50 Pence - Elizabeth II Queen on horse, silver

The 2002 Falkland Islands commemorative program fell on the 20th anniversary of the Argentine invasion and subsequent British recapture of the islands — a conflict that reshaped the political career of Margaret Thatcher and settled, for the time being, the sovereignty question that Argentina had pressed since 1833. The Falklands retained the British monarch as head of state throughout, and the islands' loyalty during the war gave subsequent royal commemoratives an unusually direct political charge.

The KM#74a.2 designation distinguishes this silver striking from the base-metal circulation issue. The .925 standard matches the specification used across most British Commonwealth commemorative silver of this period.