35 Ecu / 25 Pound Gibraltar Silver Elizabeth II (1926-2022)

1991, Gibraltar. Large Proof Silver 35 Ecus (25 Pounds) Coin.

Mint Year: 1991 

Reference: KM-88 

Mint Place: Popjoy mint (PM) 

Denomination: 35 Ecus (25 Pounds)

Material: Sterling Silver (.925) 

Diameter: 38mm 

Weight: 28.28gm

The European Currency Unit (₠ or ECU, French pronunciation: [eky]) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro on 1 January 1999, at parity. The ECU itself replaced the European Unit of Account, also at parity, on 13 March 1979. The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and   the ECU. The ECU was also used in some international financial   transactions, where its advantage was that securities denominated in   ECUs provided investors with the opportunity for foreign diversification   without reliance on the currency of a single country.

Gibraltar  is a British Overseas Territory located at the southern tip of the Iberian Peninsula.  It has an area of 6.7 km2 (2.6 sq mi) and is bordered to the north by Spain. The landscape is dominated by the Rock of Gibraltar at the foot of which is a densely populated city area, home to over 30,000 people, primarily Gibraltarians. It shares a maritime border with Morocco. Under the Gibraltar constitution of 2006, Gibraltar has limited powers of self-government, with some responsibilities, such as defence and foreign relations, remaining with the British government.

In 1704, Anglo-Dutch forces captured Gibraltar from Spain during the War of the Spanish Succession on behalf of the Habsburg claim to the Spanish throne. The territory was ceded to Great Britain in perpetuity under the Treaty of Utrecht in 1713. During World War II it was an important base for the Royal Navy as it controlled the entrance and exit to the Mediterranean Sea, which is only 8 miles (13 km) wide at this naval “choke point”. It remains strategically important, with half the world’s seaborne trade passing through the strait. Today Gibraltar’s economy is based largely on tourism, online gambling, financial services and cargo ship refuelling.

The sovereignty of Gibraltar is a point of contention in Anglo-Spanish relations because Spain asserts a claim to the territory. Gibraltarians rejected proposals for Spanish sovereignty in a 1967 referendum and, in a 2002 referendum, the idea of shared sovereignty was also rejected.