The nominal
value given to legal tender coin or currency.
Historically under the gold standard,
gold coins were used as a medium of exchange
at their fixed face value. But many modern bullion
coins or special issues have a face value that may be more or less than the
actual value of the coin in terms of its gold content. The one ounce
Britannia bullion coin has a face value of
£100, less than half the value of the gold within; the United States’ Eagle one
ounce bullion coin has a face value of only £50, one-fifth or less of the value
of the gold. By contrast, the Japanese 20 gram Hirohito
coin issued in 1986 had a face value of 100,000 yen but contained only 40,000
yen worth of gold.