The gold coin in the United Kingdom that features a one pound sterling nominal value is called the gold sovereign. The sovereign currently serves mainly as bullion. It was named for the gold English sovereign whose minting ended in 1604. Between 1817 and 1917, then in 1925, and from 1957 to present, sovereigns have been minted by the UK. Experts estimate that just one percent of gold sovereigns minted remain in collectable condition for those who buy gold coins.
Since 1817, British sovereigns have contained 91.67 percent 22-carat gold. The actual gold content is 7.3224 grams, which is equivalent to 0.2354 troy ounce. When one of these coins is in used or well-worn condition, the size and weight may be slightly under the manufactured specifications. Sovereigns weigh 7.9881 grams, are 1.52 millimeters thick, and have a diameter of 22.05 millimeters.
Initially, the crown and shield were the reverse design, supplemented by a heraldic wreath. Later designs were commissioned during reigns of Victoria, Elizabeth II, William IV, and George IV. The design that followed the original is currently in use today. It depicts Saint George slaying a dragon. The reigning monarch, or sovereign, is displayed on the front face.
During the Victorian era, the Bank of England removed worn sovereigns from circulation and had them recoined. Approximately one billion of these coins have been minted but this includes gold content that has been recoined multiple times. When some sovereigns were shipped to the U.S. to make international payments, they were melted down to create gold bars due to then-current Federal regulations.
Between 1982 and 1999, only proof coinage versions of gold sovereigns were produced. Since 2000, bullion versions have been minted at the Royal Mint in Wales in a precious metal unit that is sealed from other areas of the facility. Pricing of gold sovereigns is based on the spot price of gold plus a per-coin premium.
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