The British gold sovereign is an English gold coin minted in its current incarnation since 1817. The Royal Mint’s flagship coin contains 0.2354 oz of gold, has a face value of one pound, and is composed of 91.7% gold and 8.3% copper.
Due to this unique composition, gold sovereigns have a distinctive color among gold coins.
History of the Gold Sovereign
The gold sovereign was first issued in 1489 under King Henry VII, and it was struck until 1603. It was the first English coin in the one-pound (20 shillings) denomination.
The sovereign design featured a seated portrait of Henry VII in a long coronation gown on the obverse. The reverse design displayed the royal arms with a double rose to signify the union of York and Lancaster following the Wars of the Roses.
Reviving the Gold Sovereign
The gold sovereign was revived amidst the Great Recoinage of 1816, which brought back silver coins for denominations up to two pounds.
Economic instability in Britain was a side effect of the French Revolutionary Wars and Napoleonic Wars. The government sought to stabilize their currency by reintroducing silver coins and changing the gold guinea, worth 21 shillings, to the gold sovereign, worth 20 shillings.
The value of the shilling remained unchanged.
Design of the Gold Sovereign
Master of the Mint, William Wellesley Pole contracted Italian engraver and medalist, Benedetto Pistrucci to design the new gold sovereign. Pistrucci’s reverse depicts St. George and the dragon.
While there have been several commemorative issues with a different reverse, Pistrucci’s design is the reverse used for most gold sovereign coins.
The obverse of the sovereign is always the reigning monarch. The 2023 commemorative coronation release obverse depiction of King George III by Martin Jennings accompanies three reverse designs.
