Britannia (Coin)
Also: Britannia Gold, Britannia Silver, Gold Britannia, Silver Britannia
The Britannia is an official bullion coin of the Royal Mint (United Kingdom), available in gold and silver with a fineness of 999.9 ‰ and 999 ‰ respectively.
The Britannia is one of the world's most significant official bullion coins. It has been struck since 1987 (gold) and 1997 (silver) by the Royal Mint in Llantrisant, Wales, and always bears the portrait of the British monarch on the obverse. The coin takes its name from the reverse figure "Britannia" — the allegorical personification of Great Britain — depicted in various designs with trident, shield, and helmet.
History and Development
The gold variant appeared in 1987 as a response to the worldwide success of the Krugerrand and the Maple Leaf. Initially the fineness was 916.7 ‰ (22 karat) to make the coin more robust. From 2013, the gold standard was raised to 999.9 ‰, bringing it to the level of leading bullion coins such as the Maple Leaf and the Vienna Philharmonic. The Silver Britannia followed in 1997 with a fineness of 999 ‰.
Since 2013, the gold coin also features a security element: an ultra-fine line pattern (Trescan technology) that makes counterfeiting significantly more difficult.
Available Denominations
The Britannia is available in several weight categories:
| Weight | Fine Weight (Gold) | Face Value (GBP) |
|---|---|---|
| 1 oz | 31.1035 g | £100 |
| 1/2 oz | 15.5518 g | £50 |
| 1/4 oz | 7.7759 g | £25 |
| 1/10 oz | 3.1104 g | £10 |
The Silver Britannia is issued primarily as a 1-ounce coin (face value £2); larger special formats occasionally appear (e.g. 5 oz, 1 kg) as well as annually changing proof editions in Proof quality.
Calculating the Melt Value
The current material value of a 1 oz Gold Britannia can be determined using the formula:
Melt Value = Fine Weight (oz) × Gold Price (€/oz) × Fineness
= 1 oz × [Gold Price] × 0.9999
The daily gold price and the full melt value calculator are available directly on this site.
Tax Classification in Germany
- Gold Britannia (from 2013, 999.9 ‰): Qualifies as investment gold and is exempt from VAT on purchase in Germany (§ 25c UStG). Gains from sale are not subject to income tax after a holding period of one year (§ 23 EStG). Note: this is not tax or investment advice.
- Gold Britannia pre-2013 (916.7 ‰): With a fineness of 916.7 ‰, the older variant also exceeds the statutory minimum of 900 ‰ for investment gold coins and is therefore likewise VAT-exempt. The same rules apply on resale as for the current 999.9 ‰ variant.
- Silver Britannia: Subject to the full VAT rate of 19%. Dealers may in certain circumstances apply the margin scheme.
Authenticity and Quality Testing
As bullion coins are popular targets for counterfeiters, a multi-stage inspection is recommended:
- Weight and diameter: Compare against target values using the coin weight checker and coin dimensions checker.
- Magnet test: Gold and silver are non-magnetic — if the coin reacts to a magnet, caution is advised.
- Ping test: A genuine Silver Britannia produces a bright, long-ringing tone when tapped.
- Security feature: Gold variants from 2013 onwards show the Trescan stripe pattern under a loupe.
In Brief
The Britannia combines state guarantee, highest purity, and a minting history spanning over 35 years. As a recognised bullion coin, it is internationally liquid, VAT-exempt in Germany (gold), and well protected against counterfeiting thanks to modern security features. Those keeping an eye on the current silver price will also find the Silver Britannia a cost-effective way to enter physical precious metals.