Ultimate Guide to Britannia Coins: Everything You Need to Know
12/05/2024Daniel Fisher
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Britannia coins have become the go-to choice for UK precious metals investors over the past few decades. Despite being a relatively recent coin, launching in 1987, the symbolism of the character behind its name and design is steeped in history and heritage. From the shores of ancient Rome to the modern-day minting presses, Britannia has graced countless coins, embodying the spirit of Britain herself.
We delve into the details behind the Royal Mint’s Britannia coins, unravelling their significance, exploring their designs, and assessing their appeal for investors and collectors. We contemplate how UK Britannias have grown to brush shoulders with other well-established bullion coins, and how they compare to their precious metals peers.
Britannia coins are the official 1oz bullion coin of the United Kingdom, minted by the Royal Mint. Predominantly manufactured in gold and silver, a smaller quantity is also minted in platinum. On a reduced scale, they’re also produced in different denominations, and finishes, mainly catering to the investment community, but also popular with some collectors.
They feature the iconic image of Britannia, a symbol of British national identity and strength, depicted in various artistic renditions. With a rich history dating back to Roman times, Britannia coins hold significant cultural and historical value, making them prized possessions for many.
The origins of Britannia coins trace back to ancient Rome, where Britannia was first depicted on coins during the Roman Emperor Hadrian in AD119. Over the centuries, Britannia’s representation evolved, becoming a symbol of British identity and strength. She has appeared on many coins including every penny issued from 1797 up until decimalisation and all 50p coins issued before 2008. Over the years the image of Britannia has changed with more of an emphasis being placed on her maritime links (She is often referred to as the Queen of the Seas) and images of her brandishing a spear have been replaced by those portraying her with a trident.
In 1987, The Royal Mint introduced the modern Britannia coin as a 1oz gold bullion coin, featuring contemporary designs of Britannia on the reverse and Queen Elizabeth II on the obverse. This major new precious metal launch came as a belated to response to the immense success of the 1oz South African Krugerrand which had dominated the market for a full two decades prior. After the 80s saw significant growth in the global bullion market, the Royal Mint introduced Britannia coins to their bullion portfolio.
Britannia coins are renowned for their intricate designs and rich symbolism, with Britannia herself serving as the central figure. Since their launch in 1987, the depiction of Britannia has undergone several updates, reflecting the evolving spirit of the British Isles.
Traditionally, Britannia has been illustrated as a goddess since the 2nd century, embodying the strength and resilience of the British Isles in female form. This celebration of female strength has been the cornerstone of the design varieties seen on Britannia coins.
For instance, the 1997 version, known as the “Charioteer,” portrays Britannia riding a two-horse chariot, reminiscent of the famous female warrior queen Boudicca. This depiction pays homage to the historical legends of Britain and emphasizes Britannia’s role as a symbol of national strength and unity.
In 2001, Britannia’s design took on a new interpretation with “Una & the Lion,” inspired by Queen Victoria’s famous Una & the Lion design. This rendition symbolizes the enduring power and sovereignty of the British monarchy, while also nodding to Britain’s rich artistic and literary heritage.
These examples highlight how the depiction of Britannia on the Royal Mint coins has evolved over time, reflecting both historical traditions and contemporary interpretations of British identity and strength.
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Although first launched in 1987 only as a gold coin, the Britannia has since spread its wings to become a popular silver bullion coin and is also minted in platinum in limited numbers. While the 1oz coin is the flagship denomination, launched to compete directly with coins such as the Canadian Maple Leaf and South African Krugerrand, it was also available from the outset in smaller fractional gold versions.
Gold Britannia coins offer a range of denominations suitable for different investment and collecting goals. These include 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz options. Launched in 1987, they provide investors and collectors with a diverse selection to fit their needs and budget. Due to playing catch up with other major global mints, the gold Britannia was available in 4 sizes from the start.
A full 10 years after the initial gold version launched, the silver Britannia coin was introduced in 1997. The silver retail investment market has lagged that of gold, which explains Royal Mint’s delayed entrance to the market. It also rationalizes why the Britannia silver bullion coin has only been available as a 1oz coin for a majority of its existence.
