The Portrait of Elizabeth I was created in 1588 by George Gower. It depicts the "Virgin Queen" seated with her hand on the globe pointing towards the Americas where the first English child had been born the year before. She also has a crown beside her and pearls which are also important symbols in the picture. The most important symbol though, is the background. In the background, are to her right, the English fleet, unscathed and in calm water. On her left is the Spanish Armada in the midst of a horrid storm that is destroying them. This was designed to portray Elizabeth's strength and the strength of England as they had just defeated the Spanish Armada which was a huge milestone.
National Portrait Gallery website