50 Pence - Elizabeth II Traditional Christmas - Christmas Tree

Guernsey has issued an extensive run of commemorative 50 pence pieces since the denomination's introduction following decimalisation in 1971, and the Christmas-themed issues have become an annual fixture in the island's collector market. The bailiwick operates its own currency independent of the UK Royal Mint, giving the States of Guernsey latitude to issue coins that would never appear in mainland British circulation.

The dual KM reference suggests a minor variety exists within this issue — likely a difference in edge treatment or die alignment documented after initial cataloguing.