Side by side
| 1oz Britannia | Sovereign | |
|---|---|---|
| Fine gold | 31.1035 g, 1 troy oz | 7.3224 g, 0.2354 troy oz |
| Purity | 999.9, 24 carat | 916.7, 22 carat |
| Diameter | 32.69 mm | 22.05 mm |
| Face value | £100 | £1 |
| Introduced | 1987 | 1817 in modern form |
| Security features | Four, added in 2021 | Relies on recognition |
| Premium per gram | Lower | Higher |
| Capital Gains Tax | Exempt for UK residents | Exempt for UK residents |
| VAT | None | None |
Purity: 24 carat vs 22 carat
A Britannia is essentially pure gold. A sovereign is 22 carat, with copper added to make it tougher. Neither is better gold. The sovereign simply stands up to handling better, while the Britannia, being softer, rewards careful storage.
Security
Britannias struck since 2021 carry a latent image, micro text, tincture lines and surface animation, which makes them extremely difficult to fake. The sovereign has no modern security devices; its protection is that dealers know it intimately. Either way, buying from a reputable dealer is the real safeguard.
Cost and premiums
A one ounce Britannia carries a lower premium per gram, so it gives you more gold for your money. A sovereign costs far less in absolute terms, which makes it an easier first purchase, but you pay a little more for each gram of gold.
Selling
Both are easy to sell. The sovereign has one practical advantage: because each coin is smaller, you can sell part of a holding without breaking up a large coin. That flexibility is exactly why many people hold some of each.
Which suits you
| Choose the Britannia if | Choose the sovereign if |
|---|---|
| You want the most gold per pound | You want to buy a little at a time |
| You are buying a larger amount | You value British history |
| Security features reassure you | You want to sell in small pieces |
| You prefer 24 carat gold | You are buying a gift |
Read the full Britannia guide and Sovereign guide, or browse Britannias and sovereigns.
Questions people ask
Is a Britannia or sovereign better for investment?
Neither outright. The Britannia gives more gold per pound; the sovereign gives flexibility.
Are both Capital Gains Tax free?
Yes, for UK residents, because both are UK legal tender.
Why is the sovereign 22 carat?
The copper alloy makes it harder wearing, a legacy of its life as a circulating coin.
Can I hold both?
Many people do, using Britannias for efficiency and sovereigns for flexibility.
This guide is general information, not financial, investment or tax advice. The value of precious metals can go down as well as up.
