St Helena Una and the Lion Silver

Annual Reinterpretations of Britain's Most Beautiful Coin Design

The Una and the Lion series is an annual silver bullion coin issued by the Government of Saint Helena and produced by East India Company Bullion. First released in 2020, each year features a new artistic interpretation of a design that many numismatists consider the most beautiful coin ever created: William Wyon's 1839 five-pound gold piece depicting the young Queen Victoria as Lady Una, guided by a protective lion representing England.

The literary source is Edmund Spenser's 1590 epic poem The Faerie Queene. In Book I, Una is the heroine representing truth and the Church of England, accompanied by a faithful lion. Wyon's decision to depict a reigning monarch as a fictional character was unprecedented in British coinage and produced an enduring masterpiece. Only a few hundred originals were struck for collector sets; surviving specimens sell for six-figure sums at auction.

The modern series makes this design concept accessible through annual reinterpretations by designer Glyn Davies. The 1 oz silver coin is the primary bullion edition, struck in .999 fine silver as Saint Helena legal tender. Each year reimagines the pairing of Una and her lion in a fresh pose while maintaining the classical spirit of Wyon's original. The 2024 release, subtitled "Faerie Queene," acknowledged the literary origin more directly in its name.

Una and the Lion Silver Specifications

Mintage by Year (1 oz Silver)

Additional silver sizes include 2 oz (BU), 5 oz (proof), and 1 kg (proof). Gold versions are available in 1/4 oz, 1 oz, and 0.5 g proof formats with extremely limited mintages: the 2020 1 oz gold proof was limited to just 200 pieces. The obverse carries the effigy of the British monarch (Queen Elizabeth II through 2022, King Charles III from 2023 onward). Proof versions come encapsulated in presentation cases with certificates of authenticity; BU versions are capsulated with multiples in sealed rolls.

Una and the Lion Tax Treatment by Country

The Una and the Lion is legal tender in Saint Helena, a British Overseas Territory, but it is not UK legal tender. This distinction has significant tax implications, particularly for UK buyers.

• United Kingdom: Gold proof versions are VAT-exempt as investment gold. Silver coins carry 20% VAT. Not CGT-exempt, as CGT exemption applies only to UK legal tender coins (Britannias, Sovereigns). Pre-owned silver examples may qualify for the margin scheme, where VAT applies only to the dealer's margin.
• European Union: Gold editions are VAT-exempt under the EU Investment Gold Directive (legal tender, .999+ purity, post-1800). Silver subject to local VAT rates. The German margin scheme (Differenzbesteuerung) may apply to pre-owned silver.
• United States: The .999 silver purity meets the IRA threshold under Section 408(m). State sales tax varies. The limited mintage and proof finishes may cause some dealers or custodians to classify certain editions as collectibles.
• Canada: GST/HST exempt on investment-grade precious metals at 99.9%+ purity in coin form.
• Australia: Silver at .999 meets the 99.9% GST exemption threshold for investment-grade bullion.
• Singapore: Qualifies for IPM GST exemption (silver at 99.9% purity minimum).
• Hong Kong: No sales tax or import duty on precious metals.

From Spenser's Poem to Wyon's Masterwork to Modern Bullion

The story behind Una and the Lion connects three centuries of British art and coinage. Edmund Spenser published The Faerie Queene in 1590, an allegorical epic poem in which the character of Una represents truth, virtue, and the reformed Church of England. Her companion, a lion, symbolises England's strength and loyalty. The poem was dedicated to Queen Elizabeth I, and its themes of virtue, loyalty, and righteous rule resonated through English literature for centuries.

In 1839, William Wyon, then Chief Engraver at The Royal Mint, created a pattern five-pound gold coin depicting the young Queen Victoria as Una, walking alongside the British Lion. The Latin inscription DIRIGE DEUS GRESSUS MEOS ("May God direct my steps") circled the figures. The design was unprecedented: no British coin had previously depicted a reigning monarch as a fictional character. Only a few hundred were produced as pattern pieces for collectors, never entering circulation.

William Wyon (1795-1851) became Chief Engraver in 1828 and created the Three Graces pattern at just 22 years old, along with the "Young Head" Victoria portrait used on Sovereigns. His Una and the Lion is considered his masterwork. The extreme rarity of originals, combined with the design's artistic quality, has made them among the most expensive British coins ever sold at auction.

The modern Saint Helena series, beginning in 2020, creates annual reinterpretations rather than direct reproductions. The Royal Mint separately issued its own faithful reproduction in 2019 under the Great Engravers series. The two approaches give collectors a choice between fidelity to the original (Royal Mint) and evolving artistic interpretations (East India Company).

St Helena Una and the Lion vs Royal Mint Version and Other Saint Helena Silver

The Royal Mint issued its own Una and the Lion coin in 2019 under the Great Engravers series, using a faithful reproduction of Wyon's original reverse design. The Royal Mint version is UK legal tender with CGT exemption on gold editions, a tax advantage the Saint Helena version lacks. The Royal Mint release was a single issue; the Saint Helena series produces new designs annually, offering ongoing collector engagement but without the historical fidelity of a direct remaster.

Within the Saint Helena range, Una and the Lion sits alongside the Queen's Virtues and Three Graces. All three are produced under the East India Company brand, share Saint Helena legal tender status, and have the same tax characteristics. The Una and the Lion is the only one of the three that runs as an ongoing annual series with changing designs; the Queen's Virtues was a fixed six-coin programme (2021-2023) and the Three Graces is part of a Masterpiece Collection.

Compared to mainstream silver bullion, the Una and the Lion trades at significant premiums over spot price. Mintages in the range of 5,000 to 10,000 for the 1 oz silver BU are a fraction of what the Silver Britannia or Silver Maple Leaf produce. Earlier years, particularly the 2020 debut, have appreciated substantially on the secondary market. Gold editions with mintages as low as 200 pieces have seen the strongest appreciation. This is a collector-bullion crossover series rather than a cost-efficient way to accumulate silver weight.