Oct 2026
Oct 2026
British Gold Coins: Sovereign, Britannia and Beasts Explained
Last updated: 22/10/2026
Key facts at a glance
- British gold coins such as the Sovereign and the Britannia are legal tender coins struck by The Royal Mint.
- The Gold Sovereign is 22 carat (916.7 fine) gold. The Gold Britannia is 999.9 fine gold.
- Investment gold coins are exempt from VAT in the UK under HMRC rules.
- HMRC treats Sovereigns struck from 1837 onwards and Britannia gold coins as sterling currency, so they are exempt from Capital Gains Tax.
- Gold investments are not regulated, and their value can go down as well as up. This article is not tax or investment advice.
British gold coins are bullion and legal tender coins issued by The Royal Mint, chiefly the Gold Sovereign, the Gold Britannia and the gold coins of the Queen's Beasts and Royal Tudor Beasts series. This guide explains their specifications, how they differ, and how UK VAT and Capital Gains Tax apply to them, with official sources and dates.
What are British gold coins?
British gold coins are gold coins struck by The Royal Mint that carry a face value in pounds sterling and are legal tender in the United Kingdom. The best-known types are the Gold Sovereign, which is 22 carat gold, and the Gold Britannia, which is 999.9 fine gold. Alongside them come the collectable bullion series Queen's Beasts and Royal Tudor Beasts.
Their legal tender status matters for UK buyers because it underpins the Capital Gains Tax treatment of certain coins, which HMRC sets out in its Capital Gains Manual. Weight, fineness and denomination differ from coin to coin, so it is worth comparing the specifications before you buy.
The Gold Sovereign: weight, purity and sizes
The Gold Sovereign is a 22 carat gold coin from The Royal Mint with a fineness of 916.7. A full Sovereign weighs 7.98 g and measures 22.05 mm across, according to The Royal Mint. It is also made as a Half Sovereign and a Quarter Sovereign, so you can buy gold in smaller units.
| Coin | Weight | Diameter | Fineness |
|---|---|---|---|
| Sovereign | 7.98 g | 22.05 mm | 916.7 (22 ct) |
| Half Sovereign | 3.99 g (0.117 troy oz fine gold) | 19.30 mm | 916.7 (22 ct) |
| Quarter Sovereign | 2.00 g | 13.50 mm | 916.7 (22 ct) |
Source: The Royal Mint, retrieved 22/10/2026.
The history and design of the coin are covered in our guide to the British Gold Sovereign, and the smaller coin in our article about the Half Sovereign.
The Gold Britannia: 999.9 fine gold
The Gold Britannia is The Royal Mint's 999.9 fine gold bullion coin. The 1 oz Britannia contains one troy ounce of fine gold, has a face value of £100 and measures 32.69 mm, according to The Royal Mint. It is also issued as 1/2 oz, 1/4 oz and 1/10 oz coins, all in 999.9 fine gold.
| Coin | Fine gold | Face value | Diameter | Fineness |
|---|---|---|---|---|
| Britannia 1 oz | 1 troy oz | £100 | 32.69 mm | 999.9 |
| Britannia 1/2 oz | 1/2 troy oz | £50 | 27.00 mm | 999.9 |
| Britannia 1/4 oz | 1/4 troy oz | £25 | 22.00 mm | 999.9 |
| Britannia 1/10 oz | 1/10 troy oz | £10 | 16.50 mm | 999.9 |
Source: The Royal Mint, retrieved 22/10/2026.
The Britannia shows Britannia, the symbol of the nation, on the reverse. You can see the current range in our Gold Britannia coins category.
Queen's Beasts and Royal Tudor Beasts
The Queen's Beasts is a series of bullion coins from The Royal Mint that began in 2017 and has now finished. The 2021 issue was the eleventh and final coin in the series. Its successor, the Royal Tudor Beasts series, began in 2022. The Seymour Panther 2026 is the final single-beast coin. The series closes with the 2027 coin, which shows all ten beasts together and will also be issued as a bullion coin.
The 1 oz gold coins in both series contain one troy ounce of 999.9 fine gold, have a face value of £100 and measure 32.69 mm, according to The Royal Mint. The Royal Tudor Beasts are also issued as 1/4 oz coins. Each Queen's Beasts design shows one of the heraldic beasts from the coronation of Queen Elizabeth II.
