50 Para - George III

The Ionian Islands came under British protection in 1815 following the Treaty of Paris, but this piece was struck a year earlier — an administrative anticipation of the protectorate that had not yet formally existed. The United States of the Ionian Islands was a nominally autonomous republic under British supervision, and its coinage reflected that ambiguity: struck in the name of a British monarch yet issued for a theoretically self-governing state.

The Pr#6 reference places this within Pridmore's catalog of British colonial issues, which noted significant variation among the early Ionian strikings. KM#22.1 distinguishes this from related die marriages within the type.