Only recently, in December 2023, the Royal Mint launched 1/10 oz and 1/4 oz versions to cater to a niche market seeking smaller value silver tokens. This expansion of options allows for greater flexibility in silver investments and collecting. In particular, the small coins appeal to those concerned about the possible demise of the fiat monetary system and seek modest valued silver coins in case of a return to a bartering system.
Platinum Britannia coins, introduced in 2018, come in just the standard 1 oz coin and the far smaller 1/10 oz. Despite being less common than gold and silver denominations, platinum Britannias offer a unique opportunity for investors and collectors seeking to further diversify their portfolios with an alternative precious metal.
Special edition Britannia coins add an extra layer of excitement to any collection. These coins are released periodically to celebrate significant events, relationships, or collaborations. The commemorative editions add another layer of collectability to the standard periodic update of the standard Britannia design. Each coin features unique themes and limited mintage, making them highly sought after by collectors. A couple of stand-out examples are;
The Oriental Border Britannia was first struck in 2018. This coin features a unique design inspired by the Chinese-themed rooms within Buckingham Palace and Brighton’s Royal Pavilion.
The intricate oriental border adds an elegant and exotic touch to the classic Britannia design. The Asian focus further cements the appeal of the Britannia coin to the lucrative Far-Eastern market.
The 2024 Britannia & Liberty collaboration with the US Mint marks a significant milestone in numismatic history. This special edition Britannia coin celebrates the enduring friendship between Britain and the United States.
The collaborative design showcases iconic symbols of liberty and unity, making it a prized addition to any collection. This coin represents another smart move by the Royal Mint to stimulate the vast US market, who already love coins reflecting British heritage.
In a further ode to the desirable Asian precious metals sector, the silver 1oz Britannia was also produced in a limited mintage version, celebrating the Chinese zodiac. Starting in 2013, the special edition Britannia featured a tiny snake privy mark on the coins reverse edge.
This was followed in 2014 by the year of the horse, then 2015’s ram, 2016’s monkey, 2017’s rooster, 2018’s dog, 2019’s pig, and finally the year of the rat in 2020. The series was discontinued at this point.
In addition to the three precious metals and family of sizes the Britannia is minted in, the type of coin finish also varies. In line with other major mints, the Royal Mint produces Britannia coins as proof coins, brilliant uncirculated (BU), and bullion versions to suit various preferences and purposes.
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The family of Britannia coins boasts a wide range of sizes, weights, face values, and purities. Originally launched in 1987 to compete directly with the gold Krugerrand, the 1oz Britannia consisted of 22-karat gold on launch, mirroring the approach taken by the established Krugerrand. It contained one troy ounce of pure gold, but then additional copper alloy (1987-1989) and then silver alloy (1990-2012) to improve the coin’s integrity.
Similarly, the silver Britannia launched a decade later with 22-karat silver, but both gold and silver versions switched to using 24-karat precious metals from 2013 onwards. This decision aligned with the mint’s desire to appeal to the 24-karat bias of the Asian demographic, while making a statement to the global market of technical excellence.
Britannia coins are assigned a face value by The Royal Mint, which represents the legal tender value of each Britannia coin. However, it’s essential to note that the face value is not assigned to represent the coin’s intrinsic or market value, which will be far higher. However, simply featuring a face value of any amount provides a great benefit to UK Britannia coin investors. Any British coin featuring a face value doesn’t incur any Capital Gains Tax (CGT) if sold at a profit. This is hugely appealing for investors seeking a tax-efficient precious metal purchase.
The various denomination of Britannia coins corresponds to their weight and metal content. For example, a 1 oz gold Britannia featured the highest face value (£100) of any of Royal Mint’s bullion coins, while the far smaller 1/10 oz gold Britannia possesses a face value of just £10. Platinum Britannias share the same face value to their gold counterparts, while silver Britannias have far lower values, reflecting the huge intrinsic worth difference.
The appeal of precious metals coins such as the Britannia depends greatly on their consistent quality finish, trusted authenticity, and detail of craftsmanship. The Royal Mint’s historic reputation for producing coins which meet all these criteria is carried through to the Britannia coins.
Britannia coin edges are reeded, a technique originally introduced by mints to protect gold coins from having tiny fragments chipped away by greedy individuals. The detail of each Britannia design and effigy is unparalleled, with the Royal Mint utilising world-renowned designers and strict quality checks.
