Britannia (Coin)
Also: Britannia gold, Britannia silver, Gold Britannia, Silver Britannia
The Britannia is a sovereign bullion coin of the Royal Mint (United Kingdom), available in gold and silver at a fineness of 999.9 and 999 respectively.
The Britannia ranks among the most important sovereign bullion coins in the world. It has been struck by the Royal Mint at Llantrisant in Wales since 1987 (gold) and 1997 (silver), and always bears the portrait of the reigning British monarch on the obverse. The name comes from the reverse figure "Britannia" - the allegorical personification of Britain - shown in varying designs with trident, shield and helmet.
History and development
The gold version appeared in 1987 as a response to the global success of the Krugerrand and the Maple Leaf. At first the fineness was 916.7 (22 carat) to make the coin more durable. From 2013 the gold standard was lifted to 999.9, bringing it into line with leading bullion coins such as the Maple Leaf and the Vienna Philharmonic. The silver Britannia followed in 1997 at a fineness of 999.
Since 2013 the gold coin has also carried a security feature: a microscopically fine line pattern (Trescan technology) that makes forgery considerably harder.
Available denominations
The Britannia comes in several weight classes:
| Weight | Fine weight (gold) | Face value (GBP) |
|---|---|---|
| 1 oz | 31.1035 g | GBP 100 |
| 1/2 oz | 15.5518 g | GBP 50 |
| 1/4 oz | 7.7759 g | GBP 25 |
| 1/10 oz | 3.1104 g | GBP 10 |
The silver Britannia is issued mainly as a 1-ounce coin (face value GBP 2); larger special formats (for example 5 oz, 1 kg) appear occasionally, alongside yearly proof editions.
Working out the melt value
You can find the current material value of a 1 oz gold Britannia with the formula:
Melt value = fine weight (oz) x gold price (EUR/oz) x fineness
= 1 oz x [gold price] x 0.9999
The live gold price and the full melt value calculator are available on this site.
Tax treatment in Ireland
- Gold Britannia (from 2013, 999.9): counts as investment gold and is exempt from VAT in Ireland (VAT Consolidation Act 2010, Schedule 1). A private individual's gain on sale is liable to Capital Gains Tax at 33 %, after the annual EUR 1,270 personal exemption, with no relief for the length of holding. This is not tax advice.
- Gold Britannia before 2013 (916.7): at 916.7 the older version still sits above the 900 minimum for investment-gold coins and is therefore also VAT-exempt. The same rules apply on resale as for the current 999.9 variant.
- Silver Britannia: carries the standard Irish VAT rate of 23 %. Dealers may, in some cases, apply the margin scheme.
Authenticity and quality checks
Because bullion coins are popular targets for counterfeiters, a layered check is wise:
- Weight and diameter measured against the specifications with the coin-weight checker and the coin-dimensions checker.
- Magnet test: gold and silver are non-magnetic - if the coin reacts to a magnet, be cautious.
- Ping test: a genuine silver Britannia gives a bright, long-ringing tone when tapped.
- Security feature: gold variants from 2013 show the Trescan line pattern under a loupe.
In a nutshell
The Britannia combines a state guarantee, top-tier purity and a minting history spanning more than 35 years. As a recognised bullion coin it is internationally liquid, VAT-exempt in Ireland (gold) and, thanks to modern security features, well protected against forgery. Keeping an eye on the current silver price also reveals the silver Britannia as a lower-cost route into physical precious metals.