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 coin was issued in memory of Queen Elizabeth II, the longest reigning monarch in British history.
The Royal Mint says about the series:
On 8 September 2022, Her Late Majesty Queen Elizabeth II passed away peacefully at Balmoral Castle in Scotland. For more than seven decades, Her Majesty upheld a promise she made in which she pledged her heart and devotion to the people of the United Kingdom and the Commonwealth.
Marking the historic succession from one monarch to another, the coins in the Memorial Coin Collection honouring Queen Elizabeth II are the first to feature King Charles III’s official coinage portrait designed by acclaimed sculptor Martin Jennings. | 
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