1 Pound - Charles III Queen Elizabeth II - Unseen Effigies 5th Decade

Gibraltar's "Unseen Effigies" series commemorates official portrait designs that were prepared but never entered general circulation — a relatively rare occurrence in Commonwealth coinage, where each monarch's successive portraits are tightly managed by the Royal Mint and its affiliated authorities. The 5th Decade pairing of Charles III alongside Elizabeth II references the transitional period following her death in September 2022, when newly approved Carolean coinage was being phased in across multiple territories simultaneously.