Queen's coronation crown estimated to be worth over $7 million

The Crown Jewels and many items within the vaults in the Tower of London have always been deemed priceless.

But now, one agency believes they've worked out the worth of the St Edward's Crown, which Queen Elizabeth wore during her coronation ceremony on June 2, 1953.

Having digitally deconstructed the famous item, specialists worked out the individual worth of each element, to estimate a combined value of $7,037,136 (£3.66M).

The crown has a velvet cap with an ermine band and within the solid gold frame is set with semi-precious stones, including rubies, amethysts, sapphires, garnet, topazes and tourmalines.

As a result of it's stunning composition, it's never been insured.

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The idea to value the priceless piece was a collaboration between finance blog SavingSpot and creative agency NeoMam.

It came about "after discovering that we had a mutual love of the Netflix show The Crown," Luke Doyle from NeoMam Studios tells 9Honey.

"We did some digging into the most iconic crown in the royal family jewels and found out that it wasn't insured because it is considered priceless — and therefore has never been publicly valued.

"To do that with exact precision, a professional gem valuer would need to remove and inspect each gem from the crown in order to properly evaluate their worth (somehow we don't think the guards at the Tower of London would have allowed that!)."

So, instead, they formed an educated guess by using Dr. Roger Harding's book The Crown Jewels, the International Gem Society's gem size guide and the catalogue of the Queen's fabric supplier, along with several other reference materials.

"We virtually deconstructed St. Edward's Crown and estimated the value of every single part to come up with a ballpark price for the genuinely priceless piece.

"This whole process took the team a couple of weeks of tricky research to put together," Doyle says.

Using the International Gem Society's gem size guide, along with reference images, the team gauged the number of carats in each of the stones to determine their rough weight.

They then had to estimate the weight of the velvet and ermine, based on the size of the crown before subtracting it all from the total weight to work out the weight and value of the gold used.

"We consulted the catalogue of the Queen's official supplier of fabric to get a value for the velvet and researched the average price of ermine. "

Not only was the process a little "tricky" but the team faced other limitations as well.

"Before we undertook this process, we consulted a registered gem valuer who explained the limitations and problems we were faced with," Doyle tells 9Honey.

"A qualified gem valuer would need to remove each gem from the crown and inspect them with specially designed instruments to ascertain the age, location, size and value of each one. So, we had to develop a methodology based on these limitations."

The iconic and larger than life crown is now the star attraction of the Crown Jewels and is under armed guard inside the Tower of London, attracting over 30 million visitors.