50 Pounds - Elizabeth II Grand Casemates Square

Gibraltar's banknotes are legal tender only on the Rock itself — sterling is accepted interchangeably in practice, which means local notes circulate in an unusually compressed geographic area and rarely travel far enough to accumulate serious wear. The 50 Pounds denomination in particular turns over slowly; most residents simply use UK notes for large transactions, giving this issue an oddly low effective circulation rate despite being a current series.

De La Rue printed this series at Overton, Hampshire. The P#38 designation covers a date range spanning nearly a decade, so signature combinations matter when distinguishing earlier from later printings.