Investing In Gold Double Sovereigns
Double Sovereigns are, for the most part, a collector's coin, seldom issued and generally struck in small numbers, but they can be a great investment piece for knowledgeable gold buyers for five key reasons:
INTRINSIC GOLD VALUE - Double Sovereigns are made from 15.98 grams of 22-carat gold and offer 0.4708 troy ounces of pure precious metal. This is twice the amount of gold compared to a standard 'full' Sovereign, with the value of these coins rising in line with the spot price.
THE SOVEREIGN FAMILY - As part of The Royal Mint's flagship Sovereign family, these coins have a reassuringly long history and are recognised across the globe, making them straightforward to liquidate with any reputable gold or coin buyer when the time comes to sell.
COLLECTOR'S PREMIUM - Low-mintage issues and high-grade pieces can attract premiums well in excess of the bullion value, with early 19th-century proof Two Pound coins the most sought-after, followed by 1911 and 1937 issues. Among modern releases, it's the 1989 Double Sovereign that is in high demand.
VAT AND CGT EXEMPT - Like regular Sovereigns, Double Sovereigns are UK legal tender with a nominal face value of £2, meaning these coins are exempt from Capital Gains Tax. As gold, they can be bought without VAT. The tax status of these coins may vary outside of the UK.
BULLION DOUBLE SOVEREIGNS - Since 2020, The Royal Mint has issued Double Sovereigns with a bullion strike. These coins are available for a low premium over gold and are more affordable than large 1oz coins while still offering a substantial amount of metal.
What Are Double Sovereigns?
Double Sovereigns are British gold coins, made by The Royal Mint. Struck in 15.98 grams of 22-carat gold, these coins are UK legal tender with a face value of Two Pounds (£2).
Part of the Sovereign family, Double Sovereigns were first minted in 1820 during the reign of King George III. Through the 19th and early 20th century, these coins were struck either as pattern coins or issued in a proof format to mark royal coronations.
Since 1980, Double Sovereigns have been struck as collector's coins. For the most part, they can only be found in gold proof Sovereign sets; however, over the last few years, The Royal Mint has also issued them as bullion coins.
What Are Double Sovereigns Worth?
The value of most modern Double Sovereigns lies in their gold value, combined with a varying collector's premium. Low-mintage dates may have inspired high demand, with scarce, individually boxed pieces from the late 1980s and early 1990s particularly favoured.
Grade also significantly impacts the value of Double Sovereigns. Many Double Sovereigns from gold proof Sovereign sets are individually graded by NGC and PCGS, with PF 70 examples commanding high prices, especially for alternate designs, such as those issued in 2002 and 2012.
Grade is particularly important for historic Double Sovereigns, with pieces in impeccable condition worth many times more than worn coins. The 1887 Double Sovereign is a good example, with prices ranging from just above spot to over £15,000 for top-grade examples.
Are Double Sovereigns Rare?
Double Sovereigns are rarer than standard Sovereigns. For most of the last two centuries, they have seldom been issued, and when they were, they were issued in small numbers, with only Quintuple Sovereigns offering higher rarity across the Sovereign series.
- Historic Double Sovereigns - Very few Double Sovereigns were issued before the late 20th century, with only 1887, 1893 and 1902 dates available as currency strikes
- Proof Double Sovereigns - Early proof Double Sovereigns are very rare, and even modern proofs can be hard to find since, in most years, they are only issued as part of gold proof Sovereign sets
- Bullion Double Sovereigns - Modern bullion Double Sovereigns, issued since 2020, are fairly numerous but are significantly harder to get hold of than bullion 'full' Sovereigns
