Published 17:07 IST, February 5th 2020
UK's Royal Mint makes a £5,000 ceremonial gold coin worth £300,000
Government-owned Royal Mint recently made a ceremonial gold coin worth £5,000. The coin weighed a total of five kilograms and has a worth of 300,000 pounds.
The UK government-owned Royal Mint recently made a ceremonial gold coin worth £5,000. The coin weighed a total of five kilograms and has a worth of 300,000 pounds. According to reports, the ceremonial gold coin was made in order to be analysed by the Goldsmiths' company to ensure that the coin was of the highest quality.
Trial of the Pyx
The procedure used to test the quality of coins is called 'Trial of the Pyx' and it dates back to the 13h century. The coin has been made as a part of a brand new Great Engravers series, which has an aim to celebrate influential artists who have had a significant contribution to the coin industry of the United Kingdom.
According to reports, the ceremonial coil has been punched with the Una and the Lion design which was coined by William Wyon in the year 1839. William Wyon in the Royal Mint's former official chief engraver. In addition to the £5,000 coin, a £2,000 coin with a weight of two kilograms and worth £120,000 has also been made featuring the same design.
Coins made from 999 fine gold
According to reports, the coins with the Una and the Lion design have been made from 999 fine gold and were dyed by using an original dye that was first used almost 200 years ago. The Queen's Assay Master employed at the Royal Mint, Graeme Smith said that the coins produced by the Royal Mint go through the process of Trial of the Pyx every year.
In addition to this, deputy clerk of the Goldsmiths' Company, Simon Hutchinson said that the testing process is important in modern times to ensure the country's coins are of the highest quality. Hutchinson said that till the time the Royal Mint makes coins with value, the testing process will hold relevance in today's time.
The Trial of the Pyx is conducted at the Goldsmiths' Hall located in London and is headed by the Queen's Remembrancer. According to reports, the remembrancer works with the assistance of an independent jury from the Goldsmiths' company.
(With Agency Inputs)
Updated 17:07 IST, February 5th 2020