In 2021, the Britannia coin reinforced its reputation as a cutting-edge coin, when 4 unique hi-tech security features were added to all Britannias.
The four features created with Royal Mint’s cutting-edge lasers are;
A micro detailed wave background to the Britannia image on the back of the coin. Now Britannia really does rule the waves, as the background waves seem to move when the coin is angled.
Another first-time feature is a small circular image on the coin’s reverse. At first glance, the image is of the familiar naval trident, but when the coin is pivoted, the trident evolves into a padlock. Clearly, the Mint want to be direct by boasting of the coin’s new security features!
An additional inner ring sits within the coins main reverse text. This ultra-fine detail includes the words ‘DECUS ET TUTAMEN‘, which means ‘An ornament and a safeguard’
More laser work is displayed on Britannia’s shield, which now boasts additional line detailing, depicting pattern and colour.
This all adds up to not only the most secure gold coin in history but also the most visually impressive and stunning coin on the market.
Mintage figures can reflect the demand for a particular type of Britannia coin, or that the Royal Mint has limited the mintage number to create a limited issue coin.
The Royal Mint are far less open about exact mintage figures when compared to other major global mints, making it difficult to achieve an accurate visibility of numbers.
However, there a few rules of thumb. Bullion Britannias are produced in far greater numbers than proof and BU versions. This reflects the size of the target audience, combined with the increased quantity purchased by an investor compared to a collector. Similarly, its common for the standard 1oz Britannia to be the most popular, so fractional iterations tend to be minted in smaller quantities to avoid wastage.
The coin’s life stage can also impact the number of Britannias minted. For example, when silver Britannias first launched, mintage figures were low with annual figured hovering between 40,000 and 80,000. However, as the silver bullion market became more established, annual silver Britannia mintage numbers rose above 100,000 units. The number of Silver Britannias made also demonstrates how the marco-economic climate can also impact mintage figures. As political and economic instability grew after the 2008 financial crisis, demand for precious metals as a safe haven grew exponentially. This led to annual mintage numbers growing to several million.
Special edition Britannia coins often have limited mintage figures, making them highly sought after by collectors. Key dates, such as anniversary editions or coins featuring unique designs, may have lower mintage figures, increasing their rarity and value over time. This acts as a deliberate ploy to create scarcity and stimulate appeal.
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Undoubtedly the Britannia coin is best-known as an investment coin. However, several elements contribute towards a growing appeal to collectors. The Royal Mint know that the two buyer sectors overlap and can influence each other. With that knowledge, they’ve made some shrewd choices to create a degree of rarity and encourage a global collector’s market.
While the bullion ranges now tend to come with unlimited mintage to cater for the fluctuating investor market, the Royal Mint limit the issue on proof versions and special editions. A restricted amount of supply will always appeal to the collectors’ market as it creates a feeling of scarcity and exclusivity. An example is with the 2019 Silver Britannia Year of the pig privy mark. These coins are essentially unavailable as the entire mintage was bought by a US pension company for the long term.
Some major bullion coins maintain the same classic design, such as the Krugerrand whose Springbok reverse hasn’t been altered since its 1967 inception. While this provides consistency, varying the design creates an element of collectability to the coins. The representation Britannia herself has periodically been completely revamped on the rear of the coins.
The most direct attempt at appealing as a collectable coin comes in the form of the various special edition Britannias. Their rarity and uniqueness are created by various factors including limited mintage, unique design elements, commemorative reference, one-off releases, upgraded finishes, enhanced packaging, and even unique coin sizes.
Some, but not all of the special edition Britannias are;
Coronation of King Charles III
30th Anniversary Edition
Reverse Proof
The main purpose of the Britannia is as a bullion investment coin. The desire for the Royal Mint to offer its own flagship 1oz bullion coin was the catalyst for the gold Britannia’s launch, and the following silver 1oz issue. Britannia coins are a great precious metals investment for a number of reasons;
As mass-produced bullion coins, the gold and silver Britannias can be bought at low premiums. The 1oz coins can be obtained for a lower cost per gram than smaller options such as Sovereign coins making them especially appealing for investments of more than £5,000. If you’re able to buy pre-owned 1oz Britannias, then even lower prices can be achieved.
