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The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy ounces (113.0 gr; 7.32 g) of pure gold.Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery.
The new coin was struck in response to a large influx of gold into Europe from West Africa in the 1480s, and Henry at first called it the double ryal, but soon changed the name to sovereign. [2] Too great in value to have any practical use in circulation, the original sovereign probably served as a presentation piece to be given to dignitaries. [3]
Gold; "double sovereign". Two guineas or double guinea: originally 40/-, later 42/-originally £2, later £2.10: 1664–1753. Originally known as a "forty-shilling piece"; value changed to forty-two shillings after the Proclamation of 1717 finally settled the value of a guinea. Fifty shillings: 50/-£2.50: 1656. Triple unite: 60/-£3: 1642 ...
In 1970, South Africa produced 995 tonnes or 32 million ounces of gold, two-thirds of the world's production of 47.5 million ounces. [2] Production figures are for primary mine production. In the US , for example, for the year 2011, secondary sources (new and old scrap) exceeded primary production.
Under the new Deputy Master, R. R. Kahan, 1,294,372 Sovereigns were struck at the branch mint in Bombay, distinguished from other Sovereigns by the inclusion of a small ‘I’ mint mark for India. The Bombay branch of the Royal Mint ceased operations with the minting of the last sovereign, on 22 April 1919. [3]
Bullion coins are government-minted, legal tender coins made of precious metals, such as gold, palladium, platinum, rhodium, and silver. They are kept as a store of value or an investment rather than used in day-to-day commerce. [1]
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Gold passed from circulation in the aftermath of the First World War. Beginning in 1979, the Royal Mint began to sell sovereigns to those wishing to own gold coins, by the following year selling four different denominations, ranging from the half sovereign to the five-pound gold coin. In 2009, a quarter sovereign was introduced as an extension ...