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 2003 bear a new reverse design, the fourth image of Britannia by Philip Nathan. It depicts Britannia wearing a helmet in her brave defence of British shores. Britannia's image is steeped in history, having featured on a coin of every British monarch since the reign of King Charles II. The design is further enhanced by a mighty rolling wave, symbolising Britain's proud naval history - from Alfred the Great to the present day.
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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