The British Gold Sovereign - All You Need to Know

The British Gold Sovereign, ‘the Chief Coin of the World’ is one of the most highly treasured gold coins. First introduced in 1489 under Henry VII, the Sovereign has evolved from being a widely-used circulation coin to becoming a bullion coin sought-after by both investors and collectors alike. With a history spanning more than 500 years, it is the world's oldest coin that is still in production today.

Modern Sovereign coins are made from 22 carat gold (91.67%) with 2 parts copper, giving them a distinct curability and rich golden hue. Each coin weighs 7.98 grams, with 7.32 grams of pure gold, and has a nominal value of £1 although its intrinsic value is much higher due to its gold content. The size of a Sovereign coin is 22.05 mm diameter and 1.52 mm thickness.

The coin’s obverse usually features a portrait of the reigning British monarch, while the reverse showcases Benedetto Pistrucci’s legendary design of St. George slaying the dragon. There have been various design variations over the years, particularly for commemorative editions.

Whether you’re a collector, bullion investor, or just someone interested in British history, in this guide we’ll share everything you need to know about the British Gold Sovereign.

History of the British Gold Sovereign

The first Gold Sovereign was struck in 1489 during the reign of Henry VII, when he ordered the Royal Mint to produce ‘a new money of gold’. Although the introduction of a gold coin was nothing new – they had been circulating for over a century at that point – the Sovereign stood out. These coins, made from 23-carat gold and weighing 240 grains (approximately 15.55 grams), were the largest and most valuable British gold coins of their time. Later, the coin’s purity was reduced to 22 carat gold, or Crown Gold, consisting of 22 parts gold and 2 parts copper. This alloy is still used today.

The original design of the Gold Sovereign featured Henry VII’s portrait on the obverse and the royal arms on the reverse, symbolising the union of York and Lancaster after the Wars of the Roses. This first iteration of the Sovereign eventually disappeared during King James I’s reign in 1603, replaced by other British coins like United, Laurels, Broads, and eventually Guineas. The Sovereign’s story was far from over, however.

Similar Reading: Bullion vs Numismatic Coins

Return of the Sovereign

After Napoleon’s defeat at the Battle of Waterloo in 1815, the British government reformed its coinage system in what was known as the Great Recoinage of 1816. This overhaul was designed to stabilise the economy following the financial strain of the French Revolutionary Wars and Napoleonic Wars. The intention at this time was to reintroduce the 21-shilling guinea, but the public favoured ‘a coinage of gold pieces of the value of Twenty Shillings and Ten Shillings’. As a result, a new 20-shilling coin was introduced in 1817 and given the old name of Sovereign.

This new British coin had a much lighter weight of 113 grains, or 7.32 grams, and a design that remains iconic to this day. Benedetto Pistrucci, one of the most celebrated gem engravers of the time, designed the new Sovereign. The reverse featured St. George and the dragon, a symbol for courage and victory, while the obverse displayed the king’s portrait, also by Pistrucci.

The reintroduced Sovereign became a cornerstone of British and international trade during the height of the British Empire. Royal Mints were established in colonial locations as far flung as Bombay, Canada, South Africa, and Australia, to ensure a steady supply of Sovereigns across the empire.

Sovereigns throughout the Queen Victoria era and beyond

The Sovereign underwent various design changes throughout the 19th century. In 1825, the St. George image by Pistrucci was replaced by the royal coat of arms, a move that was unpopular amongst the public. During Queen Victoria’s reign, the Pistrucci design was reinstated.

The use of Gold Sovereign coins in daily transactions began to dwindle during the early 20th century. Throughout World War I, the British government urged citizens to exchange their Sovereigns to help support the war effort. In 1917, Sovereigns were no longer produced by the Royal Mint, although colonial mints continued to manufacture them until 1932.

Gold Sovereigns post-WWI and in the modern era

In the 1930s, it became illegal for United States citizens to own foreign gold coins, including British Sovereigns. All Sovereigns were melted down and turned into gold bullion bars.

