Gold Half Sovereign Coin (3.66 g)

The half sovereign is the smaller sister of the gold Sovereign: the same 22 carat gold, usually the same St George and the dragon reverse, at half the weight. It is struck by The Royal Mint and is one of the easiest ways for a UK buyer to own a small piece of investment gold that is also British legal tender. On this page you can compare half sovereign offers from UK dealers side by side, with the price table updated through the day.

Half sovereign at a glance

• Pure gold content: 3.66 g (0.117 troy oz)
• Fineness: 916.67 (22 carat gold)
• Diameter: 19.30 mm
• Mint: The Royal Mint, United Kingdom
• Reverse: St George and the dragon, the design by Benedetto Pistrucci, first used in 1817
• Obverse: the portrait of the reigning monarch

Gold at 22 carat is alloyed with a small share of copper. That makes the coin harder and more resistant to scratches than 24 carat bullion coins, which is one reason half sovereigns survive handling so well.

Who is the half sovereign for?

Is a full Sovereign too big a step for a single purchase? The half sovereign answers exactly that question. It suits:

• buyers who want to add gold in small, regular amounts rather than in one large purchase,
• savers who like the idea of selling a small part of their holding later without breaking up a large bar or coin,
• people buying a gift with real metal value,
• collectors who already hold Sovereigns and want the matching smaller denomination.

Keep in mind that small coins carry a higher premium per gram than larger ones. Minting, testing and packing a 3.66 g coin costs almost as much as a coin twice its size, so the cost of gold per gram is higher. You can compare the premium against the live gold price per gram.

Tax: VAT and Capital Gains Tax in the UK

The Royal Mint describes the half sovereign as VAT free and Capital Gains Tax exempt for UK residents. Two separate rules sit behind that:

• VAT: investment gold of the required purity is exempt from VAT in the UK, and the half sovereign qualifies.
• CGT: the coin is British legal tender, and gains on UK currency are outside Capital Gains Tax for individuals.

This CGT exemption is the main reason many UK investors choose Sovereigns and half sovereigns over foreign coins or bars. If your situation is unusual (business purchase, trading at scale, non resident), check the rules with HMRC guidance or a tax adviser.

What to check before you buy

How do you tell a good offer from an average one? Look at more than the headline price:

1. Premium over spot. Compare the dealer price with the value of 3.66 g of pure gold. The difference is what you pay for minting, handling and the dealer margin.
2. Year and condition. Many dealers sell “best value” half sovereigns from mixed years. Specific years, proof coins or rare dates are numismatic items and cost more.
3. Delivery and insurance. Check whether insured delivery is included and from which order value it is free.
4. Buy back. Ask how the dealer prices the coin when you sell it back. The spread between buy and sell price matters as much as the purchase price.
5. Authenticity. Buy from established dealers and learn the basic checks for weight, diameter and sound. Our guide on how to spot fake coins walks through them.

Half sovereign vs other small gold coins

The half sovereign competes with fractional bullion coins of a similar size:

• 1/10 oz Britannia gold coin: 24 carat gold with slightly less pure gold (3.11 g), also UK legal tender and CGT exempt.
• 1/4 oz Britannia gold coin: about twice the gold of a half sovereign, with a lower premium per gram.
• 1/4 oz Krugerrand: 22 carat like the half sovereign, but a South African coin, so no UK CGT exemption.

For most UK buyers the choice comes down to the premium on the day and to personal taste. The full range is in our gold coins category.