Like many other mints, the Royal Mint issues bullion coins in precious metals, having much higher intrinsic value than their face value. The half ounce (1/2 oz) gold coins are denominated as Fifty Pounds (£50).
The coins are legal tender but are not intended for circulation. They are targeted at bullion investors or collectors who appreciate the special editions as pieces of art. The mint makes a distinction between plain "bullion" coins (issued in Brilliant Uncirculated grade) and proofs; the "bullion-grade" coins have textured backgrounds of both the obverse and the reverse designs and use the generic "authoritative" design, while proofs are typically "one-year" types. They are usually issued in parallel with other denominations/sizes having the same reverse designs.
The coins of the Britannia range in 2001 bear a new reverse design, the third image of Britannia by Philip Nathan. It combines Britannia with the British Lion and, to make Britannia even more British, depicting her dress and helmet as North European in style rather than South European. The vertical form of the figure of Britannia is matched by the lettering, giving the name Britannia, the weight of the coin and the date 2001. The design is anchored by the lion as the two figures move purposefully forward with a sense of unity and inseparability, reminiscent of the classic Una and the Lion design created by William Wyon in 1839.
The composition of the coin is 91.77% gold alloyed with 8.23% silver. The half-ounce (1/2oz) gold coin was issued as "bullion" (in Brilliant Uncirculated grade) and in Proof FDC grade in mint sets. | 
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