StoneX Bullion currently lists Royal Tudor Beasts gold coins in its "CGT FREE (UK ONLY)" range. There is no separate category for Queen's Beasts gold coins.
Sovereign vs Britannia: how do they differ?
The Gold Sovereign and the Gold Britannia differ mainly in fineness, weight and denomination. The Sovereign is a 22 carat (916.7) gold coin weighing 7.98 g. The Britannia is a 999.9 fine gold coin containing one troy ounce in its 1 oz size. Both are Royal Mint legal tender coins, and HMRC names both in its guidance on Capital Gains Tax.
| Feature | Gold Sovereign | Gold Britannia (1 oz) |
|---|---|---|
| Fineness | 916.7 (22 ct) | 999.9 |
| Weight / content | 7.98 g total weight | 1 troy oz fine gold |
| Diameter | 22.05 mm | 32.69 mm |
| Fractional sizes | Half, Quarter | 1/2, 1/4, 1/10 oz |
| Mint | The Royal Mint | The Royal Mint |
Which coin suits you depends on the size of purchase you want and whether you prefer smaller units or one-ounce coins. We do not recommend either coin over the other.
Are British gold coins VAT-free in the UK?
Yes. Investment gold coins are exempt from VAT in the UK under the Value Added Tax Act 1994, Schedule 9, Group 15. HMRC Notice 701/21A sets out the criteria. The coin must have been minted after 1800, be at least 900/1000 fine, be or have been legal tender in its country of origin, and normally sell for no more than 180% of the value of its gold. HMRC names the Sovereign expressly.
The VAT exemption also applies when investment gold is imported into the UK, as long as it is declared under customs procedure code 40 00 073. This is set out in HMRC Notice 701/21, section 8.1. The exemption covers investment gold only. Silver, platinum and palladium are charged VAT at the standard rate when imported.
Status: 22/10/2026. Sources: HMRC Notice 701/21A, HMRC Notice 701/21. This is general information, not tax advice. Tax rules can change.
Capital Gains Tax on Sovereigns and Britannias
According to HMRC's Capital Gains Manual (CG78305), Gold Sovereigns struck from 1837 onwards and Gold Britannia coins count as sterling currency. That makes them exempt from Capital Gains Tax under section 21(1)(b) of the Taxation of Chargeable Gains Act 1992. Sovereigns struck before 1837 are treated as chattels under section 262.
Gold coins that are not sterling currency, such as the South African Krugerrand, are subject to Capital Gains Tax in the UK.
HMRC does not name the Queen's Beasts or Royal Tudor Beasts in CG78305. The Royal Mint describes these coins as "exempt from UK CGT for UK residents", but HMRC has not confirmed this expressly. If you are unsure, please ask a tax adviser.
Status: 22/10/2026. Source: HMRC CG78305. HMRC updated this page recently, so the guidance may change. This is not tax advice.
What to check when buying British gold coins
Before buying, compare four things: the year and condition of the coin, its weight and fineness, the premium you pay above the gold value, and the delivery terms. The premium covers minting, handling and distribution and varies by coin size. Smaller coins usually carry a higher premium per gram of gold than larger ones.
- Year: New-year coins and mixed-year coins can be priced differently.
- Condition: Bullion coins are sold for their gold content, not as collector's pieces.
- Premium: Compare the live price with the current gold spot price.
- Delivery: Check whether shipping is insured and how long it takes.
Buying British gold coins from StoneX Bullion
StoneX Bullion is part of StoneX Group Inc. (Nasdaq: SNEX) and is an Affiliate Member of the LBMA. Your contract partner is StoneX Bullion GmbH in Frankfurt am Main, Germany. The "CGT FREE (UK ONLY)" range covers Gold Sovereigns, Gold Britannias and Royal Tudor Beasts. New-year coins are bought directly from The Royal Mint.
Orders for the UK are currently shipped from Germany with insurance. Prices are shown in GBP. You can find the full range under gold coins UK and the Sovereigns in our Gold Sovereign coins category.
Disclaimer: Gold and other precious metal investments are not regulated. The value of your investment can go down as well as up. Buying bullion carries no FSCS or Financial Ombudsman Service protection. This article is general information and is not investment or tax advice.