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!
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Please read our dedicated answer to this question at https://www.physicalgold.com/insights/is-it-best-to-buy-old-or-new-sovereigns/.
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.
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.
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/.
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.
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.
For our detailed reply to this question, visit https://www.physicalgold.com/insights/how-to-sell-gold-sovereign-coins/.
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%.
Visit https://www.physicalgold.com/insights/why-buy-gold-sovereigns to read a detailed answer to this question about buying gold sovereigns.
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.
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.
Click https://www.physicalgold.com/insights/which-gold-sovereign-coin-is-the-most-valuable-2 for a detailed answer to this topic.
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.
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.
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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.
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.
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.
Click https://www.physicalgold.com/insights/is-a-gold-sovereign-legal-tender to read a separate article, which answers this question.
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.
Read our detailed article here – https://www.physicalgold.com/insights/gold-sovereigns-or-krugerrands-which-are-the-best-to-buy, which answers this question.
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.
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/.
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 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.