British Gold Coins

Gold coins have existed in Britain since Celtic times. It is likely that these coins were used to store wealth rather than being used in day to day trading.

Roman gold coins were part of the Roman currency system and would have been used for trading. There were several different currency systems in use at various times during the Roman occupation of Britain which are beyond the scope of this article.

With the withdrawal of the Roman forces in 410AD the minting of coinage in Britain stopped for well over a century. The first Saxon gold coins appeared from c600AD. The gold coinage of the saxons was gradually debased with silver and eventually ceased c675AD.

It was in 1344 during the reign of Edward III that gold coins were next seen in Britain, starting with the "Double Florin (6s/0d)", "Florin" and "Half Florin". The "Florins" were superceded in the same year by the "Noble (6s/8d)" and it's fractions.

The Noble continued for 120 years until it was replaced with the "Ryal" (10s/0d), However the Ryal did not suit the needs of professional men and so a new 6s/8d coin called the "Angel" was minted.

It was in the reign of Henry VII that the first sovereign was issued, valued at 20s (1). The Ryal was also reissued and the Angel also continued.

During the reign of Henry VIII the coinage was revalued and debased. This was a measure taken by the king to pay for his wars. The debasement continued until the reign of Mary.

The value of gold coinage changed often during the remaining years of hammered production.

It was during the reign of Charles II that hammered coinage was discontinued in favour of machine milled coins.

The first milled gold pieces were called "Guineas" One Guinea was valued at 20s. There were also coins for "Two Guineas" and "Five Guineas".

The value of the guinea fluctuated widely until it settled at 21s during the Hanoverian Period.

1816 marks the beginning of the reform to British coinage which set in place a standard system of token coinage which remained with very little alteration until decimalisation in 1971.

The reform included a move to new premises situated at Tower Hill in London, and the introduction of new steam powered machinery.

This reform marks the end of the Guinea and it's fractions and the introduction of the Sovereign in 1817 valued at 20s and the accompanying half sovereign. £5 and £2 pattern coins where also minted but niether coin was issued for circulation until the £2 coin of the following reign.

The sovereign continued in regular circulation until the introduction of banknotes in 1915. However, minting of sovereigns continued at the commonwealth mints for another 17 years, the last being minted in South Africa in 1932.

Although the introduction of banknotes ended the circulation of gold coins as currency in Britain, the existing sovereigns still circulated as gold bullion and for many was the prefered method of investing in gold as the purity and weight of the sovereign was and still is guaranteed by the royal mint.

Some proof gold coins were issued to commemorate the corination of George VI, but the story of the sovereign continues 20 years later than that.

In 1957 minting of the sovereign was restarted as a popular and convenient means of storing gold bullion.

The sovereign is still minted today although in much fewer numbers and aimed more at collectors than at bullion traders.