Silver Britannia Coins: Specifications, History and Purity Change
The Britannia is the United Kingdom’s bullion coin series, and its silver version has become one of the most widely traded one-ounce silver coins in Europe. It features Britannia, the female personification of Britain, a figure that has appeared on British coins for centuries. The silver coin has an important twist in its history: its purity changed in 2013, which affects how older and newer coins should be compared.
The figure of Britannia
Britannia first appeared on British coinage in the seventeenth century, on copper coins of Charles II, and remained on the penny for centuries. She is usually shown seated or standing, holding a trident and a shield, often with a lion or the sea nearby. The bullion coins have used a variety of designs over the years, with the standing Britannia by Philip Nathan being the best known.
Launch and the Britannia silver standard
The Royal Mint launched the gold Britannia in 1987 and added a silver version in 1997. The early silver coins were struck in “Britannia silver”, a historic British standard of .958 fineness, higher than sterling silver (.925). The one-ounce coin contained one troy ounce of fine silver, and therefore weighed slightly more in total.
The switch to .999 fine silver
From 2013, the Royal Mint changed the silver Britannia to .999 fine silver, bringing it into line with other major silver bullion coins such as the Canadian Silver Maple Leaf and the American Silver Eagle. The 2013 change also brought a slight adjustment in the dimensions.
| Period | Fineness | Fine silver in 1 oz coin |
|---|---|---|
| 1997 to 2012 | .958 (Britannia silver) | 1 troy ounce |
| 2013 onward | .999 | 1 troy ounce |
Both versions contain the same amount of fine silver in their one-ounce size, so their bullion value is the same. Collectors, however, sometimes prefer one era to the other.
Main specifications of the modern coin
| Feature | Detail |
|---|---|
| Metal | Silver |
| Fineness | .999 |
| Fine silver content | 1 troy ounce |
| Face value | 2 pounds sterling |
| Issuer | The Royal Mint |
| Legal tender | Yes, in the United Kingdom |
The obverse carries the portrait of the reigning monarch. Coins issued after the death of Queen Elizabeth II carry the effigy of King Charles III.
Security features
Since 2021, the Royal Mint has added security features to the Britannia bullion coins to make them harder to counterfeit. These include a latent image that changes when the coin is tilted, micro-text and tincture lines on the shield. Such features help dealers and buyers identify genuine coins, though they do not remove the need to buy from reputable sources.
Sizes and other metals
Alongside the one-ounce silver coin, the Royal Mint has produced fractional silver Britannias and, in some years, larger sizes. Britannias are also issued in gold and, in some years, platinum. The gold coin is covered in our article on English gold coins.
Capital gains tax in the UK
Because Britannias are UK legal tender, they are generally treated as exempt from capital gains tax for UK residents, which explains part of their popularity in Britain. This treatment applies to UK coinage under British tax law and should be confirmed with a qualified adviser based on individual circumstances; it does not carry over to other countries.
Premiums and resale
Silver Britannias tend to carry moderate premiums compared with other government coins, and they are readily accepted by dealers across Europe. Some buyers note that early silver coins can develop white spots, a cosmetic problem common to many silver bullion coins, discussed in our guide to handling and storing bullion coins.
For a comparison with other one-ounce issues, see 1 oz silver coins, our overview of silver bullion coins and the practical guide to buying silver coins.
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