When did the Sovereign become worth more than its face value?

Answer 1

Many countries around the world embraced the "gold standard" during the 19th century to fix the price of gold internationally as most currencies were based on the price of gold and silver.

World War 1 placed a terrible strain on the economies of the warring countries due to the cost of funding their respective war efforts.

Britain ceased producing gold coins during the later half of WW1, and for some years afterwards, although other countries such as Australia, Canada and South Africa, continued to produce British Sovereign coinage at their own respective mints.

Britain finally abandoned the "gold standard" in 1931 as a result of the "Great Depression".

Once the price of gold had been "floated" as a result of moving off the "gold standard", the Sovereign was no longer worth One Pound, but whatever its weight in gold was at that time, usually considerably more than One Pound.