Sovereign Coin History

Early Sovereign Coins

The first gold sovereign coins were the original pound coins. First minted in 1489, King Henry VII ordered the one pound sterling coins to be put into circulation to help boost the economy after the English Civil War.

These original sovereigns were decorated on one side with an image of the King on his throne - leading them to become known as sovereigns. Their value was set at 240 pence (one pound sterling) and they were 23.75 carat (99%) gold.

Although sovereigns always had a fixed monetary value, this was sometimes varied by the King of the day. Changing economic circumstances and fluctuations in gold supply meant that the value of the sovereign was adjusted up and down several times over the following two centuries.

The sovereign remained a key unit of currency until 1604, when it was replaced by the Unite during the reign of James I.

The First Modern Sovereign Coins

Sovereign production didn't resume until 1816, when the Royal Mint acquired its first steam-powered coin presses and the coinage of England was overhauled.

The reverse of the new 1816 sovereigns featured a specially-commissioned design by Italian engraver Benedetto Pistrucci. Depicting St George slaying the dragon, this design was widely admired and has remained on the reverse of almost all the sovereign coins issued since that date - right up to today.

Sovereigns were produced continuously throughout the 19th century, with each monarch issuing a new design featuring their head. This means that collectors of 19th century sovereigns can choose from those minted during the reigns of George III, George IV, William IV and Queen Victoria.

Collectors of 20th century sovereigns, on the other hand, can look for sovereigns minted by Edward VII, George V and our current Queen, Elizabeth II.

While sovereigns made in the 19th and early 20th century were put into circulation and used to make purchases, this usage had virtually ceased by the early 1920s. The primary cause of this was the First World War. The government of the day needed gold bullion to fund the war - so it ceased producing gold coins and replaced them with paper bank notes which had the same monetary value but cost much less to produce.

Buying Sovereign Coins

Post-1816 sovereign coins offer an attractive combination of historical interest and affordability and are quite readily available, unlike sovereigns from 1489-1604. These early sovereigns are all extremely rare and routinely sell for thousands of pounds, putting them beyond the reach of most collectors.

Regular production of gold sovereigns stopped in 1979, but the coins remain in production today in yearly collectors' editions. The sovereign market is extremely buoyant and sovereigns have become popular both with collectors and with people seeking a special gift, such as a christening present.

The internet auction site eBay always has a good selection of sovereigns from the last two centuries for sale, and you can see a wide selection of coins currently available on eBay by choosing from the different categories listed down the left-hand side of this page.