Is the British Pound the same as a British Sovereign?

Answer 1

Way back in the medieval times, the Pound was a value without a coin. It came about because 240 silver Pennies of the period, weighed One Pound and was a means by which Accountants and bookkeepers could refer to 240 Pence.

In the last few hundred years, the Pound was occasionally issued as a coin or a banknote. From about 1914, the One Pound note was regularly issued by the HM Treasury and later by the Bank of England until 1983. In 1983 the One Pound note was replaced by a nickel-brass One Pound coin.

After an absence of a few hundred years, from 1817 the Sovereign was reintroduced into the British currency as a gold coin of fixed size and weight and had a face value of One Pound (or 20 Shillings or 240 old pence). It replaced the One Guinea coin.

When the gold standard was abandoned, the Sovereign became much more valuable, because of the gold, than its face value of One Pound. Coins had become token values rather than being tied to the value of the precious metals they were made from.

At Britain's changeover to decimal currency, One Pound became the equivalent of 100 New Pence. The Pound is a coin that you might take to the shops to make a purchase.

The modern Sovereign is now a gold bullion coin, still with a face value of One Pound, that is usually worth well over One Hundred Pounds on the day it is issued, due to its gold content. Do not take a Sovereign to the shops to make a purchase.

The Pound and the Sovereign were more or less the same thing once, but not any longer.

Answer 2

The British gold Sovereign coin was reintroduced into the British currency in 1817, it had a face value of 20 Shillings or One Pound.

When Britain came off the "gold standard" in about 1915, the Sovereign still had a "face value" of One Pound, but its actual value was determined by the current price of gold, which became progressively many times greater.

At around this time, the first regularly produced One Pound notes were printed by H.M. Treasury.

These days, the Royal Mint produces a nickel-brass One Pound coin (of 100 Pence) for general circulation. The Royal Mint also still produces 22 carat gold Sovereign coins that still have a face value of One Pound, but are worth many times more than One Pound and are produced as a collector or investment coin.

nickel-brass One Pound coin

Answer 3

No. The modern Sovereign was first issued in 1817 as a circulating coin with a face value of One Pound (20 Shillings). It was made from 22 carat gold, a standard that has been maintained to this day.

When Britain came off the "gold standard" in around 1914 due to the spiralling price of gold, the Sovereign as a lump of metal, had become worth significantly more than its face value of One Pound.

The place of the Sovereign in Britain's currency was effectively taken by a One Pound note issued by H.M. Treasury.

The modern One Pound coin was first issued in 1983 to replace the One Pound note which, due to increased handling and a subsequently reduced life expectancy in circulation, had become relatively expensive to produce.

The modern One Pound coin is made from a nickel-brass alloy, is relatively cheap to produce and has a life expectancy in circulation of 40 to 50 years.

The Royal Mint stills produces the Sovereign range of coins, but they are now collector or investor coins available for sale each year at a price reflecting their gold content.