Sep 2024
Sep 2024
The Britannia Coin - All You Need to Know
Britannia coins are The Royal Mint's flagship bullion coin. The Gold Britannia was introduced in 1987. Silver followed in 1997 and platinum in 2018. All three versions show Lady Britannia, the personification of Britain. This guide covers the history of the Britannia coin, its purity, sizes, security features, UK tax status and design, and explains how it compares with other major bullion coins.
Key takeaways
- The Gold Britannia was launched by The Royal Mint in 1987. It was struck in 22 carat gold (916.7) until 2013 and has been struck in 999.9 fine gold since then.
- The Silver Britannia (from 1997) moved from 958 "Britannia silver" to 999 fine silver in 2013. The Platinum Britannia (from 2018) is struck in 999.5 platinum.
- The bullion reverse uses Philip Nathan's standing Britannia design, with trident, shield and olive branch.
- Britannias are UK legal tender. For UK residents, gains on UK legal tender coins are exempt from Capital Gains Tax.
- Since 2021, the bullion coins have carried four visual security features: a latent image, surface animation, micro-text and tincture lines.
History of Britannia on British coins
The figure of Britannia has appeared on British coinage for centuries and represents the nation's strength and maritime tradition. Her history on coins goes back to the Roman period.
From Roman coins to the decimal 50p
Britannia first appeared on Roman coins in the 2nd century AD, under Emperor Hadrian. In 1672, under King Charles II, she returned to English coinage in the form of the seated Britannia on copper halfpennies and farthings. She stayed on copper and later bronze pennies for roughly three centuries. After decimalisation in 1971 she appeared on the 50 pence coin, which carried her image until 2008.
The modern Britannia bullion coin (1987)
In 1987, The Royal Mint launched the Gold Britannia as a British bullion coin for the international market. It gave buyers an alternative to coins such as the Canadian Gold Maple Leaf and the South African Krugerrand. The reverse showed sculptor Philip Nathan's standing Britannia: a helmeted figure by the sea, holding a trident and an olive branch, with a shield bearing the Union Flag. According to The Royal Mint, Nathan chose these symbols deliberately: the shield stands for protection, the olive branch for peace, and the trident for Britain's connection to the sea.
During the 1990s and 2000s, some years used other Britannia designs. Since 2013, The Royal Mint has used Philip Nathan's original 1987 design on the bullion version every year, which makes the coin easy to recognise. Proof editions still feature a new Britannia design each year.
Gold Britannia coins
The Gold Britannia is the original and best-known coin in the series. The 1 oz Gold Britannia has a face value of £100.
How much gold is in a Britannia coin?
From 1987 to 2012, Gold Britannia coins were struck in 22 carat gold (916.7 millesimal fineness). Each 1 oz coin contained one troy ounce (31.10 g) of fine gold. In 2013, The Royal Mint changed the coin to 24 carat, 999.9 fine gold, in line with international bullion standards. Every 1 oz Gold Britannia, before and after 2013, contains one troy ounce of pure gold. The older 22 carat coins weigh more in total because of their alloy content.
Gold Britannia sizes and fractions
Gold Britannias are made in several fractional sizes, so buyers can choose a smaller amount than one ounce:
| Weight (oz) | Diameter | Weight (grams) | Face value |
|---|---|---|---|
| 1/20 oz | 12 mm | 1.58 g | £5 |
| 1/10 oz | 16.5 mm | 3.13 g | £10 |
| 1/4 oz | 22 mm | 7.86 g | £25 |
| 1/2 oz | 27 mm | 15.60 g | £50 |
| 1 oz | 32.69 mm | 31.10 g | £100 |
| 5 oz | 65 mm | 156.295 g | £500 |
Not every size is struck as a bullion coin every year. Some sizes are issued only as proof coins. See the product pages for the sizes currently available.
Gold Britannia designs and monarchs
The reverse shows Philip Nathan's Britannia. Until 2022, the obverse carried a portrait of Queen Elizabeth II. The Royal Mint introduced the first bullion coin with the official coinage portrait of King Charles III in 2023. Britannias with both portraits are traded and contain the same amount of gold.
Silver Britannia coins
Silver Britannia coins are the silver counterpart to the Gold Britannia. They were first issued in 1997, and the 1 oz coin has a face value of £2. Since 2013, the bullion version has had an unlimited mintage, so the number struck depends on demand.
Silver purity: from 958 to 999
The first Silver Britannias were struck in 958 "Britannia silver" (95.8% silver alloyed with copper). This standard is higher than sterling silver (925). In 2013, Silver Britannias changed to 999 fine silver (99.9%). Since 2013 the 1 oz coin has measured 38.61 mm in diameter. Earlier 958 coins measured 40 mm.
Silver Britannias with security features
The 1 oz Silver Britannia is one of the coins that carries the 2021 security features described below. According to The Royal Mint, it is the only silver coin that carries these new security details. In 2014, some Silver Britannias were struck with the obverse intended for the Lunar Year of the Horse coin. Collectors now look for these "mule" coins.
Platinum Britannia coins
The Royal Mint released its first Platinum Britannia bullion coin in 2018. It is struck in 999.5 fine platinum. The 1 oz coin has a face value of £100 and a diameter of 32.69 mm. It uses the same Philip Nathan reverse as the gold and silver coins and, like them, is UK legal tender. Platinum Britannias have been issued in smaller sizes as well as the 1 oz coin. Availability varies by year.
