20 Pounds - Elizabeth II HMS Victory

Gibraltar's choice to feature HMS Victory on a banknote is a pointed one — the ship was flagship at Trafalgar in 1805, a battle fought in waters visible from the Rock itself, and one that cemented British naval dominance in a region Spain has contested for centuries. The note is unambiguously political in its imagery, issued by a territory whose constitutional status remains a live diplomatic dispute between London and Madrid.

De La Rue printed the series, which is unremarkable for a British Overseas Territory of this size — Gibraltar has relied on De La Rue for its currency production throughout the modern era. The security package here is modest relative to contemporaneous issues.