Like many other mints, the Royal Mint issues bullion coins in precious metals, having much higher intrinsic value than their face value. Most of these by tradition are measured in troy ounces of fractions thereof, but the mint also introduced metric coins measuring one kilogram of pure metal (they are actually fractionally heavier as a whole, to account for the small amount of other metal in the alloy).
The 1 kg silver coins are denominated as Five Hundred Pounds (£500), although their intrinsic (bullion) value is much higher than their face value. The coins vary in design depending on the occasion (they are "one-year" types usually issued in parallel with smaller denominations with the same reverse designs).
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.
This coin is part of a Royal Mint series re-creating the old myth of Saint George slaying the Dragon.
The mint says about it:
"The fierce battle between St George and the dragon makes a striking impression on this bullion coin from The Royal Mint. The tale has been portrayed many times in art, with the legend inspiring some of the world’s finest artists. A popular theme for coin designs, Benedetto Pistrucci’s interpretation on the reverse of The Sovereign is perhaps the most celebrated."
The reverse design is by Jody Clark, best known for his Fifth Definitive Portrait of Queen Elizabeth II. | 
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