2021 security features on the Britannia
In 2021, The Royal Mint added four visual security features to the Britannia bullion coin. The Royal Mint calls it "the most visually secure bullion coin in the world". Anyone can check the features by tilting the coin in the light:
- Latent image – Below Britannia's gown, a small trident changes into a padlock as the viewing angle changes. The same technology was first used on the £2 coin.
- Surface animation – Fine laser-cut details behind Britannia create the effect of moving waves when the coin is rotated.
- Micro-text – The inscription "DECUS ET TUTAMEN" ("an ornament and a safeguard") runs around the figure of Britannia and is applied with specialist lasers.
- Tincture lines – This traditional heraldic technique highlights the Union Flag on Britannia's shield.
According to The Royal Mint, the 1 oz silver and the 1 oz, 1/2 oz, 1/4 oz and 1/10 oz gold bullion coins carry these features. Because the features are difficult to copy, the coin is easier to check when it is bought or sold.
Proof vs bullion Britannias
The Royal Mint strikes Britannias in different finishes. The finish affects both the price and the purpose of the coin:
- Bullion Britannias are struck in large quantities and use the standard standing Britannia design. They are priced mainly on their metal content plus a premium.
- Proof Britannias are struck several times with polished dies, which gives them a mirror-like finish. They are issued in limited editions, often in proof sets, and carry a new design each year. Collectors' demand plays a larger part in their price, so their premium over metal value is usually much higher.
- Brilliant uncirculated editions, which some years include, sit between the two in finish and price.
If you mainly want precious metal content, bullion Britannias are the usual choice. Proof coins are aimed mainly at collectors.
Britannia vs Maple Leaf vs Krugerrand
The Gold Britannia is often compared with two other widely traded 1 oz gold bullion coins:
| Gold Britannia (UK) | Gold Maple Leaf (Canada) | Krugerrand (South Africa) | |
|---|---|---|---|
| Issuer | The Royal Mint | Royal Canadian Mint | South African Mint / Rand Refinery |
| First issued | 1987 | 1979 | 1967 |
| Fineness | 999.9 (since 2013) | 999.9 | 916.7 (22 carat) |
| Fine gold (1 oz coin) | 1 troy oz | 1 troy oz | 1 troy oz |
| UK legal tender | Yes | No | No |
| UK CGT status (UK residents) | Exempt | Chargeable | Chargeable |
All three coins contain one troy ounce of gold and are recognised by dealers around the world. The main differences are in fineness and design. For UK residents, the Britannia's status as UK legal tender is also relevant (see the next section). In other countries, the tax treatment of these coins depends on local rules.
Britannia coins and UK tax
CGT exemption for UK residents
Britannias are UK legal tender. In the UK, sterling currency is not a chargeable asset for Capital Gains Tax (TCGA 1992 s.21; HMRC Capital Gains Manual CG78305). As a result, gains made by UK residents on UK legal tender coins such as the Britannia are exempt from Capital Gains Tax. This applies to gold, silver and platinum Britannias. Gold bars and non-UK coins such as the Maple Leaf and Krugerrand do not have this exemption in the UK.
VAT on Britannia coins
Gold Britannias meet the definition of investment gold, so they are exempt from VAT in the UK and the EU. Silver and platinum Britannias are not covered by the investment gold exemption. VAT treatment for them depends on your country and how the coins are delivered or stored.
This section gives general information only and is not tax advice. Tax treatment depends on your personal circumstances and may change. Please consult a qualified tax adviser.
Why buy Britannia coins from StoneX Bullion
- Part of StoneX Group: StoneX Bullion belongs to StoneX Group Inc., which is listed on NASDAQ and is a Fortune 50 company.
- LBMA Affiliate: We are an Affiliate member of the London Bullion Market Association.
- Direct from the mint: We buy new coins directly from the mints, including The Royal Mint.
- Live pricing: Prices follow the live price of gold, silver and platinum. You can pay in several currencies.
- Insured shipping: Every delivery is fully insured.²
- Trusted by customers: More than 100,000 customers have bought precious metals from us.
- Buyback: You can sell your Britannias back to us through our buyback service.
Browse Gold Britannia coins · Browse Silver Britannia coins · Browse Platinum Britannia coins
Britannia coin FAQ
When was the first Britannia coin issued?
The Royal Mint issued the first Gold Britannia bullion coin in 1987. Silver Britannias followed in 1997, and Platinum Britannias in 2018.
Is the Gold Britannia 22 carat or 24 carat?
From 1987 to 2012, Gold Britannias were 22 carat (916.7). Since 2013 they have been struck in 24 carat, 999.9 fine gold. Both versions contain one troy ounce of fine gold per 1 oz coin.
Are Britannia coins exempt from Capital Gains Tax?
Yes, for UK residents. Britannias are UK legal tender, and gains on UK legal tender coins are exempt from UK Capital Gains Tax. Outside the UK, local tax rules apply.
How can I tell if a Britannia coin is genuine?
For coins dated 2021 or later, tilt the coin and look for the trident that turns into a padlock, the moving-wave effect, the "DECUS ET TUTAMEN" micro-text and the tincture lines on the shield. You can also check the weight and diameter against the official specifications.
What is the difference between proof and bullion Britannias?
Bullion Britannias are priced mainly on their metal content and always show the standing Britannia. Proof Britannias have a mirror finish, a limited mintage and a new design each year, so they usually carry a higher premium.
What sizes do Britannia coins come in?
Gold Britannias have been made in sizes from 1/20 oz to 5 oz, and Silver Britannias from 1/20 oz to 5 oz. Platinum Britannias have been made from 1/10 oz to 1 oz. Which sizes are available varies by year and finish.
² Applies to private customers per our T&Cs.