20 Pounds - Elizabeth II Team GB - Tokyo 2020

Gibraltar has issued commemorative coinage under royal warrant since the 1970s, and its Olympic tie-in series exploits a quirk of British constitutional geography: Gibraltar fields no Olympic team of its own, so its coins celebrate Team GB without any conflicting national sports identity. The Tokyo 2020 Games, held in July–August 2021 after a year's pandemic postponement, were the first Olympics conducted without spectators in host venues.

The composition here deserves scrutiny. A .999 gold plating applied over a .375 gold alloy base is an unusual layered approach — the outer surface assays as fine gold while the substrate does not.