The British gold Sovereign bears a long legacy, first minted under order of King Henry VII in 1489. Today it remains a popular store of wealth as well as a physical testimony to the duration of the British empire.
A Tudor Currency
Though England had been circulating gold coins for nearly 150 years, in 1489 King Henry VII ordered the creation of a new gold coin, this one larger in both weight and size. It featured a detailed image of the king in his full regalia on one side and the royal coat of arms ensconced in a double rose symbolizing the union of York and Lancaster after the War of the Roses. This noble coinage also bore a regal name: the Sovereign.
This coin served as much as a propaganda piece as currency, and its distribution marked messages of stability and prestige, securing the Crown’s legacy. Coins were often the only time a commoner saw the face of their liege, serving as miniature portraits that every person could potentially own.
The coins were minted throughout the Tudor monarchy, with the production ending early in the reign of King James I, who ruled from 1567 to 1603.
Slaying the French — and the Dragon
The Sovereign was not minted again until after French emperor Napoleon was defeated by the British in 1815. Gold was adopted as the “sole Standard Measure of Value,” in what became known as the Great Recoinage.
The prevalent gold coin, the gold guinea, was replaced by the new gold Sovereign. This version of the Sovereign was half the weight and diameter of the original, and the reverse was updated to include an image of St. George slaying a dragon, a story originating during the Crusades. (This image was replaced again in 1825 with the coat of arms, but restored to the reverse in 1871.)
One of the distinctions of the Sovereign was its consistency: each coin was made of 22-carat gold and weighed precisely 7.9880 g (0.235420 troy ounces) — with accuracy to four places required by law.
As the British empire expanded to include Scotland, Ireland, Wales, India, Canada, South Africa and Australia, the Sovereign followed, making Britain the first country to adopt the gold standard. The coin was so popular, it was used even in countries not under British rule, such as Brazil.
Halted by War
When World War I struck, the British government appealed directly to the people in order to fund the war effort, asking that citizens “Turn your silver into bullets!” and declaring “The British Sovereign will win!” The coin went out of circulation and was replaced by a bank note.
After the war, the Sovereign fell out of typical circulation and became a predominantly bullion coin. Minting did not begin again until 1957, when demand for the gold coin spiked.
Continuing the Legacy
The 1989 gold Sovereign featured a redesign in honor of the 500th anniversary of the original Sovereign. The double-rose coat of arms returned, and Queen Elizabeth was shown on her throne with her royal accoutrements, rather than in profile as we are now accustomed.
In 2012, the gold Sovereign yet again received an update, with a one-year exclusive design to celebrate Queen Elizabeth II’s Diamond Jubilee. This design included a new portrait of the monarch as well as a new modernized depiction of St. George and the dragon.
The coin remains in demand, even as global finances shift. When Greece was mired in the financial crisis, Greek citizens sought out the gold Sovereign as a trusted store of wealth. Despite a modernized and machine-controlled production process, the coins are still annually analyzed for correct weight, composition, and dimensions.
In an article written by the British publication Express, a former curator of the Royal Mint Museum, Graham Dyer, said: “Coins have something to say about a nation – what it is and what it has been. And what The Sovereign says is, ‘This is quality, this is the best.’”
It certainly is a stunning bullion piece, with potent legacy, for gold collectors.
Do you collect Sovereigns? What do you like about them?
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