10 Pounds (Queen Elizabeth II accession) – United Kingdom
Non-circulating coins
Commemoration: 70th anniversary of accession of Queen Elizabeth II
United Kingdom
Context
Material
References
KM: #Click to copy to clipboard2222a
Numista: #318226
Value
Exchange value: 10 GBP = $13.55
Bullion value: $907.56
Inflation-adjusted value: 12.24 GBP
Obverse
Description:
Queen Elizabeth II on horseback left, encircled by the Garter, legend around, date below.
Inscription:
ELIZABETH II·D·G·REG·F·D·10 POUNDS
·HONI·SOIT·QUI·MAL·Y·PENSE·
JB
2022
·HONI·SOIT·QUI·MAL·Y·PENSE·
JB
2022
Translation:
Elizabeth the Second, by the Grace of God, Queen, Defender of the Faith, 10 Pounds
Shame on him who thinks evil of it
JB
2022
Shame on him who thinks evil of it
JB
2022
Script: Latin
Engraver: John Bergdahl
Reverse
Description:
Royal Cypher crowned, encircled by UK floral emblems, with a dated banner.
Inscription:
E II R
JB
·1952 2022·
JB
·1952 2022·
Translation:
Elizabeth II Regina
J. Bull
1952 2022
J. Bull
1952 2022
Script: Latin
Language: English
Engraver: John Bergdahl
Edge
Reeded
Mints
| Name | Mark |
|---|---|
| Royal Mint | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2022 | — | — | Proof |
Historical background
The United Kingdom's currency situation in 2022 was defined by a dramatic and sustained decline in the value of the pound sterling, driven by a combination of global pressures and domestic policy shocks. The year began with the pound already under strain from high inflation, which was exacerbated by the war in Ukraine pushing energy and commodity prices higher globally. However, the currency faced its most severe stress in September following the government's announcement of the "mini-budget" under Prime Minister Liz Truss. This unfunded package of large tax cuts and energy subsidies spooked financial markets, leading to a collapse in investor confidence. The pound plummeted to a historic low of nearly $1.03 against the US dollar, while government borrowing costs soared.
This currency crisis was fundamentally a crisis of credibility. Markets judged the fiscal plans as unsustainable, fearing they would drastically increase public debt and force the Bank of England into more aggressive interest rate hikes to combat the resulting inflationary pressure. The severe sell-off in UK government bonds (gilts) threatened the stability of pension funds, forcing the Bank of England to make an emergency intervention to buy gilts and restore order. This extraordinary step highlighted the severe tension between the government's expansionary fiscal policy and the central bank's contractionary monetary policy aimed at taming inflation, which had risen into double digits.
By the final quarter, the situation stabilised but left a lasting impact. The reversal of most mini-budget measures and the appointment of a new government under Rishi Sunak restored some market calm, allowing the pound to recover to around $1.20 by year-end. Nevertheless, the legacy of 2022 was a significantly weakened sterling, contributing to a cost-of-living crisis by making imports more expensive, and underscoring the UK's vulnerability to shifts in international investor sentiment amid persistent inflation and economic uncertainty.
This currency crisis was fundamentally a crisis of credibility. Markets judged the fiscal plans as unsustainable, fearing they would drastically increase public debt and force the Bank of England into more aggressive interest rate hikes to combat the resulting inflationary pressure. The severe sell-off in UK government bonds (gilts) threatened the stability of pension funds, forcing the Bank of England to make an emergency intervention to buy gilts and restore order. This extraordinary step highlighted the severe tension between the government's expansionary fiscal policy and the central bank's contractionary monetary policy aimed at taming inflation, which had risen into double digits.
By the final quarter, the situation stabilised but left a lasting impact. The reversal of most mini-budget measures and the appointment of a new government under Rishi Sunak restored some market calm, allowing the pound to recover to around $1.20 by year-end. Nevertheless, the legacy of 2022 was a significantly weakened sterling, contributing to a cost-of-living crisis by making imports more expensive, and underscoring the UK's vulnerability to shifts in international investor sentiment amid persistent inflation and economic uncertainty.
✨ Legendary