1 Royal - Elizabeth II Bulldog, Silver Proof

Gibraltar's "Royal" denomination was introduced as a bullion and collector unit with no practical circulation role — a direct response to the success of the Britannia and other national silver programs launched through the late 1980s. The 1996 Bulldog issue belongs to a series that leaned deliberately into Gibraltar's British identity at a moment when the territory's constitutional relationship with Spain remained a live diplomatic irritant, the border having only fully reopened in 1985 after a sixteen-year closure under Franco.

KM#365a distinguishes the proof striking from the bullion issue, with the "a" suffix denoting the enhanced finish rather than a compositional change.