The Royal Mint started issuing a 1 ounce silver Britannia coin in 1997. Silver Britannias have a face value of two Pounds. The coins are .958 fine silver as opposed to the standard British sterling of .925 fine.
The obverse of the 1997 issue features the “third portrait” used on British decimal coins from 1985-1997. The reverse is showing Britannia standing in a horse drawn chariot. The 1997 Silver Britannias were issued only as proofs.
In 1998 the obverse design changed along with all British coins to feature the “fourth portrait,” depicting a more mature likeness of The Queen. The reverse is the Standing Britannia which can be seen on several other British coins. The same version features on the 1998, 2000, 2002, 2004 and 2006 issues. On the dates in between a different design has been used for each year.
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