Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from French bouillon, "boiling". Although precious metal bullion is no longer used to make coins for general circulation, it continues to be held as an investment with a reputation for stability in periods of economic uncertainty. To assess the purity of gold bullion, the centuries-old technique of fire assay is still employed, together with modern spectroscopic instrumentation, to accurately determine its quality.

Enhanced with four advanced security features

A latent image changes from a padlock to Britannia’s famous trident

Surface animation brings the background of waves to life

The micro-text provides both decoration and protection

Britannia’s shield bears the Union flag, which is accented with tincture lines

Encapsulated in a single coin capsule

For more than 1,100 years, The Royal Mint has combined tradition and innovation to create beautiful, secure and trusted coins. In 2024, Britannia continues to lead the way in defining security in the bullion market. This latest incarnation of the icon combines Philip Nathan’s 1987 interpretation with four pioneering security features to create one of the most visually secure coins in the world. These additions have been applied to both decorate the coin and make it secure, just as the micro-text that borders the design states – ‘DECUS ET TUTAMEN’, which translates as ‘An ornament and a safeguard’. In the lower part of the design, below Britannia’s flowing gown, a trident represents the icon’s maritime history. As the viewer changes their perspective of the coin, the trident turns into a padlock that emphasises the coin’s secure nature. Surface animation reflects and represents the movement of waves behind Britannia and tincture lines highlight fine details such as the Union flag on Britannia’s shield.

This one ounce silver coin includes four security features as does the one kilo silver edition of the coin; these features are also available on various gold and platinum editions of the coin.

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