Gold Sovereign

The specification, and why it never changes

The Royal Mint holds the Sovereign at 22 carat — the standard Henry VIII introduced in 1526 — while its own Britannia is struck at 999.9. The alloy is deliberate: 22 carat gold is harder than fine gold and survives handling, which is what a circulating coin needed.

The Royal Mint does not publish thickness for these coins, and lists "Sovereign" rather than a pound figure in the denomination field on its 2026 product pages — which is why no face value column appears above. It states the standard as 916.67 and rounds it to 916.7 on some pages.

Capital gains tax in the UK

HMRC's Capital Gains Manual states the position directly at CG78305: Sovereigns minted in 1837 and later, and Britannia gold coins, are currency and are exempt under section 21(1)(b) of the Taxation of Chargeable Gains Act 1992. The same manual entry names the Krugerrand as a chargeable asset, because it is not sterling.

That is a statement of the law as HMRC publishes it, not tax advice, and it applies to UK taxpayers. Anything struck before 1837 falls outside the wording, as does every non-Royal-Mint coin and every gold bar regardless of producer.

The design

The reverse is Benedetto Pistrucci's St George and the dragon, first struck in 1817 and reinstated in 1871. The obverse carries the reigning monarch; the 2026 coins use the Charles III effigy by Martin Jennings, unveiled on 30 September 2022 and — following tradition — facing left, the opposite direction to Elizabeth II.

Bullion Sovereigns were struck from 1979, suspended after 1982 and resumed in 2000. The 2026 issue returns to a yellow gold alloy, marking 500 years since the 22 carat standard was set.

What is in this category

Full Sovereigns and Half Sovereigns, current and older years, including mixed-year lots. Older Sovereigns hold the same 7.32 g of gold as new ones; what varies is the monarch, the mint mark and the condition, not the metal.

Prices follow the gold market — see the gold price page — plus a premium that on Sovereigns is typically higher than on a one-ounce coin, because the fabrication cost is spread over less than a quarter of an ounce.

Questions buyers ask

How much gold is in a Sovereign?

7.32 g, or 0.235 of a troy ounce. The coin itself weighs 7.98 g — the difference is the copper in the 22 carat alloy.

Are all Sovereigns 22 carat?

Yes. The Royal Mint has held the Sovereign at 916.67 fineness throughout, unlike the Britannia, which moved from 916.7 to 999.9 in 2013.

Is a Sovereign free of capital gains tax?

For UK taxpayers, yes. HMRC's Capital Gains Manual at CG78305 treats Sovereigns minted in 1837 and later as sterling currency, exempt under TCGA 1992 section 21(1)(b). Coins struck before 1837 are not covered by that wording.

What is on the coin?

Benedetto Pistrucci's St George and the dragon on the reverse, first struck in 1817. The obverse carries the reigning monarch — on 2026 coins the Charles III effigy by Martin Jennings.

Are older Sovereigns worth the same as new ones?

By metal content, yes — the specification has not changed. Price differences between years come from condition and collector demand, not from gold content.

Do you buy Sovereigns back?

Yes, quoted against the current gold price. Mixed-year Sovereigns are the most liquid format in this category. See the buyback page.

Other gold coin series

Krugerrand · Britannia · Maple Leaf · American Eagle · Vienna Philharmonic · Australian Kangaroo · Chinese Panda · 1 oz gold coins · historic coins

All series are listed together on the gold coins page. For the same metal without a face value, see gold bars.