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 continues the tradition of winter issues of coins featuring The Snowman children story character, and is the first in the range which is not a 50 pence coin.
The Royal Mint says:
Celebrate magical moments this Christmas with a very special edition of our 2024 coin celebrating The Snowman. Struck in one kilogramme of 999 fine silver, this coin has a Limited Edition Presentation of one, meaning just one lucky collector will be able to own this rare coin. Enhancing Robin Shaw’s beautiful artwork, coloured gemstones, including lab-grown citrine, topaz, tourmaline, amethyst and peridot, adorn the Christmas tree as baubles on the reverse of the coin. | 
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