UPDATE: The Royal Mint has confirmed there are no plans to move to 0.9999 fineness gold for the Sovereign, so, as the late, great Detective Lieutenant Frank Drebin of Police Squad once said, “Move along, nothing to see here…” 😉

Earlier this month, we covered the launch of the Royal Mint’s uber-iconic Sovereign coin for 2025. It’s an absolute classic of the numismatic world, but we don’t always report on the annual release because, to be honest, it’s usually a yawn-fest, offering little change over the year before. This year is different, with, not only the debut of a proof silver variant for the first time, but the news that after many years, the gold versions will be moving to yellow gold from the red it is now.

You’d think that wouldn’t be a controversial change, but some, particularly YouTuber Backyard Bullion (BB), are less than pleased with what that change may entail, and in some regards, you can see his point. For those unaware, the current Sovereign has always been minted using Crown Gold (like the Krugerrand and the American Gold Eagle), that is gold with a fineness of 91.67%, also known as 22kt. That practice for British coinage dates back to 1544, when noted, but fickle, ladies man, King Henry VIII, introduced a policy of debasement, basically reducing the purity of gold and silver.

Even today, it’s a legal requirement under the 1971 Coinage Act that the Sovereign be produced using 91.67% fineness. We did note in our post, that the mint had not said this would continue to be the case next year, so BB asked, and in the reply was the line “Under the Coinage Act 1971, the Sovereign must be made of 22-carat gold (916.66%) purity. However, we are undergoing strict testing processes for next year’s offering and will confirm further details in due course”. Does this mean a change to 0.999, and does it matter?

For some, particularly stackers, the change may well be welcome, especially by those in countries whose definition of precious metal gold is tied to tax laws, like in Canada, where it doesn’t qualify as a ‘financial instrument’ unless its purity is 99.5% or above. Many won’t care, of course, as long as the coin is the same diameter, and has the same gold content as before, but what of the collector of numismatics? Here, BB has a point.

The Royal Mint has marketed the Sovereign almost entirely using its extensive, centuries long history, and its elevated place in numismatics as a result. The change from 91.67% to 99.99% will mean subtle changes to that, especially to the overall weight, and as a consequence, the thickness. The current coin tips the scales at 7.99 grams, 8.63% of which is copper (yellow gold is alloyed with silver instead), giving the gold that distinctive reddish hue. That means 7.32 grams is pure gold. At 99.99 purity, the coin will just weigh that 7.32 grams, and the thickness will shrink as a result (more than the weight drop, because copper is less dense than gold).

Again, does that matter? For some, yes. This isn’t an everyday coin, it’s the 200+ year-old Sovereign, and change is divisive. By comparison, the Krugerrand debuted in 1967, and the Gold Eagle in 1986. The Sovereign has always been 22kt gold, and we don’t think it’s too much to ask that this continues to be the case, as the Sovereign has a unique place in modern numismatics.