When was the first modern sovereign struck?

On 1 October 1817, under King George III, after the Great Recoinage Act of 1816. The first modern sovereign was struck at the Royal Mint in London, designed by Italian engraver Benedetto Pistrucci, and is the direct ancestor of every UK sovereign since — over 200 years of continuous design lineage. Mintage: 3,235,239 in 1817 alone, an enormous figure reflecting the urgent post-Napoleonic need to recoin Britain's gold supply. Specifications: 7.988 g, 22.05 mm, 22-carat (.9167) gold, 7.32 g pure gold content. These specifications have remained unchanged for over 200 years — one of the most consistent monetary standards in modern history.

What was the Great Recoinage of 1816?

A massive Bank of England and Royal Mint operation between 1816 and 1817 to recoin Britain's entire gold and silver currency after the Napoleonic Wars. The country had been on a gold standard since 1717 but had drifted under wartime pressures: the gold guinea (£1 1s, 8.39 g, 22-carat) had become the dominant gold coin, but it sat at a confused 21:20 ratio to the silver shilling that complicated commerce. The Recoinage Act of 1816 (passed by Parliament in June 1816) standardised silver at .925 sterling and replaced the guinea with a clean £1 (20-shilling) gold sovereign. Sir Joseph Banks (President of the Royal Society) chaired the committee that designed the new coinage; Benedetto Pistrucci was hired specifically to design the new gold sovereign. The Recoinage was the largest UK currency reform of the 19th century and set Britain's monetary framework that endured until 1971 decimalisation.

How much is an 1817 sovereign worth?

Two distinct value tiers. Common-grade 1817 sovereigns in collectable Fine to VF condition trade at £800-1,500. Higher-grade 1817 sovereigns in EF to AU (.45 to .55 on the 70-point Sheldon scale): £2,500-6,000. Mint-state and proof-grade 1817 sovereigns are exceptionally rare: NGC MS62 examples £15,000-25,000; NGC MS65+ £40,000-100,000+. 1817 spear-version (the original Pistrucci design before the 1820 sword redesign) trades at significant premium over later years. The 1817 sovereign carries the strongest "first issue of the modern series" collector demand in British numismatics — comparable to the 1933 penny in cultural significance though not in scarcity.

Why is Pistrucci's 1817 design important?

Three reasons. (1) Aesthetic milestone: Pistrucci's St George and the Dragon is one of the most-celebrated coin designs in world numismatics, drawing on classical relief tradition and Roman imperial coinage. The 1817 design captures Saint George mounted with spear, sword raised in 1820 redesign — the icon of British coinage for two centuries. (2) Foreign-born engraver: Pistrucci was Italian-born; the British xenophobic-leaning Royal Mint culture of the time was uncomfortable with a non-British engraver but Pistrucci's talent was undeniable. He was paid £500/year (a substantial salary for the era) and his St George design has appeared on virtually every UK gold sovereign from 1817 to today — arguably the longest-running coin design in any major currency. (3) Symbolic significance: post-Napoleonic Britain wanted a confident, classical, victorious imagery. St George defeating the dragon spoke to national victory and Christian-era imperial confidence. Pistrucci read the political moment perfectly.

Are 1817 sovereigns CGT-exempt?

Yes — an 1817 sovereign is UK legal tender at £1 face value, struck under royal authority, recognised under the Coinage Act 1971 and subsequent legislation. Capital-gains tax exemption applies to UK-resident holders on any future profit, regardless of holding period or capital gain magnitude. The CGT exemption applies to all sovereigns from 1817 to today. Combined with the bullion floor (£425 at £1,750/oz spot) and the substantial numismatic premium (200-1,000%+ over melt for an 1817 specimen), the 1817 sovereign is an exceptional tax-efficient investment vehicle for UK collectors who can afford the entry cost. See our CGT-exempt UK coins guide.

How do I authenticate an 1817 sovereign?

Standard sovereign tests apply: weight 7.988 g, diameter 22.05 mm, 22-carat gold, non-magnetic, milled edge with no seam, specific gravity 17.7 g/cm³. Specific to 1817: the spear version shows St George with a raised spear (the lance shaft visible above the dragon); the obverse is the George III crowned bust. The 1820 sword redesign is for sovereigns dated 1820 onwards — an 1817 sovereign with a sword on the reverse is not authentic. Counterfeit 1817 sovereigns are common because of their high market value — for any 1817 sovereign you intend to buy or sell, professional grading by PCGS or NGC is essential. The grading service authenticates AND assigns a grade in one step. See our how to spot a fake sovereign guide.

