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Gold Sovereign is a gold coin that was issued in 1489 for Henry of England. The Gold Sovereign is still in production today. The gold sovereign had a nominal value of one pound sterling, the coin was officially a piece of the bullion that had no mark of value on the coin.
The name "sovereign" derives from the enormous and impressive size and portraiture of the coin, in which showed the king's face and sitting on a throne. The back of the sovereign showed the Royal Coat of Arms on a shield by a Tudor double rose.
The original sovereigns were made of 23 carat gold and came in with a weight of 240 grains or also known as one half a troy ounce. The coins' purity was then reduced by Henry VIII to 22 carats, which now remains to be the gold coin standard in both England and the U.S
Half sovereigns, two pound dobule sovereigns and five pound quintuple sovereign coins were also made by Royal Mint. In 2009, The Royal Mint released a new coin, the quarter-sovereign. Unites, Laurels and guineas replaced the sovereigns after 1604. In 1817, the production of the sovereigns began again, which showcased a portrait of Saint George killing a dragon, which was engraved by Benedetto Pistrucci. British gold sovereigns still has this design today.
The removal of half sovereigns and worn sovereigns was a practice done by the Bank of England and to have them recoined. Coins were melted down into gold bars when sent to the U.S. when used as international payments between governments. This was due to the Federal regulations.
A lifespan of up to 15 years of a sovereign coin in circulations was estimated before it fell down to the least current weight. If a sovereign weighs 122.5 grams or more in England, it is considered legal tender. Only 1% of all gold sovereigns that were minted have been reported to be in collectible condition.
Large quantities of sovereigns were produced until the war of World World I. This is when the UK came off the gold standard. The only production of sovereigns were produced at Melbourne, Sydney, Perth, Bombay, Ottawa and Pretoria until 1932. Production resumed in 1957, which was to prevent the coin to be counterfeited in Italy and Syria.
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