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The UK government's intention to sell gold and reinvest the proceeds in foreign currency deposits, including euros, was announced on 7 May 1999, when the price of gold stood at US$282.40 per ounce [9] (cf. the price in 1980: $850/oz [10]) The official stated reason for this sale was to diversify the assets of the UK's reserves away from gold, which was deemed to be too volatile.
The gold reserve of the United Kingdom is the amount of gold kept by Bank of England as a store of value of part of the United Kingdom's wealth. Leftover from the Gold Standard which the country abandoned in 1931, it is the 17th largest central bank reserve in the world with 310.29 tonnes of gold bars .
A large number of hoards associated with the British Bronze Age, approximately 2700 BC to 8th century BC, have been found in Great Britain.Most of these hoards comprise bronze tools and weapons such as axeheads, chisels, spearheads and knives, and in many cases may be founder's hoards buried with the intention of recovery at a later date for use in casting new bronze items.
This leads to the possibility of smelters taking coins and melting them down for the scrap value of the metal. Pre-1992 British pennies were made of 97% copper; but as of 2008, based on the price of copper, the value of a penny from this period is 1.5 new-pence. Modern British pennies are now made of copper-plated steel.
The list of Roman hoards in Britain comprises significant archaeological hoards of coins, jewellery, precious and scrap metal objects and other valuable items discovered in Great Britain (England, Scotland and Wales) that are associated with period of Romano-British culture when Southern Britain was under the control of the Roman Empire, from AD 43 until about 410, as well as the subsequent ...
Based upon the UK spot price at the time of release, the 10 kg gold coin had an intrinsic scrap value of approximately £411,000. It was widely reported that the 10 kg gold coin was the heaviest gold coin the Royal Mint had ever produced and that it had taken 400 hours to produce, four days to polish and has been described as a "Masterwork".