The £1 sterling harks back to a time when the english pound note could be exchanged for a pound of 'sterling' silver which i believe was 92.5% silver. That would be about 13.48 toz. Or at todays spot £172 + premium+VAT = £297 or £22 a coin so 22x13.48 = 297 toz , If the english pound was still backed by silver then the £2 should get you 594 toz . Now that would be canny