50 Pence - Elizabeth II Christmas

Gibraltar's annual Christmas 50 pence series launched in 1988, making this 1991 issue the fourth in the run. The series was among the first in the world to produce annually themed circulation-quality commemoratives tied to a single holiday, a format that other British Overseas Territories later adopted. Gibraltar's small population and collector-driven demand meant most pieces were absorbed by the philatelic and numismatic trade rather than pocket change.