The Britannia silver standard of 958 (95.84% of fine silver) was introduced by William III by an act of Parliment in 1697 to replace the sterling silver standard of 925 (92.5% of fine silver) as the mandatory standard for items of wrought plate, with the sole intention of limiting the practice of clipping and melting sterling silver coins to produce silver items.
 
This change in standard instigated an alteration in the recognised hallmark of the lion passant guardant denoting sterling standard, to the icon of the seated Britannia supporting an oval shield.
 
The Britannia standard alloy had the advantage of being  slightly softer alloy than sterling silver and therefore slightly easier to work with.  Its purity was comparable to that already used in Europe, facilitating European export trade. However, Britannia standard silver was also more expensive, and following lobbying from silversmiths, the sterling standard was re-introduced mid 1720's along with the former lion passant guardant hallmark.
 
The Britannia standard wasn't abolished at this time, but its use diminished significantly until the late 1800's when there was a period of revival lasting thirty years or so.
 
More recently in 1999, following the change in hallmarking, Brittanina silver is now denoted with the millesimal fineness hallmark 958 (see information page on silver purity) with the optional use of the 'Britannia' icon.
 

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