Gold sovereigns: the history of Britain's best-known gold coin

The gold sovereign is one of the most widely recognized gold coins in the world. Its size and gold content have barely changed in two centuries, it was struck on three continents, and it still carries the portrait of the reigning monarch. That long, consistent history is why sovereigns appeal both to people buying gold by weight and to collectors.

The first sovereign, 1489

The name goes back to 1489, when Henry VII ordered a large new gold coin showing the king enthroned in his robes of state, a “sovereign” in majesty. It was a showpiece of royal wealth: a broad coin of nearly pure gold, weighing about 15.55 grams, roughly twice today’s sovereign. Sovereigns were struck on and off under later Tudor and Stuart rulers, then dropped out of use in the 1600s, replaced by other gold coins such as the guinea.

The modern sovereign, 1817

The sovereign we know today was introduced in 1817, after a major reform of Britain’s coinage. It was worth one pound and set the standard that has lasted ever since:

• Weight: about 7.99 grams
• Purity: 22 karat (91.67 % gold), the rest mostly copper for hardness
• Gold content: about 7.32 grams, or roughly 0.2354 troy ounce

Its best-known reverse design, St George slaying the dragon by the engraver Benedetto Pistrucci, first appeared in 1817 and is still used today. For long periods the reverse showed a crowned shield instead, which is why collectors talk about “shield back” sovereigns.

Half sovereigns, double sovereigns and five-pound coins were also struck to the same standard.

Struck around the world

During the 1800s and early 1900s, sovereigns circulated across the British Empire, and branch mints were opened to strike them closer to the gold mines. Each branch mint added a small letter, the mint mark (on many sovereigns, just above the date):

The Ottawa sovereigns are a special interest for Canadian collectors. They were struck in fairly small numbers, and some dates are scarce.

Why sovereigns are valued today

Most sovereigns are bought for their gold. Because every sovereign holds the same amount of gold, their value follows the gold price closely, and their small size makes them a flexible way to buy gold in modest amounts. Older sovereigns can carry extra value for their date, mint mark, portrait and condition.

Some of the rarest sovereigns

• Edward VIII, 1937. Edward VIII abdicated in December 1936, before coins with his portrait were issued. Only a handful of sovereigns with his portrait were struck as trial pieces, and only six are known today. One sold for £1 million in 2020, a record for a British coin.
• Early Tudor sovereigns. Very few of Henry VII’s sovereigns survive, most of them in museum collections.
• Scarce branch-mint dates. Some dates from Ottawa, Sydney and the other branch mints were struck in small numbers and command high prices in good condition.

Whether you are buying gold by weight or building a collection, our guide to bullion and numismatic coins explains how the two are priced.

Shop our British gold sovereigns.