How do 1817 sovereigns compare to later years?

Three differences. (1) Reverse design variant: 1817 = spear version; 1820 onwards = sword version. The spear and sword variants are the only meaningful Pistrucci St George design changes in 200+ years; subsequent years all use the 1820 sword. (2) Dating context: 1817 is the first-issue year, the only year before the 1820 redesign. Subsequent years (1820, 1821, 1822, etc.) are different historical context (post-George III, George IV onwards). (3) Value: 1817 sovereigns trade at substantial premiums over post-1820 sovereigns of similar grade because of first-issue collector demand. The price differential reflects this: 1817 sovereigns at £800-1,500 in collectable grade vs common 1822-1825 George IV St George sovereigns at £500-700. The 1817 issue is uniquely positioned as both the first modern sovereign and a one-design-year-only spear-version Pistrucci.

When did Pistrucci's spear version stop being struck?

After 1817 only. The spear version of Pistrucci's St George was used only on 1817-dated sovereigns. The 1820 redesign substituted a sword and improved the dragon's pose — reportedly because Pistrucci himself was dissatisfied with the original spear composition. From 1820 onwards, every Pistrucci St George reverse uses the sword version. Some 1818 and 1819 sovereigns also exist with the original spear version — transitional pieces struck before the redesign was complete. These transitional 1818-1819 spear-version sovereigns are extremely rare and trade at £3,000-15,000+ when offered. After 1820, all Pistrucci sovereigns use the standardised sword version with brief shield-back interruptions during the William IV and early-Victorian eras.

Where can I buy an 1817 sovereign?

Three primary venues. (1) UK numismatic auction houses: Spink, Baldwin's, Noonans — the strongest selection of 1817 sovereigns by grade. Expect 4-12 1817 sovereigns at any given Spink/Baldwin sale. (2) Specialist dealers: BNTA-member dealers (Coincraft, Westminster Coins, the Coin Cabinet) maintain 1817 sovereign inventory. (3) eBay UK / Heritage Auctions (US): slabbed PCGS / NGC examples appear regularly. Avoid Westminster-style direct-mail buyers, who consistently overcharge for 1817 sovereigns by 50-100%. Budget £1,500-2,500 for a collectable-grade 1817 sovereign; £5,000+ for high-grade slabbed examples; significantly more for proof or pattern variants.

Are 1817 sovereigns a good investment?

For collectors with the right capital and authentication infrastructure, yes — among the strongest sovereign-investment categories. Historical performance: 1817 sovereigns in EF grade have appreciated from £500 in 2005 to £2,500-6,000 today — 5-12× over 20 years, beating gold spot meaningfully. Investment characteristics: limited supply (no new production, surviving population shrinks slowly), strong cultural demand (first-issue British sovereign carries historical weight), bullion-floor protection, CGT exemption. Caveats: high entry cost (£1,500-6,000 for collectable grade); authentication costs (£25-50 for PCGS/NGC slabbing); illiquid relative to modern bullion (auction sale takes 3-6 months). For investors with £5,000+ to allocate to a single sovereign, the 1817 first-issue is a strong choice.

The 1817 Sovereign: Britain's First Modern Gold Coin

On 1 October 1817, the Royal Mint struck the first modern UK gold sovereign — designed by Italian-born Benedetto Pistrucci, weighing 7.988 g of 22-carat gold, bearing the King George III crowned bust on the obverse and St George spearing the Dragon on the reverse. Mintage: 3,235,239 pieces. The 1817 issue is the start of an unbroken 200+ year design tradition that runs through every Pistrucci St George sovereign to today's Charles III definitive. This guide covers the historical context, the spear vs sword variants, authentication, and the realised auction prices that make the 1817 sovereign one of the most-collected single-year UK coins.

Last updated: 6 May 2026

In brief. 1817 mintage 3,235,239 (the only year of Pistrucci's spear version of St George). Common Fine-VF: £800-1,500. EF-AU: £2,500-6,000. Mint-state slabbed: £15,000-100,000+. CGT-exempt as UK legal tender. Specifications unchanged from 1817 to today: 7.988 g, 22.05 mm, 22-carat. The 1817 spear-version is the only year before the 1820 sword redesign, making it a unique single-design-year collectable.

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Sold listings — what genuine 1817 sovereigns actually trade for.

1817 sovereign sold listings 1817 spear version sovereign George III sovereign 1817-1820 Slabbed 1817 sovereign PCGS NGC Pistrucci sovereign collection Early 19th century gold sovereign

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Reviewed by Connor Jones, Editor. Every MyCoinage guide is fact-checked against realised auction sales before publication.

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