By Rocco Clayfield, founder of GoldPaid (GOLDPAID LTD) · Published · updated
The metal value: what every sovereign is worth
A full modern British sovereign weighs 7.988 g gross, struck in 22-carat gold (fineness 916.7). That gives 7.322 g of fine gold per coin. That fine-gold content is the metal every sovereign carries, whatever the year on the reverse, minted from 1817 to today, and its metal value tracks the live gold market. How much gold is in a sovereign sets out the weights for full sovereigns.
Everything else, the "premium" over melt, comes from three separate things: the year, the mint mark, and the grade. A common-date sovereign in worn condition trades a few per cent above metal because dealers pay a small premium for a recognised bullion coin over a scrap ingot. A scarce date in sharp uncirculated condition is a numismatic object, priced on rarity, and belongs at auction rather than a scrap buyer.
Not sure how any of this applies to your own items? Send us photos on WhatsApp, and we will help you, call 07944 014111 (8am to 9pm, 7 days a week). We can arrange postage after we have spoken. Nothing is posted until you decide, your parcel is tracked and signed for, the written offer follows the XRF assay, the return is free if you decline, and we aim to pay by Faster Payments within one working hour of your acceptance.
The design history in one paragraph
Sovereigns from 1817 onward almost all carry the Benedetto Pistrucci Saint George and dragon reverse, the design that defines the coin. The exception is the George IV, William IV and early Victorian young-head "shield" sovereigns (1825–1874), which carry a shield of arms on the reverse in place of Saint George; from 1871 the Saint George design became standard on the full sovereign, and the 1887 Jubilee sovereign itself carried Saint George (the 1887 shield reverse survives on the jubilee half sovereign only). Obverses change with each monarch: George III (1817–1820), George IV (1821–1830), William IV (1831–1837), Victoria in three portraits (young head, jubilee head, old veiled head), Edward VII (1902–1910), George V (1911–1932), George VI (proof only, 1937), Elizabeth II (1957–2022), Charles III (2023 onward).
Typical premium bands by era
These are honest ranges for common-date coins in average circulated condition. Rare mint marks and uncirculated grades sit well above these bands and should not be sold on this table alone.
| Era | Monarch | Typical band (common dates, circulated) | Notes |
|---|---|---|---|
| 1817–1820 | George III | 20–60 % over melt | Short series, all reasonably scarce. |
| 1821–1830 | George IV | 15–50 % over melt | Bare-head and laureate-head issues; scarcer than late Victorian. |
| 1831–1837 | William IV | 30–80 % over melt | Low mintage across the reign; most dates worth a specialist opinion. |
| 1838–1874 | Victoria young head, shield reverse | 10–40 % over melt | Common dates near-melt; rare mint marks and low-mintage years worth much more. |
| 1871–1885 | Victoria young head, Saint George reverse | 5–20 % over melt | Common London and branch-mint dates near-melt for the era. |
| 1887–1892 | Victoria jubilee head | 5–25 % over melt | Common. Look at the mint mark before deciding. |
| 1893–1901 | Victoria old veiled head | 0–15 % over melt | Very common; London mint dates typically at or near melt. |
| 1902–1910 | Edward VII | 0–15 % over melt | Some of the highest surviving mintages in the series; near-melt for common London dates. |
| 1911–1917 | George V pre-WWI | 5–20 % over melt | Common London dates near-melt; branch-mint dates variable. |
| 1918–1932 | George V post-WWI | 0–15 % over melt on common London dates | Common London dates carry a thin premium and are ordinary bullion. Branch-mint dates (Ottawa, Perth, Melbourne, Sydney, Pretoria, Bombay) and the 1917 UK-strike gap are the exceptions worth a specialist opinion, so check the mint mark before you send. |
| 1937 | George VI | PROOF ONLY, SPECIALIST | No circulation sovereigns struck; only 4-coin proof sets. Never send to scrap. |
| 1957–1982 | Elizabeth II bullion (first two portraits) | 0–10 % over melt | The workhorse modern bullion sovereign. Near-melt for common dates. |
| 1983–2022 | Elizabeth II (later portraits) | 0–15 % over melt | Proofs carry premium; bullion strikes near-melt. |
| 2023 onward | Charles III | 5–20 % over melt | Too early to price with confidence; current issues near-melt. |
Mint marks: the letter that changes everything
From 1871 onward, sovereigns were struck at branch mints across the British Empire. A small letter on the reverse, usually above the date, on the ground line below Saint George, identifies the mint. London-struck sovereigns carry no letter. The others are:
- S, Sydney, Australia. 1871–1926. Mostly common; some early dates scarce.
- M, Melbourne, Australia. 1872–1931. Mostly common; late dates variable.
- P, Perth, Australia. 1899–1931. Common; small handful of scarce dates.
- I, Bombay (Mumbai), India. Struck only in 1918. More than a million were struck, so a worn example usually trades near melt; a sharp one is worth a dealer’s view.
- C, Ottawa, Canada. 1908–1919. Low mintages; the 1916 C is one of the rarest sovereigns in the series and can command a very large multiple of melt.
- SA, Pretoria, South Africa. 1923–1932. Common for the era; some low-mintage dates.
The years to be careful with
Rather than list every rare date (which changes as auction results move), these are the year-groups that most often surprise people:
- Any William IV (1831–1837). Short reign, low mintages, always worth an opinion.
- Any C mint mark (Ottawa). All years are scarce; 1916 C is exceptional.
- 1918 I (Bombay). The only year of Indian issue; worth a dealer’s view in sharp condition.
- 1917 London strike. Almost none struck for UK circulation during WWI; UK-dated 1917s exist but are scarce, and the branch mints continued.
- Any 1937. George VI proof-only. If you have one, it is a set piece.
- Anything unusually sharp, mirror-field or in an original case. Proof strikes look glassier than bullion strikes and always carry premium.
When we buy sovereigns and when we don’t
GoldPaid buys sovereigns. For common-date circulated coins from Victoria, Edward VII, George V post-WWI and Elizabeth II bullion issues the numismatic premium is thin, but a bullion dealer may still pay close to or above melt, so compare a dealer’s figure with GoldPaid’s written offer. For scarce dates, mint marks or high-grade examples, a specialist is the better first stop.
The specialist route worth knowing about:
- Baldwin’s of St James’s (London), long-established numismatic auction house.
- Spink & Son (London), the standard reference publisher for British coins as well as an auctioneer.
- The Royal Mint Historic Coin service, buys and sells graded historic UK coins direct.
- A local BNTA-member dealer, the British Numismatic Trade Association lists reputable dealers by region.
For scrap and bullion decisions the practical route is on sell gold coins. For the mechanics of how any postal parcel is priced see how we value gold.
A word on condition
A sharply struck uncirculated sovereign, full detail on Saint George’s spear, on the horse’s mane, on the reins, and mirror-clean fields, is a different object to a well-worn coin of the same year, even if the metal content is identical. Numismatists grade on a formal scale (Poor, Fair, Good, VG, Fine, VF, EF, aUnc, Unc, FDC). Anything from EF (Extremely Fine) upward should be assessed as a coin before being weighed as metal.
Selling the sovereign: the two routes
For loose full and half sovereigns, our page for coins is sell sovereign coins. For a sovereign already set into a ring, sell sovereign rings covers how the coin and the mount are XRF-tested and set out on the same written offer.