Britannia Silver (958)
Also: 958 silver, Britannia standard, 958 standard
Britannia silver is a silver alloy of 958 fineness (95.8 %), introduced in England in 1697 as a higher standard alongside sterling silver (925).
Britannia silver is a silver alloy with a legally defined minimum fineness of 958 (95.8 % pure silver). The remaining fraction of up to 42 thousandths is usually copper, which improves mechanical strength. At this level Britannia silver sits well above the ubiquitous sterling silver (925) and ranks as one of the purest silver standards for coins and silverware.
Historical background
The standard was introduced by the British state in 1697 to curb a rife abuse of the time: silver coins were being clipped on a large scale and their metal used to make silverware. By raising the alloy standard for silver goods to 958 - higher than the coinage standard of 925 - the aim was to make the melting-down of coins economically pointless. The standard takes its name from the allegorical figure Britannia, who personifies the United Kingdom.
From 1697 to 1720 Britannia silver was the compulsory British standard for silverware; since then sterling has returned as the main British standard for silverware, while Britannia silver has remained an approved, higher-grade alternative.
Britannia silver today: coins and bars
Since 1997 the Royal Mint has struck the well-known Britannia silver coin every year - but this has a fineness of 999, not 958. The Britannia silver standard (958) applies to silverware and cutlery, not to the modern bullion coins. The 1 oz version of the coin is the best-known denomination; it also comes in 1/2 oz, 1/4 oz and 1/10 oz.
| Fineness | Standard | Typical use |
|---|---|---|
| 999 | Fine silver | Bars, Britannia coin (Royal Mint) |
| 958 | Britannia silver | Silverware, cutlery (UK hallmark) |
| 925 | Sterling silver | Jewellery, cutlery, coins |
| 835 | 835 silver | Older German cutlery |
| 800 | 800 silver | Older central-European silver |
You can work out the current silver price and the resulting material value of your Britannia pieces with the melt value calculator or the silver calculator.
Calculating the fine weight
A fineness of 958 feeds straight into the melt-value calculation:
Fine weight (g) = gross weight (g) x 0.958
Material value = fine weight (g) x silver price (EUR/g)
A 100 g piece of Britannia-quality silverware therefore holds 95.8 g of fine silver. (Note: the modern 1 oz Britannia coin from the Royal Mint has a fineness of 999, not 958.)
Tax note
In Ireland the purchase of silver coins and bars - unlike investment gold, which is VAT-exempt - is subject to the standard VAT rate of 23 %. Dealers may, under certain conditions, apply the margin scheme, which can lower the effective rate borne by the buyer. When a private individual sells silver at a gain, that gain is liable to Capital Gains Tax at 33 %, after the annual EUR 1,270 exemption; there is no relief for how long the metal was held, in contrast to Germany's one-year rule. This is not tax advice.
In a nutshell
Britannia silver (958) is a British silver standard recognised since 1697, with a higher fineness than sterling silver (925). It marks chiefly silverware and cutlery of British manufacture. Take care: the modern Britannia silver coin from the Royal Mint (since 1997) has a fineness of 999 - it bears the Britannia name but does not correspond to the 958 alloy standard.