Chances are that if you own coins, some of them are Gold Sovereigns. This widely popular British coin has been minted since 1817 and quickly became one of the most popular coins to store gold in, a status it enjoys until today.
In this article, we will answer the many questions a Gold Sovereign owner might have: how much is a Gold Sovereign worth? How much can I sell my Gold Sovereigns for? How to get the best price?
Okay, so let’s talk Gold Sovereigns. Nowadays, it is a massively popular bullion coin, but its history started several centuries ago, in 1489, when the Sovereign coin started to be minted under the reign of King Henry VII. It had a one pound sterling denomination, but ceased to be produced in 1603. The coin served as a template for the new Gold Sovereign coin, which has been minted from 1817 with the same denomination of one pound sterling. It was an insanely popular coin and, at the time, was a default currency for international trade, similarly to the US dollar nowadays. Although it ceased to be in circulation in 1914, it is still being minted a century later as bullion coins and pieces for collectors. It’s also still a legal tender in the United Kingdom, however, with a denomination of one pound and gold value of several hundred dollars, you might want to refrain from getting yourself a pint with a Gold Sovereign!
Given their long history, different Gold Sovereigns have different values. For example, the ones minted in the 16th century are worth more as collection pieces than as bullion. What is more, the Sovereigns minted from 1817 have been frequently produced in former British colonies, especially in Australia. It is estimated that around a billion of Gold Sovereigns have been minted, which makes them the most widespread bullion coin.
Sovereigns minted across the years share some common features. They all have a fineness of 0.9167 and have a picture of St. George killing the dragon on the reverse. The obverse depicts a monarch that ruled when the coin was made.
How to make the most out of your Gold Sovereigns
Gold Sovereigns are peculiar coins. Because they were initially used as normal circulation currency, their gold content is smaller than your typical gold bullion. These usually either weigh an ounce or contain an ounce of a precious metal, while a Sovereign weighs 0.2354 ounce. That means a typical Sovereign, by which we mean, a one minted recently as a bullion coin, should be worth anything between $290 and $490 dollars depending on the price of gold.
However, Sovereigns go further than just the bullion coin. Like we’ve said before, Sovereigns have had a very long history, which largely impacts their prices. The very first Sovereigns minted in the 16th century are highly sought after by collectors and can reach staggering prices of thousands or hundreds of dollars.
Similarly to these historic coins, the Sovereigns that have been minted from 1816 until 1914 are worth more as collection pieces than their metal content.
Rarity is a huge factor determining coin’s price. When it comes to commemorative editions of the Gold Sovereign, this is definitely the case. These special pieces are relatively low in numbers and, because of that, high in value. Same goes for pieces minted in former colonies of Britain, especially Australia. In this case, however, it is not a rare design that determines the price, but rather the place of origin.
If you’re simply looking for a gold investment in form of coins, the best decision would be to stock up newer Sovereigns. These have been minted purely as bullion and do not have any added value
How to find out what my Gold Sovereigns are worth?
Sovereign’s rich history is not necessarily something that makes it easy to determine what each and every single one of them might be worth. A huge variety of places of origin, designs and longevity of the currency are enough to give one a headache. However, in order to be able to make the most out of your Gold Sovereigns, you need to be aware of the factors that impact your coin’s price. While being good carriers of gold themselves, plenty of Sovereigns are worth more than their spot price. Not knowing the specifics of your coins is, therefore a waste of money on your side. Make sure that your sale is an educated one, as you risk losing hundreds of dollars!
Unless you’re a coin specialist, the best place to turn to is a either a professional coin grading service (we wrote about coin grading in detail here [HYPERLINK TO THE COIN GRADING ARTICLE] or a gold dealership that will help you price your pieces. If you’re looking for the latter, then you’re already at the right place! Spot4Coins offers a reliable and trustworthy bullion exchange service. Send your coins in a special envelope provided by us and we’ll send you back a check with our pricing. What sets us apart from similar businesses is that we always pay the spot price for your gold, which is the amount of money per ounce of precious metal without any additional charges. That means you’re getting the most out of your coins!
Alternatively, if you wish to conduct the research yourself, you might want to check out ‘Coins of England and the United Kingdom’, an yearly publication by Spink, an auction and sales company specializing in coins and stamps. If you’re unsure about their reliability, we’ll throw some facts at you. They’ve been in the business since 1666 and have a reputation of one of the most reliable and trustworthy companies of such sort in the world. The ‘Coins…’ guide is considered to be the most comprehensive source of knowledge on British coins. If you’re looking for a place to start, it’s with this book.
We operate in Europe as well!
We know sending coins can be anxiety-inducing. That’s why, for your convenience, Spot4Coins operates in the US, but also in Poland and Germany. Therefore, if you’re located in the United Kingdom or continental Europe, shipping your gold just became easier and quicker for you!