Gold Britannia
Coins

The Royal Mint’s gold Britannia bullion coins are one of the most popular investment coins in the world. Each of these coins is a symbol of British heritage and showcases changing depictions of Britannia, the female personification of Britain.

For investors, gold Britannias offer 24-carat purity, advanced security features, and a tangible investment with a global reputation for quality. In the UK, gold Britannias have the added bonus of being CGT-free and VAT-exempt.

Let’s explore what makes gold Britannias such a special and timeless investment.

History of the gold Britannia bullion coin

The gold Britannia’s history begins in 1987, when the Royal Mint first introduced this uniquely British bullion coin as a competitor to the popular Krugerrand and American Gold Eagle coins. At the time, gold investment was becoming increasingly popular worldwide. The British Royal Mint recognised the need for a high-quality British bullion investment coin that could be sold at a low premium over the metal’s intrinsic value.

The first gold Britannia coins were struck in 22-carat gold with .9167 purity and issued in two finishes: proof and uncirculated. They were available in four weights: one troy ounce, half ounce, quarter ounce, and a tenth of an ounce, catering to different budgets. The gold Britannia coin offerings were generally seen as the new alternative to the British sovereign, with the fractional sizes offering an easy way to buy small quantities of bullion.

Although the first Britannia bullion coin collection was launched in 1987, the coin’s history runs much further back. The figure of Britannia has been a symbol of British strength since Roman times, when Emperor Hadrian first featured her likeness on coins as early as 119 AD. Her image was revived on British coinage in 1672 by King Charles II, and she has since appeared on various forms of British currency throughout the centuries.

2013: Britannia’s change in gold purity

2013 marked the first release of gold Britannia coins in 24-carat .9999 purity, helping align the coin with leading bullion coins from other major mints. This update also introduced a wider, flatter design that was nicknamed the ‘Britannia wafer’. While still containing one troy ounce of gold, this new design drew mixed reactions as many investors preferred the thicker profile of earlier coins. Before 2013, gold Britannias weighed 34.05 grams, but the shift to 24-carat gold reduced the weight to 31.1035 grams per coin.

Today, British gold Britannias remain one of the most popular bullion coins in the world, struck by the Royal Mint at its facility in Llantrisant, South Wales. The coins are struck to an unlimited mintage each year. All gold Britannia coins are considered British legal tender with each 1 oz coin having a face value of £100 GBP.

The 2014 gold Britannia mule

In 2014, a famous mishap occurred with the Britannia coins, dubbed the gold Britannia mule. In the coin world, a ‘mule’ refers to a minting error, where mismatched dies designed for different coins are accidentally combined. In the case of the 2014 Britannia, the coin’s reverse was mistakenly stamped with the reverse design meant for the Royal Mint’s first lunar coin from their Shēngxiào Collection.

Being the Year of the Horse, this coin featured a plain edge with an image of a galloping horse on the reverse. When the dies were mixed, the Britannia coins combined the plain edge obverse from the Lunar coin with the denticle reverse from the Britannia. On the other hand, the Lunar coin combined the denticle obverse from the Britannia with the Lunar horse plain edge reverse.

These coins quickly became coveted amongst investors, and with just 17,000 in circulation, people are willing to pay a pretty dime to add a Britannia mule to their collection.

Gold Britannia effigies

Until 2023, gold Britannia coins featured a portrait of Queen Elizabeth II on the obverse side. Three different versions of the Queen’s effigy have appeared over the years:

1987-1997 coins featured Raphael Maklouf’s third-generation portrait of the Queen wearing the royal diadem.
1998-2015 coins showcased the fourth-generation effigy of QEII by Ian Rank-Broadley.
2016-2023 coins featured Jody Clark’s fifth-generation design of Queen Elizabeth II in the year of her Sapphire Jubilee.

Since 2023, all gold Britannias have featured the new effigy of King Charles III created by Martin Jennings.

Who is Britannia?

Britannia is an iconic personification of Britain and the namesake and figurehead of Britannia coins. Her depiction as a powerful, protective figure appearing on coinage over centuries has turned her into a symbol of British strength and national pride.

Britannia’s image first appeared on Roman coins in 119 AD during Emperor Hadrian’s rule. At the time, the term Britannia was used to describe the British Isles under Roman control. In these coins, Britannia was pictured holding a spear and shield as a symbol of power and resilience. Later coins from this era showed Britannia dressed in traditional British war costume, embodying the nation’s resistance against Roman invasions. She then disappeared from British coinage for more than 1,500 years.

In 1697, Britannia’s image was revived on British coinage by King Charles II, who placed her on the farthing. At the time, Britain’s naval power was waning. As a symbol of British strength and resilience, Britannia’s image was reintroduced to boost morale in the nation. She again appeared in 1797 on the famous cartwheel pennies and two pence coins issued during the reign of King George III. She then continued appearing on various British coins until her official depiction on the gold Britannia bullion coin series in 1987.

The modern Britannia design – the one appearing on gold Britannia bullion coins – was created by sculptor Philip Nathan. His standing Britannia, poised with her trident and shield, is based on an engraving by George William de Saulles and is one of the most admired bullion designs. Britannia’s figure has come to signify Britain’s role as a global power, with her shield, helmet, and trident symbolising the strength of the British Empire.