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 the sixth edition of the Great Engravers series of re-issues of past masterpieces, and features the Waterloo Medal depicting Allied Leaders.
The design was developed by Benedetto Pistrucci to commemorate the Battle of the Waterloo. Fought on 18 June 1815, was a decisive conflict that ended the Napoleonic Wars. Taking place near Waterloo in present-day Belgium, the battle saw Napoleon Bonaparte's French forces clash with a coalition led by the Duke of Wellington and Prussian General Gebhard Leberecht von Blücher. After a grueling day of combat, the coalition forces succeeded in defeating the French, leading to Napoleon's final downfall and exile. This victory not only ended Napoleon's rule but also reshaped the political landscape of Europe.
In 1819, four years after the Battle of Waterloo, Italian sculptor Benedetto Pistrucci began working on a Waterloo Medal on behalf of the British government, intended to be presented to allied sovereigns, their ministers and generals. The Royal Academy proposed work by John Flaxman, one of its members, but Pistrucci, whose responsibility it was to engrave the dies, refused to copy another's work, and brought forth designs of his own. The Prince Regent and William Wellesley-Pole, Master of the Mint were impressed by Pistrucci's models, and he gained the commission.
Pistrucci fell from grace at the Royal Mint in 1823 by refusing to copy another's work for the coinage, and he was instructed to concentrate on the medal. He likely concluded that he would be sacked if he completed it, and progress was extremely slow. Health issues also played a part. He stayed on at the Mint, the medal uncompleted, despite repeated calls from Masters of the Mint to finish the project. In 1844, the Master, W. E. Gladstone, reached an accord with Pistrucci and the medal matrices were eventually submitted in 1849. Due to their great size, 5.3 inches (130 mm) in diameter, the Mint was unwilling to risk damaging the matrices by hardening them, so no medal were struck as initially intended - only electrotypes and soft impressions were taken.
This modern re-issue has been made using moulds of the original dies produced by Pistrucci, which are held in The Royal Mint Museum. |
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The reverse of the coin represents the obverse of the original Waterloo Medal (its reverse showed a battle scene). At the centre of the design are the left-facing portraits of the four major allied leaders, depicted in Roman clothing with laurel crowns on their heads as a sign of victory. From the far left to the right, the portraits show:
- George, Prince Regent at the time (later King George IV of the United Kingdom),
- Emperor Francis I of Austria,
- Tsar Alexander I of Russia, and
- King Frederick William III of Prussia.
Figures from Greek and Roman mythology encircle the design, providing various alegories. At the top, the Greek god Apollo is seen in his chariot; he restores the day. Following the chariot are Zephyr, who scatters flowers, symbolic of peace, and Iris. The carriage flies in the sky towards Castor and Pollux, representing the constellation Gemini and symbolising the period of the Zodiac when Waterloo took place. The twins are armed with spears, and are meant as the apotheses of the victorious generals, Wellington and Blücher. Themis, the goddess of justice, appears before the rulers, a reminder that justice, more than power, secures their rule. Under her are seen the Fates, their subservient position meaning that human fate will henceforth be determined by justice. Opposite Themis, behind the rulers, is a man armed with a club, seated under an oak tree, he represents power. Beneath him are the Furies, symbolising that human actions and passions are subject to power, and at the bottom is a figure representing night, fleeing.
There is no inscription. |
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