50 Pence - Elizabeth II Christmas

Gibraltar's annual Christmas 50 pence series, running since 1986, has become one of the more extensive themed coinage programs from a British Overseas Territory — each year issuing a distinct reverse under Crown authority. The 2006 piece is part of that unbroken run, produced by the Tower Mint on behalf of the Gibraltar government.

Mintage figures for these issues were never tightly controlled, and collector demand rather than circulation need has driven production since the early 1990s.