During World War II, British Gold Sovereigns were used as emergency currency for Allied pilots in case of being shot down over enemy territory. The coin’s international reputation was so strong that it was even included in survival kits for British SAS troops and American pilots during Operation Desert Storm in the early 1990s.

After World War II, demand for Sovereigns grew, and in 1957, the Royal Mint resumed production. Sovereigns minted since then have been valued as both a bullion and collectible coin. Although the coin no longer circulates in everyday transactions, Gold Sovereigns are still legal tender in the United Kingdom.

Today, most Gold Sovereigns are minted at the Royal Mint in Llantrisant, South Wales. In 2013, a notable milestone occurred when 50,000 commemorative Sovereigns were minted in India, marking the first time in nearly a century that Sovereigns had been produced outside the UK.

More than a billion British Sovereigns have been minted throughout history, although many have been melted down and repurposed as gold bars or ingots. The coin’s rich history has solidified the British Gold Sovereign’s place as one of the most iconic, celebrated coins in the world. Many of the rare, historic Sovereign coins are held at the Royal Mint Museum where they can be appreciated by viewers and collectors.

Keep Reading: How Do You Take Care of Gold Coins? A Step-by-Step Guide

How big is a Gold Sovereign Coin?

A standard Gold Sovereign weighs 7.98 grams, of which 7.32 grams is pure gold. The Sovereign diameter measures 22.05 millimetres and its thickness is 1.52 millimetres.

Sovereign size chart

The chart below compares the sizes and dimensions of different types of British Gold Sovereigns. All Gold Sovereigns are made from 22 carat gold (91.67%).

SOVEREIGN TYPE	WEIGHT (GRAMS)	DIAMETER (MM)	THICKNESS (MM)	GOLD CONTENT (GRAMS)
Half Sovereign	3.99	19.30	1.00	3.66
Full Sovereign	7.98	22.05	1.52	7.32
Double Sovereign (aka £2 Sovereign)	15.98	28.40	2.00	14.63
Quintuple Sovereign	39.94	36.02	2.89	36.61

Gold Sovereign coin design

Gold Sovereigns have an iconic design, usually with a portrait of the reigning monarch on the obverse side and St. George and the Dragon on the reverse.

Obverse of the Gold Sovereign

The obverse side of the Gold Sovereign usually features a portrait of the reigning monarch. Early coins depicted King George III, while later editions showcased Queen Victoria during her reign. More recent coins feature portraits of Queen Elizabeth II, with her likeness updated multiple times to reflect her age. Since 2023, Gold Sovereigns have featured King Charles III after he acceded his mother’s throne.

Reverse of the Gold Sovereign

The reverse side of the Gold Sovereign is renowned for its depiction of St. George slaying the dragon, a design created by Italian engraver Benedetto Pistrucci. This design has remained a staple of the Sovereign, although variations exist. During Queen Victoria’s reign, for example, the reverse sometimes featured additional elements such as a shield. Queen Elizabeth II's Platinum Jubilee also featured the Royal Coat of Arms on the reverse.

See More: How to Read a Coin – Components of a Coin: Obverse, Reverse, Edge and Inscriptions

What’s the difference between a Sovereign and Half Sovereign?

The Sovereign and Half Sovereign coins differ in size, weight, and gold content:

• Size & weight: Full Gold Sovereigns weigh 7.98 grams and have a diameter of 22.05 millimetres. The Half Sovereign weighs 3.99 grams and has a diameter of 19.30 millimetres. The Half Sovereign is essentially half the weight of the full Sovereign, as the name suggests.
• Gold content: Both Sovereigns and Half Sovereigns are made of 22-carat gold (91.67% purity) but the amount of pure gold differs. Full Sovereigns contain 7.32 grams of pure gold while Half Sovereigns contain 3.66 grams.
• Face value: The Sovereign has a nominal face value of £1 while the Half Sovereign has a face value of 50 pence. However their value is based on the current price of gold.

How much gold is in a Sovereign?

