What is a soverign equal to?

GoldCoinLover

I bought a 1913 gold soverign , and its a beautiful coin. I'm thinking that I want some of the older soverigns too.

What I really can't find out anywhere what a soverign really is. What is it equal to? Is 1 soverign equal to quite a bit? a gold coin that is 1 soverign, is that alot of money in british terms? Just 1 soverign, just being one doesn't seem like alot of money. Did(do) british make gold coins with legal tender value? (Like in US gold coins, in dollars, 20$, etc, legal tender)

Thanks for the help as I'm curious to see what a soverign is really equivilent too. Can you still spend soverigns in britian?

wybrit

One sovereign = £1 (1 pound) or 240 old pennies.

Obviously, I wouldn't be spending them today.

Aethelred

It is 20 Shillings.

tbirde56

British denominations list.

Donovan

In it's day, it was equal to $4.80 US dollars.

XpipedreamR

And that was when a dollar was worth something.

SYRACUSIAN

It was obviously worth its gold content. That would be close to the value of a US $5 gold of the time.British gold coins do not have the denominations written on them.I guess people were supposed to know what they were.

Duncan

2 Halves

GoldCoinLover

<< <i>It was obviously worth its gold content. That would be close to the value of a US $5 gold of the time.British gold coins do not have the denominations written on them.I guess people were supposed to know what they were. >>



Where these gold soverigns legal tender? (Could you use them to buy stuff?) Were they in british change in the time? Or were they only made for collectors?

trozau

Not sure but I believe they circulated up to the late 1920's. The last circulating 5 Pound gold coins were minted in 1902.

Issues for George VI were proof only for collectors and the issues for Elizabeth II are both proof and BU for collectors and as bullion.

Darkhorse

Sovereigns circulated all over the world and were produced at various British Empire mints around the globe from India to South Africa to Australia to Canada. I doubt they were used a lot in everyday transactions as a pound back then was equal to over $100 in today's money adjusted for inflation.

Many of them were deposited in banks which is why it's easy to find them in great condition.

SYRACUSIAN

One more thing about them: not only they have been used in (large) everyday transactions at their time, but continued to be the world's most popular circulating gold coin until 30-40 years ago. When Europe was hit by hyperinflation after WW2, and the local banknotes were worthless, people used the hoarded gold sovereigns for their transactions, regardless of dates and condition of course.What mattered was their authenticity (the genuines were stamped by brokers) and their weight (in case they were too worn). Take into consideration that the gold standard was dropped and therefore the (official) circulation of gold coins was illegal.

Here's what a gold sovereign was worth in Greece in various years:

(in drachmas)

1914 : 25.13
1920 : 26.47
1925 :220.56
1929 :375.00
1939 :961.50
1943 :144,800.00
1944 (January): 2,126,500.00
1944 (November): 70,800,000,000,000.00
1944 (December): 2,828.00
1950 : 226,472.00
1954 (April): 313,325.00
1954 (economic reform- May): 316.43
1960 :285.63
1970 :290.90

(edit: the drachma was linked to the US dollar from 1954 to 1974 at a fixed rate of 30 drs per USD)

SYRACUSIAN

<< <i>Where these gold soverigns legal tender? (Could you use them to buy stuff?) Were they in british change in the time? Or were they only made for collectors? >>



And to answer the initial question, yes they were of course legal tender (= 20 silver British shillings = 240 pennies), and my guess would be that one gold sovereign should've been equivalent to the weekly income of an average worker at the time (early 20th century).Definetely not change, but used in large transactions, especially property and land.
I'm actually living in a house, that was built on land bought with gold sovereigns.