The sovereign is a gold coin of the United Kingdom, with a nominal value of one pound sterling. Struck from 1817 until the present time, it was originally a circulating coin accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery. In most recent years, it has borne the well-known design of Saint George and the Dragon on the reverse; the initials (B P) of the designer, Benedetto Pistrucci, are visible to the right of the date.
The coin was named after the English gold sovereign, last minted about 1603, and originated as part of the Great Recoinage of 1816. Many in Parliament believed a one-pound coin should be issued rather than the 21-shilling (1.05 pounds) guinea struck until that time. The Master of the Mint, William Wellesley Pole, had Pistrucci design the new coin, and his depiction was also used for other gold coins. Originally, the coin was unpopular as the public preferred the convenience of banknotes, but paper currency of value £1 was soon limited by law. With that competition gone, the sovereign not only became a popular circulating coin, but was used in international trade and in foreign lands, trusted as a coin containing a known quantity of gold.
The British government promoted the use of the sovereign as an aid to international trade, and the Royal Mint took steps to see that lightweight gold coins were withdrawn from circulation. From the 1850s until 1932, the sovereign was also struck at colonial mints, initially in Australia, and later in Canada, South Africa and India—they have been struck again in India since 2013 (in addition to the production in Britain by the Royal Mint) for the local market. The sovereigns issued in Australia initially carried a unique local design, but by 1887, all new sovereigns bore Pistrucci's George and Dragon design. Strikings there were so large that by 1900, about 40 per cent of the sovereigns in Britain had been minted in Australia.
With the start of the First World War in 1914, the sovereign vanished from circulation in Britain, replaced by paper money, and it did not return after the war, though issues at colonial mints continued until 1932. The coin was still used in the Middle East, and demand rose in the 1950s, which the Royal Mint eventually responded to by striking new sovereigns in 1957. It has been struck since then both as a bullion coin and, beginning in 1979, for collectors. Though the sovereign is no longer in circulation, it is still legal tender in the United Kingdom. (Full article...)
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Today's Featured Article December 22
The Maryland Tercentenary half dollar was a commemorative fifty-cent piece issued by the United States Bureau of the Mint in 1934. It depicts Cecil Calvert, 2nd Baron Baltimore, on the obverse (pictured) and the coat of arms of Maryland on the reverse. The Maryland Tercentenary Commission sought a coin in honor of the 300th anniversary of the arrival of English settlers in Maryland. The state's senators introduced legislation, and it passed both houses of Congress with no opposition. A design had already been prepared by Professor Hans Schuler; it passed review by the Commission of Fine Arts, though there was controversy over whether Lord Baltimore, a Cavalier and Catholic, would have worn a collar typical of Puritans. The Commission sold about 15,000 of the full issue of 25,000 for $1 each, and thereafter discounted the price for large sales to dealers and speculators. The coins have increased in value over time, and are now valued in the low hundreds of dollars. (Full article...)
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