1 Royal - Elizabeth II Cherub with crossed arms

Gibraltar's Royal coinage has no fixed denomination equivalent in sterling and exists primarily as a locally issued currency parallel rather than a replacement for circulating British coinage. The 2003 series drew heavily on Gibraltar's status as a British Overseas Territory while maintaining issuing independence through the Gibraltar Government rather than the Royal Mint.

KM#1031 is one of several distinct types struck that year under the same denomination, differentiated by reverse type rather than date variation — a cataloging approach that frustrates type collectors working from incomplete checklists.