50 Pence - Elizabeth II Dolphins - small type, Silver Proof

Gibraltar's dolphin 50 pence issues of the 1990s were produced partly in response to the territory's growing interest in asserting a distinct numismatic identity — a political gesture as much as a commercial one, given the ongoing sovereignty dispute with Spain. The small type designation distinguishes this from the larger-format earlier issues, the resizing having followed the United Kingdom's own 50p reduction in 1997.

KM#39.1a is the silver proof variant of that transition year, making it both the first year of the reduced specification and a low-mintage collector piece.