2 Pounds - Elizabeth II Cannon

Virenium — a proprietary nickel-brass alloy developed by the British firm Olin Metals — was adopted by several smaller British territories in the 1980s as a cost-effective alternative to cupro-nickel for high-denomination circulation coinage. Gibraltar was among the earliest adopters. The alloy's golden tone gave the coins a perceived value above their production cost, which suited the Rock's unusual economic position: a jurisdiction too small to absorb large mintage runs but too prominent to issue purely token-looking currency.

The KM#24 series ran across nearly a decade with minimal design revision — a longevity that reflects fiscal conservatism rather than collector intent.