5 Pounds - Elizabeth II Queen Elizabeth II, Silver Proof Issue

Alderney's authority to issue legal tender coinage derives from a 1987 Order in Council, which granted the island — technically a dependency of the Bailiwick of Guernsey rather than a Crown dependency in its own right — the right to produce commemorative issues under its own name. The arrangement is purely fiduciary; these coins are struck by the Royal Mint on contract and have never circulated on the island in any meaningful sense.

Without more specific subject documentation for KM#133a, the exact commemorative occasion this 2006 issue marks remains the defining fact a collector should verify before purchase.