5 Pounds - Elizabeth II Golden Jubilee, Silver Proof

Alderney, the smallest of the three principal Channel Islands with its own distinct issuing authority, has produced commemorative coinage since 1989 — largely as a revenue exercise targeting collector markets rather than circulation. The 2002 Golden Jubilee issue was one of dozens of commemoratives released across British territories that year to mark Elizabeth II's fifty years on the throne, a coordinated effort that flooded the proof coin market and has kept secondary values modest ever since.