While gold sovereigns are somewhat of a novelty and, to many, something worth holding on to, unless you’re a collector of rare coins, you’ll benefit most from selling them on. This is an ideal way to raise some additional funds with little to no effort at all. The value of precious metal, including gold, tends to change on a regular basis, so, therefore, the price of gold sovereigns to sell will change with it.
In this post, we’ll highlight a few things you need to know about selling gold sovereigns and the financial return you can expect to gain by doing so.
British Gold Sovereigns were initially made of 23-carat gold, but, during the reign of King Henry VIII, the purity of the coin was reduced to 22-carat gold. This alloy is known as crown gold, which consists of 22 parts gold and two parts copper. Over the course of history, the British Gold Sovereign’s weight has gradually lowered, until 1816, when the Great Re-coinage Law set the weight at precisely 113 grains.
Gold Sovereigns continued to be struck for circulation until 1925. These days, sovereigns are bought by collectors or anyone looking to make some quick cash for gold. It’s worth noting that there are fake gold sovereigns out there, so it’s always a good idea to seek the help of an expert to ensure that what you have is the real thing.
When it comes to selling gold, silver and other precious metals — whether in the form of jewellery, coins, or even scrap — the two most important factors to consider are the weight of the item and the current value of that metal. The weight of a full Gold Sovereign is 7.98 grams and the current value of gold is around £26 per gram. By multiplying the two, you will be able to establish how much money you can make. At the time of writing, you can sell your Sovereign for just over £210 — not bad for a coin with a face value of one pound!
You should also keep in mind that the age and condition of your coin(s) will impact the price you get. If you’ve taken particularly good care of your older coins, you could be set to make a serious profit.
Gold sovereigns are somewhat of a niche item, so it’s not something that every dealer with be interested in buying. Because of this, your best bet is to sell online to a precious metals expert as, not only will they be able to provide an accurate coin valuation, but they’ll also base their quote on the value of its gold content, rather than its value in the eyes of a collector, which is less reliable and may not be an accurate reflection of what you’ll actually receive.
Here at Post My Gold, our experts will be able to quickly and efficiently establish how much your gold sovereigns are worth and give you a market-leading price. While you may assume that selling on online marketplaces is an easier option, you’ll find that the competitiveness alone will make it difficult to get a financial return you’re satisfied with.
If you want to sell platinum, silver or cash for gold, don’t hesitate to get in touch with our team today. Our experts are happy to answer any questions you might have and we’ll give you a fair, competitive quote within 24 hours of your enquiry. All you have to do to get started is request your FREE Gold Pack.