1 oz The Royal Mint Una and the Lion Gold Bar

One of the Most Beautiful Coin Designs, in Bar Form

The 1 oz Una and the Lion Gold Bar from The Royal Mint is the inaugural release of the Great Engravers bullion bar series, launched in 2021. It adapts William Wyon's celebrated 1839 design, which the Royal Mint Museum has described as depicting "one of the most beautiful coins in the world." The original was a five-pound gold piece struck to commemorate Queen Victoria's coronation, showing the young queen as Lady Una from Edmund Spenser's 1590 epic poem The Faerie Queene, walking alongside a lion representing England.

The modern bar version was designed by Jody Clark, who reinterpreted Wyon's composition with a subtle shift in meaning. The 1839 original showed Victoria leading the lion, symbolising a new monarch guiding the nation. Clark's version places Una and the lion side by side, both facing forward, with Una holding the orb and sceptre. The updated symbolism suggests monarch and nation facing the future together rather than one leading the other.

Each bar contains one troy ounce of .9999 fine gold, and the gold bar mintage is limited to 4,000 units. The 1839 originals are among the most valuable British coins in existence, with a specimen selling for GBP 4.2 million at auction in 2024. The bullion bar makes this design heritage accessible at a fraction of those collector prices, carrying only a modest premium above the gold content value. Initial distribution was exclusive to LPM Hong Kong in February 2021, later widening to global dealers.

Una and the Lion 1 oz Gold Bar Specifications

Full Una and the Lion Bar Range

The 100 oz silver bar is notably large for a minted (struck) bar. Most minted bars top out at 10 oz, with larger sizes typically cast. The struck manufacturing process gives the 100 oz bar sharper detail than cast alternatives of the same weight.

Una and the Lion Gold Bar Tax Treatment

The bar vs coin distinction is particularly important for Una and the Lion products, because both formats exist and their tax treatment differs substantially in the UK.

• UK: Gold bars are VAT-exempt on purchase as investment gold (995+ purity). Bars are subject to CGT on profits above GBP 3,000 at 18-24%. The Una and the Lion proof coins (which carry face values and UK legal tender status) are CGT-exempt. This makes the coins significantly more tax-efficient for UK investors expecting capital gains, despite their higher initial cost. Bars from The Royal Mint are not CGT-exempt, a common misconception.
• USA: IRA-eligible as a .9999 gold bar from an LBMA-accredited mint. Held at an IRS-approved depository. Capital gains taxed at 28% collectibles rate. State sales tax varies. Available from major dealers including APMEX, JM Bullion, and Silver Gold Bull.
• Canada: GST/HST exempt at .9999 purity. RRSP eligible through approved dealers.
• Australia: GST-free as investment-grade gold (99.5%+ purity). CGT applies with a 50% discount for holdings over 12 months.
• EU: VAT-exempt as investment gold under the EU Gold Directive.
• Singapore: GST-exempt under the IPM scheme. No capital gains tax.
• Hong Kong: No sales tax, no import duty, no capital gains tax. LPM Hong Kong was the original exclusive distributor.

From Victoria's Coronation to a Modern Bullion Bar

The 1839 original was unprecedented in British coinage. It was the first time a reigning British monarch appeared on a coin as a fictional character. Queen Victoria, crowned in 1837, was depicted as Lady Una from Edmund Spenser's The Faerie Queene (1590). In the poem, Una is an allegorical figure representing Truth and the True Church, and her lion companion represents England's strength. The Latin inscription "DIRIGE DEUS GRESSUS MEOS" (May God direct my steps) reinforced the religious and political symbolism of a young queen assuming her role.

William Wyon, who created the design, was Chief Engraver of the Royal Mint from 1828 until his death in 1851. He came from a dynasty of engravers: his father, brother, and nephew all worked at the Mint. The Three Graces, his other major surviving design, is the companion piece in the Great Engravers Collection. The Una and the Lion five-pound coins were produced in small quantities as presentation pieces, never intended for circulation. A few hundred specimens exist with variations in metal, hairband style, edge type, and reverse inscription. Their extraordinary rarity and artistic refinement have made them the blue-chip items of British numismatics.

The modern revival began before the bullion bar series. The Royal Mint issued a two-ounce gold proof coin in 2019, and various proof and collector editions followed. The Great Engravers bullion bar series launched in 2021 specifically to bring the design to the investment market at accessible premiums. Other entities have also issued Una and the Lion coins: the East India Company (now a brand owned by an Indian conglomerate) produces versions through different territories, but these are entirely separate products with no connection to The Royal Mint.

Una and the Lion vs Other Premium Gold Bars

The Una and the Lion bar's direct competitor is its Great Engravers sibling, the 1 oz Three Graces bar. Both share identical specifications: .9999 fine gold, 4,000-unit mintage, Royal Mint manufacture, and similar premium levels above generic bars. The Three Graces design is older (1817 vs 1839), but the Una and the Lion carries the distinction of being the Royal Mint Museum's most celebrated single design. Choosing between them is a matter of aesthetic preference rather than investment fundamentals.

Against the standard 1 oz Royal Mint bar, the Una and the Lion bar carries a meaningful premium reflecting the limited mintage and design heritage. The standard bar provides the same purity and provenance at a lower cost per ounce. For buyers whose priority is maximising gold weight, the standard bar is more efficient. For buyers who value the historical narrative and potential for premium retention on the secondary market, the limited-edition bar has the advantage.

The 1 oz PAMP Fortuna bar represents the main Swiss competition. PAMP offers VeriScan digital authentication and the highest global brand recognition in the bar market. The Una and the Lion bar counters with something PAMP cannot: a 187-year design pedigree rooted in one of the most significant moments in British coinage history. For international liquidity, PAMP leads. For historical and aesthetic distinction, Una and the Lion is unmatched in the modern bullion bar market.

The 1 oz Perth Mint Kangaroo bar offers government-backed provenance and strong Asia-Pacific recognition, but its design changes annually and does not carry the same historical weight. Perth Mint bars are produced to meet demand with no mintage cap, making them more widely available but without the scarcity element that defines the Great Engravers range.