Sovereign gold content is important for understanding the value of your investment. Each Gold Sovereign is made from 22-carat gold, which means it has a purity of 91.67%.

A full Gold Sovereign weighs 7.98 grams, of which 7.32 grams is pure gold. The remaining 8.33% is usually copper.

Keep Reading: Gold Purity, Fineness, And Karat – What Is It And How To Check It

How much does a Gold Sovereign weigh?

The weight of a Full Sovereign coin is 7.98 grams. Out of the total weight of the Gold Sovereign in grams, 7.32 grams is pure gold and the remaining weight is a copper alloy. A Half Sovereign weighs half the amount at 3.99 grams, of which 3.66 grams is pure fine gold.

How big is a ⅛ Sovereign?

The 1/8 Sovereign weighs 1 gram and has a diameter of 11 millimetres. These coins, minted in commemoration of the 80th anniversary of D-Day, were manufactured at the Royal Dutch Mint in the Netherlands. This makes them the first Gold Sovereign ever minted in mainland Europe.

Tax implications of buying Gold Sovereigns in the UK

Gold Sovereigns purchased by UK citizens offer tax advantages, including CGT exemption and VAT exemption:

• Capital Gains Tax (CGT) Exemption: British Gold Sovereigns are exempt from Capital Gains Tax (CGT). This means that any profit made from selling your Sovereign coins is not subject to CGT as long as you’re a UK resident.
• Value Added Tax (VAT) Exemption: Gold Sovereigns are also exempt from VAT in the UK as they qualify as investment-grade gold. According to HMRC rules, investment gold is exempt from VAT if the gold has a purity of at least 99.5% for bars or wafers, or if the coins are minted after 1800 and are legal tender in their country of origin. While Gold Sovereigns are not made from 99.5% pure gold, they are considered legal tender in the UK which makes them VAT-free.

Continue Reading: What are the Best Gold Coins to Buy and Why? From Kruggerands to Maple Leafs

Strike-on-the-day Gold Sovereigns

Strike-on-the-day Sovereigns are those struck on the same day of the occasion being celebrated. These typically have limited mintages and may hold significant additional value for coin collectors.

DATE	EVENT	DESIGN	DESIGNER	MINTAGE
2 June, 2012	Elizabeth II Diamond Jubilee	Modern Saint George and the Dragon	Paul Day	2,012
2 June, 2013	Elizabeth II Diamond Coronation	Saint George and the Dragon	Benedetto Pistrucci	2,013
22 July, 2013	Birth of Prince George of Wales			2,013
22 July, 2014	Prince George of Wales 1st Birthday			398
2 May, 2015	Birth of Princess Charlotte of Wales			743
22 July, 2015	Prince George of Wales 2nd Birthday			400
11 June, 2016	Elizabeth II 90th Birthday			499
6 February, 2017	Elizabeth II Sapphire Jubilee			739
1 July, 2017	200th Anniversary of Saint George and the Dragon Design			1,817
20 November, 2017	Elizabeth II Platinum Wedding Anniversary			744
2 June, 2018	Elizabeth II Sapphire Coronation			650
22 July, 2018	Prince George of Wales 5th Birthday			750
24 May, 2019	Birth of Victoria 200th Anniversary			649
31 January, 2020	Withdrawal from the European Union			1,500
8 May, 2020	Victory in Europe 75th Anniversary			750
15 August, 2020	Victory over Japan 75th Anniversary			750
12 June, 2021	Elizabeth II 95th Birthday			1,195
6 February, 2022	Elizabeth II Platinum Jubilee	Royal Coat of Arms	Timothy Noad	1,200
6 May, 2023	Charles III Coronation	Saint George and the Dragon	Benedetto Pistrucci	1,250
14 November, 2023	Charles III 75th Birthday			750
6 June, 2024	D-Day 80th Anniversary			1,000

Buy British Gold Sovereigns

With their illustrious history, tax benefits, and intrinsic gold value, investing in British Gold Sovereigns is a smart choice for investors and coin collectors alike. Browse our collection of Gold Sovereigns and start investing in a piece of British history today.