Like many other mints, the Royal Mint issues bullion coins in precious metals, having much higher intrinsic value than their face value. The one ounce (1 oz) silver coins are denominated as either two pounds (£2) or five pounds (£5), depending on the occasion.
Initially, these were only of the Britannia type, but in 2015 the Royal Mint started to use the format for coins with other types of reverse designs, celebrating various aspects of British heritage.
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 commemorative silver one-ounce coin celebrating Sir Elton John is the second in the Music Legends coin series by the Royal Mint (after the one dedicated to Queen).
The Royal Mint says:
"Sir Elton Hercules John is the second best-selling British musical act of all time, behind The Beatles, and in the United States of America he is the most successful solo male artist in their chart history. He has sold more than 300 million records worldwide, given more than 4,000 performances (and counting). He has helped break down barriers, challenging and helping change perceptions about sexuality, and has spent decades championing good causes - most notably the fight against AIDS. An undisputed music legend, Elton John is one of the world’s most influential cultural figures."
Given that the Royal Mint has a convention to only depict living people on coinage if they are part of the Royal Family, Elton John is not actually depicted on the coin; instead, his hat and a pair of sunglasses are arranged so as to create the impression of a face. | 
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