The intrinsic value of Britannia coins is tied to the metal content, making them a tangible and reliable store of value. Care should be taken before purchasing fractional gold and silver Britannias, as premiums can rise significantly.
Profit is only realised upon disposal of your asset, so the ease and speed with which you can sell Britannias is crucial when investing. Gold and silver Britannias are highly liquid coins, enabling a sale within the day. Their widespread recognition means that prices can be easily compared and sale can be quick to capitalise on gold price spikes.
Their superb liquidity is down to a number of factors. As bullion coins, they appeal to the widest buyer market, enabling a quick and competitive sale. Selling rare coins is far more niche and can take longer.
The reputation of the Royal Mint is unparalleled, so potential buyers are comforted in the knowledge that Britannias are well-known and expertly crafted. In addition to their strong UK demand, Royal Mint coins are particularly popular in the US and Asian markets.
With Britannias being launched more recently than many competing bullion coins, there are actually far fewer coins available in the second-hand market. Britannia holders predominantly buy and hold for the long term, restricting secondary supply, but boosting your price when you choose to sell.
Platinum Britannias and smaller Britannia coins could be deemed as slightly less liquid, more due to the platinum and fractional markets being more niche, rather than anything Britannia-specific.
It could also be argued that Britannia coins are slightly less renowned in certain regions than others. European markets tend to obsess over the Krugerrand, while buyers in the US may prefer American Eagles. However, the global markets as a whole, especially in the UK, completely embrace Britannia coins, so selling never feels restrictive.
Royal Mint’s reputation is well earnt. Founded in the year 884 AD, they’ve had plenty of time to hone their minting skills. Britannia coin quality, finishes, and detailing is second-to-none, so the coins hold their integrity and value well.
The four cutting edge security features introduced in 2021 not only make the Britannias unique and desirable, but it prevents counterfeit coins and ensures authenticity. The trustworthiness and provenance of any physical investment is crucial to realising the best profits.
Britannia coins offer significant investment potential for individuals with different budgets seeking to diversify their portfolios with precious metals. These coins are minted in gold, silver, and platinum, and in a choice of sizes, providing investors with a range of options to suit their investment goals and risk tolerance.
For UK investors, all varieties of Britannia coin are free from Capital Gains Tax (CGT). Due to their legal tender status, any profits made on Britannias are tax-exempt. This loophole has proved to be a huge benefit, proving a massive catalyst for both gold and silver Britannias as an investment.
The value of Britannia coins depends on factors such as metal content, rarity, condition, and collector demand. Standard 1oz Britannia coins can generally be sold at a 2-4% discount to the spot price. Rarer Britannias and graded coins may fetch higher.
Britannia gold coins have been minted with a purity of 99.99% since 2013, making them among the purest gold bullion coins globally. This upgrade from the previous 916.7 fineness enhances their appeal to collectors and investors seeking high-quality and internationally recognized gold coins.
Gold Britannia coins offer a stable investment option due to their intrinsic value and historical significance. They are VAT and CGT free, making them attractive for investors. With gold’s reputation as a safe haven asset, Britannia coins provide a tangible hedge against economic uncertainty and inflation, making them a valuable addition to any investment portfolio.
Britannia coins may appear cheaper due to factors such as lower premiums and production costs compared to other bullion coins. Additionally, fluctuations in precious metal prices and market demand can influence pricing. Despite their affordability, Britannia coins maintain their value and appeal to collectors and investors seeking high-quality bullion options.
Live Gold Spot Price in Sterling. Gold is one of the densest of all metals. It is a good conductor of heat and electricity. It is also soft and the most malleable and ductile of the elements; an ounce (31.1 grams; gold is weighed in troy ounces) can be beaten out to 187 square feet (about 17 square metres) in extremely thin sheets called gold leaf.
Live Silver Spot Price in Sterling. Silver (Ag), chemical element, a white lustrous metal valued for its decorative beauty and electrical conductivity. Silver is located in Group 11 (Ib) and Period 5 of the periodic table, between copper (Period 4) and gold (Period 6), and its physical and chemical properties are intermediate between those two metals.