoy Mint struck these pieces under license for the Gibraltar government.