First popularised by the Royal Canadian Mint with its $20 for $20 range, quickly followed by a $100 for $100 coins, the basic concept is of a coin sold by the mint at the same price as its denomination. In theory, this should protect the coin from any falls in the precious metal value as you could just change it in a bank for its face value. No doubt there’ll be complications, but that’s the theory. It’s popularity led to the Royal Mint releasing it’s own coin using the concept, the Pistrucci-adorned £20 for £20 coin late last year.

The latest state to issue a silver coin like this is Gibraltar, using the same £20 value as the Royal Mint. Called the Gibraltar Silver Royal, the 37mm diameter coin is minted from an ounce of 0.999 silver and will be minted by the Austrian Mint, so it’s unlikely the coin will be struck at anything less than the finest quality. Announced at the World Money Fair, we’ll try to ascertain availability.


The reverse side depicts the Coat of Arms and the words ‘GIBRALTAR SILVER ROYAL’ and ‘1 Troy Ounce Ag 999’. The obverse has a portrait of Queen Elizabeth II in front of the Rock of Gibraltar in what makes a nice departure from the usual side-profile portrait adorning many Commonwealth numismatics. Overall, we think it’s an attractive piece and may be the start of something ongoing if it’s successful.


Denomination Metal Weight, g Diameter, mm Quality Box – COA Mintage, pcs
20 POUNDS 0.999 Silver 31.1 37 BU N – N