5 Pounds - Elizabeth II Royal Visits

Gibraltar occupies a peculiar constitutional position — a British Overseas Territory that issues its own currency while remaining outside the European Union's customs territory — and its commemorative program has long leaned heavily on Crown-format silver pieces tied to royal and imperial themes. This 2005 issue marks Elizabeth II's visits to the Rock, of which there were relatively few given Gibraltar's size and sensitivity as a sovereignty flashpoint between Britain and Spain.

The Spanish government consistently objected to official royal visits, viewing them as provocative affirmations of British control over territory Madrid considers its own.