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 is the second design in the second part of the Myths and Legends range of coins by the Royal Mint, and the second in the range to also be issued in a non-bullion format; it features legendary wizard Merlin.
The mint says about it:
Merlin, a central figure in Arthurian legend and popularly known as King Arthur’s adviser, magician and prophet, is the second mythical character to feature in our bullion three-coin series inspired by the legend of King Arthur.
Created by Geoffrey of Monmouth in his pseudo-historical work Historia Regum Britanniae (The History of the Kings of Britain), Merlin is associated with Arthur’s father, Uther Pendragon, rather than the legendary king. Growing in popularity through the Middle Ages, Merlin became associated with King Arthur over time, notably in American literature and popular culture.
Artist and illustrator David Lawrence has depicted the figure of Merlin with Glastonbury in the background, which is rumoured to be the inspiration for the mystical isle of Avalon. An owl sits on Merlin’s shoulder, symbolising his knowledge and wisdom. He clutches a magical stave, and a golden sickle is attached to his belt, which he uses for cutting mistletoe in the sacred grove. | 
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