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The half sovereign, proclaimed legal tender on 10 October 1817, [24] became the smallest gold coin in regular use. [19] The first issues of the half sovereign, depicting the bust of George III (r. 1760–1820), were issued dated 1817, 1818 and 1820, with none dated 1819, a year in which few sovereigns were struck. [25]
The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy ounces (113.0 gr; 7.32 g) of pure gold.Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery.
The first sovereigns were of 23-carat (95.83%) gold and weighed 240 grains, or half a troy ounce. King Henry VIII lessened the gold content to 22 carats, or 91.67%. Although this was part of what is called The Great Debasement, 22 carats became the gold coin standard in both the British Isles and later the United States, known as crown gold.
English: Provided by Noble Numismatics Pty Ltd. REVERSE GEORGE III, new coinage, half sovereign, 1817. Nearly uncirculated. Nearly uncirculated. English: This coin is listed in the Standard Catalogue of British Coins under the ID 3786.
The Royal Mint realised there was a market for sovereign coins, and began to sell them to collectors at well over face or bullion value. [41] Beginning in 1980, five-pound gold coins were sold every year, except 1983, sometimes in a four-piece proof set with the half sovereign, sovereign and double sovereign, and sometimes sold individually.
The Old Head coinage obverse (1893 double sovereign shown). The Old Head coinage or Veiled Head coinage were British coins struck and dated between 1893 and 1901, which featured on the obverse a portrait by Thomas Brock of an aged Queen Victoria wearing a diadem partially hidden by a widow's veil.
Such problems were less acute with the sovereign, for which demand continued high as a world-wide trade coin, whereas the half sovereign tended to remain in Britain. In 1884, the Gladstone government proposed to reduce the amount of gold in the half sovereign by a tenth, rendering it a token coin, but the change was abandoned. [10]
In 2020, an Edward VIII sovereign sold at auction for £1 million, the most for a British coin. [3] On 26 March 2021, a five pound gold coin sold at auction for $2,280,000, surpassing the previous record.
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