The Queen was only depicted wearing a necklace on coins using the Third Portrait from 1985 to 1997.
The coin commemorates the Tercentenary of British rule of Gibraltar.
These coins are still potentially in circulation so, unless they are part of a Proof or uncirculated mint set or are individual Proof or uncirculated coins and in absolute mint condition, they are worth Two Pounds.
Face value.
Gibraltar pound was created in 1898.
The Gibraltar Pound (GIP) is pegged at par with the British Pound Sterling (GBP) and the Gibraltar decimal coinage is identical in dimensions and composition to the equivalent British coins, being struck on the same blanks. Gibraltar currency is "legal tender" only in Gibraltar.
You will find that the necklace and earrings are attached to a bust of Queen Elizabeth II. All British coins issued from 1985 to 1997 depict Queen Elizabeth II wearing a necklace and earrings.
The Tercentenary of the Bill of Rights 2 pound coin sells for between $4.50 and $7. The Tercentenary of Claim of Right 2 pound coin sells for $9 to $10. These are the prices they sell for on auctions sites.
Yes, it is allied to the Pound Sterling.
It is the pound.
No
No - they are on par.
The Gibraltar Five Pound coins are similar to the British Five Pound coins in that although they are legal tender, the Five Pound coin is not intended to be a circulating coin, but a collectible of a commemorative nature and many businesses are reluctant to accept them. Gibraltar currency is only legal tender in Gibraltar and most authorities advise changing your currency before you depart Gibraltar. If you want to sell your Five Pound coin, take it to a reputable coin dealer.
People in Gibraltar primarily use the Gibraltar pound (GIP), which is pegged to the British pound sterling (GBP) at par. Both currencies are accepted in Gibraltar, but the Gibraltar pound is the official currency for local transactions. British coins and notes are also widely used and accepted in the territory.
All British coins minted from 1985 to 1997 inclusive use the "Third Portrait" of Queen Elizabeth II which show her wearing a Diadem, earrings and a necklace. The Royal Mint produced 853,875,418 One Pound coins using the Third Portrait (with necklace).