Britannia (Coin)
Also: Britannia Gold, Britannia Silver, Gold Britannia, Silver Britannia
The Britannia is a state bullion coin from 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 important state bullion coins in the world. It has been minted 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 included 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 occasionally appear (e.g. 5 oz, 1 kg), as well as annually changing proof issues in proof finish.
Calculating the melt value
You can determine the current material value of a 1 oz gold Britannia with the formula:
Melt value = fine weight (oz) × gold price (£/oz) × fineness
= 1 oz × [gold price] × 0.9999
You can find the current gold price and the full melt value calculator directly on this site.
Tax treatment in the United Kingdom
- Gold Britannia (from 2013, 999.9 ‰): counts as investment gold and is exempt from VAT on purchase in the UK (HMRC; purity ≥ 995‰). As a UK legal-tender coin from The Royal Mint, it is also exempt from Capital Gains Tax (CGT) with unlimited gains — a considerable advantage over gold bars. Note: this is not tax or investment advice.
- Gold Britannia before 2013 (916.7 ‰): although its fineness of 916.7 ‰ is below the 995‰ purity required for investment-gold bars, HMRC applies a separate list of qualifying investment gold coins. Pre-2013 gold Britannias meet those coin criteria and are therefore likewise VAT-exempt. As a UK legal-tender coin they are also CGT-exempt on resale, exactly like the current 999.9‰ variant.
- Silver Britannia: subject to the full VAT rate of 20%. Dealers may under certain circumstances apply the margin scheme. As a UK legal-tender coin, the silver Britannia is nonetheless CGT-exempt on any gain.
Authenticity and quality checks
Since bullion coins are popular counterfeiting targets, a multi-stage check is recommended:
- Weight and diameter: compare against the target values with the coin weight checker and the coin size checker.
- Magnet test: gold and silver are not 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 versions from 2013 show the Trescan line pattern under a loupe.
In brief
The Britannia combines state guarantee, the highest purity and a minting history of over 35 years. As a recognised bullion coin, it is internationally liquid, VAT-exempt in the UK (gold) and CGT-exempt as a UK legal-tender coin, 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 entering physical precious metals.