Like many other mints, the Royal Mint issues collector coins in precious metals, having much higher intrinsic value than their face value. The ten ounces (10 oz) gold coins are denominated as five hundred pounds (£500). This very large format is targeted at high-end investors or collectors who appreciate the special editions as pieces of art.
This 10oz gold proof coin commemorates Prince Philip, Duke of Edinburgh, prince consort of Queen Elizabeth II.
The Royal Mint says about it:
Following the announcement of the passing of His Royal Highness The Prince Philip, Duke of Edinburgh on 9 April 2021, many reflected that his was a life well lived. A man of action and significant achievements, Prince Philip became a naval commander at a young age and provided steadfast counsel to Her Majesty The Queen throughout her reign. When his young wife first took on the role as monarch, the newly titled Duke of Edinburgh supported her, showing tireless dedication to his duty. This exemplary service was recognised by The Queen at the time of their 70th wedding anniversary in 2017, when he was appointed a Knight Grand Cross of the Royal Victorian Order (GCVO). In honour of this remarkable man, The Royal Mint has created a coin to celebrate his life and legacy. The design features a portrait created by Ian Rank-Broadley FRBS that was personally approved by The Duke of Edinburgh in 2008.
The obverse of the coin depicts the crowned old head of Queen Elizabeth II facing right, wearing the Royal Diamond Diadem crown worn for her Coronation (effigy known as the "Fifth Portrait").
Running continuously around the effigy is the monarch's legend and the date: ELIZABETH II · D · G · REG · F · D · 500 POUNDS · 2021 ·. Translated from Latin: Elizabeth the Second, by the Grace of God, Queen, Defender of the Faith, followed by the value and denomination in English and the year.
In small letters below the head, the artist's initials J.C (for Jody Clark).
The reverse of the coin shows the portrait of Prince Philip, Duke of Edinburgh, facing right. Vertically to the right, on two lines HRH THE PRINCE PHILIP (HRH is abbreviated from His Royal Highness). Horizontally below, DUKE OF EDINBURGH and the dates of his life, 1921 and 2021.
In small letters below, the artist's initials IRB (for Ian Rank-Broadley).
The face value and date of issue are on the obverse.