50 Pence - Elizabeth II Werewolf, Colourised

Gibraltar has issued commemorative 50 pence pieces under royal licence for decades, exploiting the territory's independent mint authority to produce themed collector issues that would never pass muster through the Royal Mint's more conservative programme. The Werewolf belongs to a horror-themed series timed to coincide with Halloween retail cycles — a frankly commercial operation, but one with a consistent collector following in the UK novelty market.

The colourisation is applied post-strike via a pad-printing process. It adds no numismatic premium in the traditional sense, though the uncolourised KM#1872 counterpart exists for those who prefer metal alone.