Introduced in 1997 following the success of the gold Britannia, the Royal Mint started to produce a one ounce silver Britannia coin with a face value of two pounds (£2). Silver Britannias are, quite appropriately, struck in Britannia silver, which is 958 parts per thousand silver, instead of the more usual sterling silver of 925 parts per thousand. Many other world silver coins, particularly those of European / American influence are struck in only 900 silver.
The concept of the one ounce bullion coin was to provide an easy way to purchase convenient small quantities of bullion silver in the form of coins. Additionally, the new one ounce coins, are an attractive design, made to appeal to collectors. The denomination, or face value, is two pounds.
Fourth Portrait From 1998, as with all British coins, the obverse design changed to the "fourth portrait", showing a more mature likeness of The Queen.
The 2011 issue sees another new design for the silver Britannia, this time featuring two powerful symbols of Britain today, Britannia at the heart of a billowing Union Flag.