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Common Customer Questions About Gold Sovereign Coins and our Expert Answers

Over the years we are regularly asked questions about sovereign gold coins. So, we decided to provide these handy FAQs with answers, which hopefully will provide you with all the answers you will need!

1)    Is it best to buy old or new Sovereigns

Please read our dedicated answer to this question at https://www.physicalgold.com/insights/is-it-best-to-buy-old-or-new-sovereigns/.

New sovereigns like the 2018 gold sovereign are a great investment
New sovereigns like the 2018 gold sovereign are a great investment

2)    What are gold Sovereign bonds (SGB)

SGBs are an alternative to holding physical gold. Paper bonds denominated in gold grams are issued by The Reserve Bank of India and offer a fixed maturity date whereby the investor receives back an amount based on the underlying gold price.

3)    What are gold Sovereign coins

We have written a detailed answer to this question. Please visit https://www.physicalgold.com/insights/what-are-gold-sovereign-coins/ for a detailed explanation.

4)    How much are gold Sovereign coins worth

We have provided a separate answer to this question, which can be viewed at https://www.physicalgold.com/insights/how-much-are-gold-sovereign-coins-worth/.

5)    How heavy is a gold sovereign

The total weight of a gold Sovereign is 7.98 grams or 0.2566 ounces. However, the gold content of the coin is only 7.32g, with the remainder consisting of copper and silver alloys to toughen the coin. Care should be taken not to mistake the Full Sovereign with the smaller Half Sovereign which weighs 3.99g.

6)    How to clean gold Sovereigns

The best way to clean dirty gold Sovereign coins is in a mix of warm water and liquid soap. Let the coins soak for 15 minutes before carefully wiping dry with a cloth. Boiling water from a kettle can be added into the bowl for stubborn grime. Avoid using a brush or strong chemicals.

7)    How to sell gold Sovereign coins

For our detailed reply to this question, visit https://www.physicalgold.com/insights/how-to-sell-gold-sovereign-coins/.

8)    How much are gold Sovereign rings worth

The main value will come from the Sovereign itself. If the coin is in good condition and features a previous monarch, it will be worth more than an Elizabeth Head coin. The value of the coin itself is £200 – £300 depending on age and condition. The ring is likely to be lower purity so will only add a marginal value of 10-15%.

9)    Why buy gold Sovereigns

10 commandmentsVisit https://www.physicalgold.com/insights/why-buy-gold-sovereigns to read a detailed answer to this question about buying gold sovereigns.

 

10) What is a gold Sovereign worth in Sterling

The value will depend on its condition and age. Brand new coins are worth around £240 each while Young Head Victoria coins are worth over £300 due to their age and rarity. Selling privately on an individual basis may yield higher prices if you can find a keen buyer. If selling in bulk, a gold dealer is best.

11) What carat is a gold Sovereign

Gold Sovereigns are 22 carat purity, the same they’ve been for over 200 years. This works out around 916/1000 parts gold. The other two carats are a mix of copper and silver alloy. The exact mix can vary from year to year. This alloy mix ensures the coins are more resilient to scratched than 24 carat coins.

12) Which gold Sovereign coin is the most valuable

Click https://www.physicalgold.com/insights/which-gold-sovereign-coin-is-the-most-valuable-2 for a detailed answer to this topic.

13) Which gold Sovereign should investors buy

We have answered this question through a separate blog article, access this by clicking https://www.physicalgold.com/insights/which-gold-sovereign-should-investors-buy.

14) Where can owners sell gold Sovereign coins

The best overall place to sell gold Sovereigns is to a specialist gold dealer who will pay you based on the sell-on value rather than just a melt value. A BNTA accredited dealer is a must if you consider trust to be a selling consideration. Selling privately is an option for rarer Sovereigns as collectors may pay a premium.

15) How do I found out where to buy gold Sovereign coins

Click https://www.physicalgold.com/insights/how-do-i-find-out-where-to-buy-gold-sovereign-coins for a comprehensive answer to this question.

Gold sovereigns can be bought in proof sets, these are published each year
Gold sovereigns can be bought in proof sets, these are published each year

16) Can you melt gold Sovereigns

Under the 1971 UK Coinage Act, it’s illegal to melt down any UK coin with a face value. Which covers Sovereigns. More importantly, melting a Sovereign will devalue the gold, which is worth more minted as a Sovereign due to its tax efficiency as legal tender and recognisable trading format.

17) Can you spend a gold Sovereign

Yes! Gold Sovereigns have a face value of £1, which means shopkeepers would have to accept it as legal tender. But with the gold content alone, pushing the value above £200, it would be foolish to use a Sovereign to buy goods.

18) One gold Sovereign is how many grams

The total weight of a newly minted Sovereign is 7.98 grams. The old content itself weighs 7.32g, with the remainder consisting of a copper and silver alloy. Coins may weigh slightly less as they become older and wear on the face and edges.

19) Is a gold Sovereign legal tender

Click https://www.physicalgold.com/insights/is-a-gold-sovereign-legal-tender to read a separate article, which answers this question.

You could spend a gold sovereign if you wanted to, but with a value of only £1 it would be unwise
You could spend a gold sovereign if you wanted to, but with a value of only £1 it would be unwise

20) Gold Sovereigns or Britannias – which are the best to buy

Read our comprehensive article about gold sovereigns and gold britannias to this question at – https://www.physicalgold.com/insights/gold-sovereigns-or-britannias-which-are-the-best-to-buy.

21) Gold Sovereigns or Krugerrands – which are the best to buy

Read our detailed article here – https://www.physicalgold.com/insights/gold-sovereigns-or-krugerrands-which-are-the-best-to-buy, which answers this question.

22) How much gold is there in a gold Sovereign vs a Half Sovereign

Click https://www.physicalgold.com/insights/how-much-gold-is-there-in-a-gold-sovereign-vs-a-half-sovereign for a detailed answer to this topic.

23) What is the difference between a sovereign and a half sovereign

We have provided a detailed response to this question at this link – https://www.physicalgold.com/insights/what-is-the-difference-between-a-gold-sovereign-and-a-half-sovereign/.

Talk to our experts before buying or selling gold sovereign coins

We always love to hear from customers, new and old and are always here to answer questions about all precious metal topics including ones about gold sovereign coins. Why not call Physical Gold Limited now on 020 7060 9992 or complete our contact form. We look forward to hearing from you soon!


DANIEL FISHER

Daniel Fisher formed physical Gold in 2008, after working in the financial industry for 20 years. He spent much of that time working within the new issue fixed income business at a top tier US bank. In this role, he traded a large book of fixed income securities, raised capital for some of the largest government, financial, and corporate institutions in the world and advised the leading global institutional investors. Daniel is CeFA registered and is a member of the Institute of Financial Planning.

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