Britannia (Coin)
Also: Britannia Gold, Britannia Silver, Gold Britannia, Silver Britannia
The Britannia is a state 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 most significant state bullion coins in the world. 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. It takes its name from the reverse figure "Britannia" — the allegorical personification of Great Britain — depicted in various designs with a trident, shield, and helmet.
History and Development
The gold version appeared in 1987 as a response to the worldwide success of the Krugerrand and the Maple Leaf. Initially the fineness was 916.7 ‰ (22 carat) to make the coin more robust. From 2013, the gold standard was raised to 999.9 ‰, bringing it in line with leading bullion coins such as the Maple Leaf or the Vienna Philharmonic. The silver Britannia followed in 1997 with a fineness of 999 ‰.
Since 2013, the gold coin has also incorporated a security feature: a microscopically fine line pattern (Trescan technology) that makes counterfeiting considerably more difficult.
Available Denominations
The Britannia is available in several weight classes:
| 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 (e.g. 5 oz, 1 kg) as well as annually changing proof editions in proof finish also occasionally appear.
Calculating the Melt Value
You can determine the current material value of a 1 oz gold Britannia using the formula:
Melt Value = Fine Weight (oz) × Gold Price (€/oz) × Fineness
= 1 oz × [Gold Price] × 0.9999
You can find the current gold price as well as the full melt value calculator directly on this site.
Tax Classification in Malta
- Gold Britannia (from 2013, 999.9 ‰): Qualifies as investment gold and is exempt from VAT on purchase in Malta under the EU VAT Directive 2006/112/EC. Malta levies no capital gains tax on the disposal of movable private property, so a private sale of the coin is not taxed. Note: this is not tax or investment advice.
- Gold Britannia before 2013 (916.7 ‰): With a fineness of 916.7 ‰, the older version is also above the legal 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 ‰ version.
- Silver Britannia: Subject to the full Maltese VAT rate of 18%.
Authenticity and Quality Testing
Since bullion coins are popular counterfeiting targets, a multi-stage check is advisable:
- Weight and diameter compared with the target values using the coin weight checker and the coin size checker.
- Magnet test: Gold and silver are not magnetic — if the coin responds to a magnet, caution is warranted.
- Ping test: A genuine silver Britannia produces a bright, long-ringing tone when tapped.
- Security feature: Gold versions from 2013 show the Trescan line pattern under a loupe.
In Brief
The Britannia combines a state guarantee, the highest purity, and over 35 years of minting history. As a recognised bullion coin it is internationally liquid, VAT-exempt in Malta (gold), and well protected against counterfeiting thanks to modern security features. Anyone keeping an eye on the current silver price will also find the silver Britannia a more affordable alternative for getting started with physical precious metals.