5 Pounds - Charles III The RDM Masterpieces - Unseen Effigies; Silver 1oz

The "Unseen Effigies" concept draws on the long-standing practice of commissioning multiple portrait designs for a monarch that are never released for general circulation — studies, trials, and competing submissions that quietly disappear into royal or mint archives. For Charles III, whose official effigy by Martin Jennings was confirmed for UK coinage in 2023, a parallel series of portrait trials was produced by sculptors outside the final selection process. Gibraltar, as a Crown dependency with its own coin-issuing authority, occupies a peculiar position that allows it to license and deploy such material commercially in ways the Royal Mint cannot.