50 Pence - Charles III Winston Churchill, Silver 1/4 oz.

Alderney, a dependency of the Bailiwick of Guernsey, has no independent monetary authority but retains the right to issue commemorative legal tender under Crown agreement — a quirk exploited extensively since the 1990s for collector-market coins that will never see a cash register. Churchill's connection to the island is more direct than most such issues acknowledge: during the German occupation of the Channel Islands from 1940 to 1945, Churchill made the controversial decision not to attempt their liberation, judging the military cost prohibitive. Alderney was almost entirely evacuated beforehand, its civilian population not fully returning until 1945.