50 Pence - Elizabeth II Christmas, Silver Proof

Gibraltar's annual Christmas 50 pence series, running since 1990, has the distinction of being one of the few commemorative programs issued under the authority of a British Overseas Territory that consistently attracts mainland UK collector interest — largely because the designs rotate through nativity and seasonal themes unavailable on Royal Mint issues. The 2004 silver proof was struck by Pobjoy Mint, which held the Gibraltar contract for decades and was responsible for much of the territory's more ambitious numismatic output.