With a history dating back over 500 years, the British gold sovereign is perhaps the most recognized gold coin in the word. Avidly sought after by collectors for both its historical value and monetary worth, the British sovereign remains a source of fascination for coin collectors around the globe.
The First Gold Sovereigns
The first gold sovereigns were minted during the reign of Henry VII in 1489. This elaborately designed, hammered coin contained one half a troy ounce of gold, which had a value of one pound sterling. The first sovereign had a full portrait of the King on his throne on the obverse of the coin, which earned the coin its name, the sovereign. The reverse of the coin has the Tudor rose and royal shield in an intricate design. This was a time of increased global power for Britain, and it is believed the coin was minted to show the world that the new Tudor dynasty was as powerful as any European nation. This was a coin meant to impress. Thicker and heavier double and triple versions of the sovereign were also coined during the reign of Henry VII, but were most likely intended as presentation pieces rather than as currency.
The first half sovereign appeared during the reign of Henry VIII, and the weights and purities of gold used in the full sovereign underwent some small changes during the 16th century. The end of the early British sovereign came in 1604 during the reign of James I. The sovereign was not minted again until over 200 years later when the modern British sovereign appeared.
The Modern British Sovereign
In 1817, the sovereign reemerged after a complete reorganization of the Royal Mint. The modern industrial age saw the development of powerful steam driven coin presses, allowing the coinage of the new sovereign. At the same time, the Royal Mint employed the Italian engraver Benedetto Pistrucci who was responsible for creating the enduring St. George slaying the dragon image that has been used on the reverse of the British sovereign for most of the modern issues. This image represented Britain’s defeat of Napoleon at Waterloo. Surrounding the image in the original issue are the Latin words meaning evil to him who evil thinks. The obverse of the 1817 coin features a bust of George III in the style of a Roman emperor.
As monarchs changed over the years, the design of the obverse featured a bust of the current ruling king or queen. In the 1820s St. George was replaced by a shield, harkening back to the design of the original sovereign’s reverse. Coin collectors generally call these “shield sovereigns.” With the advent of paper currency, one hundred years after its reintroduction, the sovereign ceased to be minted at the Royal Mint for a brief period of time. Although its production continued at branch mints located in Canada, India, Australia and South Africa, all sovereign coins eventually ceased being minted by 1932, with the exception of several issues of collector coins. Bullion coins were produced dated 1925 after WWII for the international gold markets and were not intended as currency.
The Role of the British Sovereign in World War II
Although no longer used as currency in England, the British sovereign was widely used throughout Europe during WWII as paper currencies devalued. The sovereign remained the standard of value during these desperate times. Survival kits for Allied pilots included British sovereigns, as these could be used easily during emergencies.
Bullion Sovereigns
Starting in 1957 and continuing until the present, with some temporary interruptions, the Royal Mint has issued British sovereigns as bullion coins. Special issues include the 1989 500-year anniversary of the British sovereign issue, the 2002 Golden Jubilee of Queen Elizabeth II, and the 2005 issue with a modern St. George design.
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