1 Sovereign - Elizabeth II Constitution

Gibraltar sovereigns occupy a peculiar legal niche: struck under Royal Mint licence but issued by a Crown Colony rather than the United Kingdom itself, which allowed Gibraltar to produce gold sovereign-format coins for the collector market without competing directly with the Royal Mint's own issues. The 1990 date corresponds to Gibraltar's push into the commemorative bullion space during a period when the territory was aggressively expanding its coin programme to generate revenue.

KM#43 specifically ties to the "Constitution" designation, marking the 1969 Gibraltar Constitution that established the territory's current governmental framework and reaffirmed British sovereignty following Spain's closure of the border.