50 Pence - Elizabeth II 4th portrait, 1/4 oz Fine Silver

The Britannia silver bullion series was relaunched in 1997 specifically to give British investors a domestically issued silver vehicle comparable to the American Eagle and Canadian Maple Leaf. The .958 fineness — matching traditional Britannia silver — was a deliberate point of differentiation from the more common .999 standard used by competitors.

2005 falls in the middle of a quietly transitional period for the series before the Royal Mint overhauled the reverse design in 2008.