1 oz The Royal Mint Una and the Lion Gold Coin

A 187-Year-Old Design on Modern Gold Bullion

The 1 oz Royal Mint Una and the Lion gold coin draws on one of the most celebrated coin designs in British numismatic history. The original was created by William Wyon RA in 1839 to commemorate Queen Victoria's coronation, and the Royal Mint Museum considers it "one of the most beautiful coins in the world." The modern bullion version, launched in 2021 as part of the Great Engravers series, brings Jody Clark's reinterpretation of Wyon's masterwork to 999.9 fine gold.

The design depicts Lady Una walking beside a lion representing England. The scene comes from Edmund Spenser's 1590 epic poem The Faerie Queene, where Una symbolises Truth and the True Church. The 1839 original was remarkable for being the first British coin to depict a reigning monarch as a fictional character. Clark's modern version shifts the composition: rather than Una leading the lion, both figures stand side by side facing forward, reinterpreting the symbolism from "monarch leading the nation" to "monarch and nation facing the future together."

The modern bullion versions are struck (minted) rather than cast, producing sharper detail and prooflike surfaces. They carry the Royal Mint's shield logo alongside weight and purity markings, sealed in Royal Mint authentication packaging. The Great Engravers series name signals potential future releases featuring other historic Royal Mint engravers' work.

The 1839 originals are among the most valuable British coins in existence. A specimen sold for GBP 4.2 million at auction in 2024. The modern bullion bars and coins make this design accessible at precious metal value rather than numismatic prices.

Una and the Lion Gold Coin Specifications

The Great Engravers series also includes silver versions: 1 oz (mintage 35,000), 10 oz (mintage 6,100), and 100 oz (mintage 1,200) at .9999 fine silver. The 100 oz version is unusually large for a minted bar; most minted products top out at 10 oz, with larger sizes typically cast. The rectangular dimensions (49.96 x 28.98 mm for 1 oz) reflect the bar format rather than the round coin form of the 1839 original.

The original 1839 coin weighed approximately 38.7-39.3 g (roughly 1.25 troy ounces) with a denomination of five pounds sterling. It was the lightest British five-pound coin. Only a few hundred pieces were produced, with variations in metal composition, hairband style, edge type, and reverse inscription. Separate modern proof and collector coin editions with face values also exist, distinct from the bullion bars.

Una and the Lion Tax Treatment by Country

The critical distinction for UK buyers is between the Una and the Lion bullion bars (not CGT-exempt) and the proof collector coins (CGT-exempt as UK legal tender). The bullion versions covered here carry no face value and no legal tender status.

• United Kingdom: Gold bars and coins without legal tender status are VAT-free as investment gold (.9999 fine, above the 995 threshold). They are not CGT-exempt. Capital gains tax applies at the individual's rate (18% basic, 24% higher), subject to the annual CGT allowance. The separate proof coins with face values issued by the Royal Mint are UK legal tender and therefore CGT-exempt. Buyers specifically seeking CGT exemption with Royal Mint provenance should consider the 1oz Gold Britannia.
• United States: IRA-eligible as gold from an LBMA-accredited refiner (the Royal Mint qualifies) at .9999 purity, when held by an approved custodian. Long-term capital gains taxed at the collectibles rate of up to 28%. No federal sales tax; state exemptions vary.
• European Union: VAT-exempt as investment gold (bars above 995 fineness from qualifying refiners).
• Canada: GST/HST exempt as gold bullion above 99.5% purity. RRSP-eligible through approved dealers.
• Australia: GST-free as gold above 99.5% purity.
• Singapore: GST-exempt under the Investment Precious Metals scheme.
• Hong Kong: No sales tax or import duty. The initial 2021 distribution was exclusive to LPM Hong Kong before widening to global dealers, reflecting strong Asian market interest.

From William Wyon's 1839 Masterwork to Modern Bullion

The Una and the Lion design originates from one of the most significant moments in British coinage. In 1839, William Wyon RA, Chief Engraver of the Royal Mint from 1828 until his death in 1851, created a five-pound gold piece to mark Queen Victoria's coronation two years earlier. The reverse depicted Victoria as Lady Una from Spenser's The Faerie Queene, walking beside a lion. The Latin inscription reads "DIRIGE DEUS GRESSUS MEOS" (May God direct my steps).

The boldness of depicting a sitting monarch as a fictional character was unprecedented on British coinage. The few hundred specimens produced were presentation pieces, never intended for circulation, with variations in metal, Victoria's hairband, edge lettering, and reverse inscription making each piece slightly different. These originals are now among the most sought-after British coins, with auction prices reaching GBP 4.2 million in 2024.

The design has resurfaced multiple times in Royal Mint history. A Millennium variant in 2000 substituted "MM" and "2000 AD" for the original Roman numeral date. The same Latin inscription appeared on the 2012 Diamond Jubilee five-pound crown. In 2019, the Royal Mint issued a two-ounce gold proof collector coin as a direct homage to Wyon's original.

The 2021 bullion release, designed by Jody Clark, represents the most significant reinterpretation. Clark's version maintains the core elements (Una, the lion, the orb and sceptre) but repositions the figures to face forward together. The Great Engravers series positions this alongside future releases celebrating other historic Royal Mint artists, potentially including Benedetto Pistrucci (designer of the St George and the Dragon on the Sovereign) and other influential engravers.

It is worth noting that the East India Company and St Helena have also issued Una and the Lion coins, but these are entirely separate products from separate entities, unrelated to the Royal Mint bullion bars and coins.

Una and the Lion vs Britannia Bars, PAMP Fortuna, and Perth Mint Bars

The Una and the Lion occupies a distinctive niche: a premium-branded minted bar with genuine historical provenance, competing against both Royal Mint stablemates and international bar producers.

The 1oz Gold Britannia is the Royal Mint's flagship bullion coin, not a bar. The Britannia is UK legal tender and therefore CGT-exempt, a tax advantage the Una bar cannot match. Britannia coins have unlimited mintage and much higher production volumes, resulting in lower premiums and better liquidity. The Una and the Lion's appeal lies in its limited mintage (4,000 for the 1 oz gold), distinctive design heritage, and collector premium potential.

The PAMP Suisse Fortuna is the most direct international competitor: another premium-branded minted bar from a respected refinery. PAMP has wider global availability and Veriscan digital authentication. The Una and the Lion counters with Royal Mint provenance and a 187-year design pedigree that no other bullion product can claim. PAMP Fortuna bars have no mintage limits, while the Una bars do, giving the Royal Mint product more collectible scarcity.

Perth Mint minted bars (including kangaroo-branded products) offer similar production quality with government backing from the Western Australian government. Perth bars are more widely available in Asia-Pacific markets and carry a government guarantee. The Una bar's advantage is purely in design heritage and limited production numbers.

For buyers focused on the lowest premium per gram of gold, generic bars from any LBMA refinery will always be cheaper. The Una and the Lion commands a higher premium in exchange for the combination of Royal Mint craftsmanship, limited mintage, and a design story that stretches back to 1839.