The Sovereign gets its name from the coin that was minted in 1489 under the reign of Henry VII. Sovereigns continued to be minted for almost every monarch until James I. These coins were made with 22 karat gold and had a 22.05mm diameter. However, minting started only in 1817 for the present day versions of these well known British gold coins. Unlike many other coins, the British Sovereigns do not have any currency value. These gold Sovereigns continue to be some of the most aesthetically appealing gold coins and also some of the most famous in the world today.
The obverse of the Sovereign gold coin has always depicted the reigning monarch at the time of the issue. Modern coins carry the portrait of Queen Elizabeth II and the inscription “Elizabeth II Dei Gra Regina Fid Def”. The reverse of the Sovereign gold coin has carried a depiction of St George slaying the dragon for over 200 years now. Before that, these coins came engraved with the heraldic shield of the reigning monarch on the reverse. The dimensions of the UK gold sovereign have remained unchanged since the early 1800’s.
Gold Content in the Sovereign Gold Coin
The composition of the Sovereign gold coin is 11 parts gold alloyed with 1 part copper. This alloy is commonly known as Crown Gold. Each coin has about 92% gold so that when you buy UK gold Sovereign coins you get 0.2354 troy ounces of gold in each. The half Sovereign contains half this gold content.
In 1887, about 1.25% silver was added to some early Sovereigns minted in London. This addition was done to make the blanks more malleable so that the Joseph Boehm effigy of Queen Victoria could be reproduced on them. These coins may have a slightly yellowish tinge when compared with the other British Gold Sovereigns minted in other centers and even those minted at London during other years. However, the gold content of these coins remains unchanged since the silver was used as substitute for copper in the alloy. Hence, this does not affect the coin’s precious metal value or its collectible value in any way.
Unique Sovereign Gold Coins
Both investors and collectors may buy Sovereign gold coins as these coins are excellent stores of value and do enjoy a good market as collectibles as well. If you wish to buy UK gold coins that make excellent collector’s items then there are a few special Sovereigns that you can invest in.
New sovereigns were not minted for circulation for some years until 1957 but these coins were included in the George VI proof set (1937) minted especially for collectors. It was much later in 1979 that the practice of minting proof sets year after year was finally established. These earlier Proofs make excellent collectibles and investments. The 1989 500th Anniversary commemorative set is also a good buy if you want your British gold coin to have value as a collectible. Another special coin is the 2002 series Sovereign which bears the design of the shield in place of the St George and dragon depiction that all modern coins carry.
Some other rare British gold sovereigns include the first modern Sovereign minted in 1817, older ones from the George II, George IV and William IV series and the Queen Victoria Sovereign from 1841. In 1917, the London mint stopped production of Sovereigns. The few coins that were minted in this year are also valuable collectibles.
Buying at Low Premiums
Bulk purchases come with the best prices when you purchase British gold Sovereigns. Since these come with original packaging it is also easy to store them in pristine condition for years. Proof sets usually come in special packaging that may also be used as display cases but the premium on such sets is usually quite high. To keep premiums low it is best to buy UK gold coins in packs of 10. However, for small investors this maybe far too much of an investment to make at one go. In such case, it is advisable to comparison shop for prices of single gold sovereigns with different bullion dealers. There is a differential in prices between dealers as some may be willing to lower premiums and thus offer the coins at a more affordable price.
Make sure that the dealer you choose is a well established one who enjoys an excellent reputation for dealing in high grade coins. It is a good idea to check if the dealer is authorized by the Numismatic Guarantee Corporation or the American Numismatic Association. These are the most reliable grading services in the U.S.