A legal-tender British coin honoring Princess Diana was formally unveiled Tuesday, Jan. 5, in London and New York City by the British Royal Mint. The coin, which carries a face value of five pounds, is the only tribute to "Princess Di" sanctioned officially by Queen Elizabeth II, the British government and the family of the late Princess of Wales.

The obverse of the crown-size coin bears the new coinage portrait of Queen Elizabeth by medalist Ian Rank-Broadley -- the fourth different one to appear on British coinage since the queen succeeded to the throne in 1952. The reverse features a right-facing likeness of "the people's princess," along with the dates of her birth and death: 1961-1997. Her portrait is encircled by the inscription IN MEMORY OF DIANA PRINCESS OF WALES.

The head-and-neck portrait of Diana was fashioned by David Cornell, a prominent English sculptor, based upon his study of numerous photographs as well as his personal recollections of the princess. It captures her with what the Royal Mint describes as "an amazing sense of serenity and naturalness."

Cornell said he attempted "to create an image which would show a caring, kind and genuinely nice person."

"There could be no smile for such a coin," he said, given the tragic nature of Diana's death in a Paris automobile accident on Aug. 31, 1997.

He continued: "I attempted to do several things: portray Diana as ageless, not to use a photographic image, and show Diana as dignified and at peace. This would have to be an image that would last as long as her memory. I wanted people who grew up not knowing her to recognize the kindness and sensitivity and feel the loss to the whole world."

Other nations have issued coinage tributes to Princess Diana, but this will surely be the most significant numismatic memorial in her honor, since it is a legal-tender issue of Britain itself. Gold and silver proofs will be offered this spring, but the great majority of the mintage will be in copper-nickel. And whereas the precious-metal versions will be limited in number (7,500 gold proofs for worldwide distribution and 350,000 silver proofs), there will be no mintage limit on the circulation-quality copper-nickel version.

The coin, about the size of a U.S. silver dollar, is being offered for sale in the copper-nickel version in a special keepsake folder containing photographs of Diana and quotes that reflect her life and work. This "United Kingdom Diana Memorial Coin Presentation Folder" is priced at $14.95 U.S. or $22.95 Canadian. Approximately $5 U.S. of this purchase price will be used to help finance other memorials to the princess. This is the first time a legal- tender British coin has been used for such a fund-raising purpose.

A proof version of the copper-nickel Diana coin will be included in the 1999 British proof set. Like the other coins in that set, it will have a frosted finish and mirror-like background. The proof set, which contains all of the United Kingdom's circulating coins, will be limited to a mintage of 100,000.

Alan W. Wallace, who directs the Royal Mint's collector coin programs, said a sense of special pride went into the Diana coin's creation.

"The British Royal Mint strikes coins for more than a hundred different countries," Wallace noted. "In my 25 years at the Mint, I cannot recall where there was such a unanimity of opinion concerning the design and packaging of a coin which has produced such an appropriate and sensitive memorial. We are all extremely proud to be associated with this memorial coin to Diana."

This is Diana's second appearance on a British coin. She and Prince Charles were portrayed jointly on the 1981 crown marking their royal wedding. The new tribute is highly unusual, for Britain seldom honors anyone on its coinage who isn't a current member of the royal family. The only parallel in recent memory was the 1965 crown issued in honor of Sir Winston Churchill, the nation's towering World War II prime minister, following his death at the age of 90.

In the United States, ordering information about the Diana coin can be obtained by calling (800) 221-1215. In Canada, the number to call is (800) 563-5943. Dealers should call (800) 822-2748 or (914) 677-6112.