1 Pound - Elizabeth II 5th portrait, 1/20 oz Fine Gold

This piece belongs to the Britannia bullion series, which the Royal Mint relaunched in gold in 1987 as Britain's answer to the Krugerrand and Maple Leaf. The 1/20 oz denomination was added to give smaller investors and collectors a lower entry point into the series. By 2018, the fifth portrait by Jody Clark — introduced in 2015 — had replaced the long-running Ian Rank-Broadley effigy that defined the series for nearly two decades.

The .9999 fineness was adopted to bring Britannia gold in line with competitors; earlier issues from 1987 through 2012 were struck at the lower .9167 standard.