5 Pounds - Elizabeth II Elizabeth I

This issue belongs to Gibraltar's extensive series pairing Elizabeth II with historical English monarchs — a program that generated dozens of types across multiple years and became one of the Pobjoy Mint's more prolific licensing arrangements with the territory. Gibraltar's status as a British Overseas Territory gives it the legal right to issue crown-sized commemoratives bearing the reigning monarch's effigy, a privilege it has exercised more aggressively than almost any comparable jurisdiction. Elizabeth I's connection to Gibraltar is essentially nil — the Rock was not ceded to Britain until the Treaty of Utrecht in 1713, over a century after her death.