Quarter sovereign

Last updated

Quarter Sovereign
United Kingdom
Value£0.25 pound sterling
Mass1.997 g
Diameter13.5 mm
EdgeMilled
Composition.917 gold, .083 copper or other metals
Gold.0588  troy oz
Years of minting2009–present
Obverse
2009 quarter sovereign obverse.jpg
DesignReigning British monarch (Elizabeth II shown)
Reverse
2009 quarter sovereign.jpg
Design Saint George and the Dragon
Designer Benedetto Pistrucci
Design date1817 (first used on quarter sovereign in 2009)

The quarter sovereign is a British gold bullion and collector's coin, issued by the Royal Mint since 2009. The smallest in the sovereign range, it has a face value of 25 pence.

Contents

In 1853, the Royal Mint produced two patterns for a quarter sovereign for circulation, with one denominated as five shillings. [lower-alpha 1] These coins never went into production, due to concerns about their small size and the likely wear in circulation. Gold passed from circulation in the aftermath of the First World War.

Beginning in 1979, the Royal Mint began to sell sovereigns to those wishing to own gold coins, by the following year selling four different denominations, ranging from the half sovereign to the five-pound gold coin. In 2009, a quarter sovereign was introduced as an extension of this range. The quarter sovereign shares the same design as the larger coins, depicting on the obverse the reigning monarch, Elizabeth II or, since 2022, Charles III. Although there are some one-year designs, the one most often used on the reverse of these issues is Benedetto Pistrucci's depiction of Saint George and the Dragon, which was first used on the sovereign in 1817.

Victorian pattern coin

Pattern gold coins valued at a quarter sovereign (five shillings) were struck in 1853, as the Royal Mint reconsidered which denominations were to be struck in gold and which in silver. At this time, the mint could not process both gold and silver simultaneously, and such a coin was seen as an alternative to the larger silver coins, such as the florin and half crown. [1] In 1853, there was heavy demand for coins of both metals, but the Royal Mint gave priority to the more valuable gold coinage, such as the sovereign (the gold coin valued at one pound sterling). On 7 March 1853, the Chancellor of the Exchequer, William Gladstone, explained to the House of Commons that the demand for gold was so heavy that there was no opportunity for the Royal Mint to coin silver. [2]

1853 gold five shillings obverse.jpg
1853 gold five shillings reverse.jpg
1853 quarter sovereign reverse.jpg
The two patterns struck in 1853. The common obverse is to the left of the two reverses.

During the 18 April 1853 sitting of the House of Commons, either Edward Divett (per Hansard) or the former chancellor, Benjamin Disraeli (per a press account), asked the Financial Secretary to the Treasury, James Wilson, if consideration had been given to striking a quarter sovereign. Wilson replied that the government had directed that a die be prepared as an experiment. He noted that one difficulty with such a coin was that it would take four times as long to coin the same gold as with a sovereign. [3] [4] Wilson stated that such a coin would be of very small size, about the size of an American one-dollar gold coin, which he held in his hand as he made his statement. [5]

By the end of the month, the Master of the Mint, Sir John Herschel, was able to present to the Treasury two quarter-sovereign pattern coins. [6] Both of the patterns depicted, on the obverse, Queen Victoria as shown on the early issues of sovereigns of her reign, with her name and abbreviated titles. The reverse of one of the patterns was inscribed FIVE SHILLINGS 1853 with a crown above the inscription and a rose, thistle and shamrock below it. The other had the inscription QUARTER SOVEREIGN 1853, with, between the 8 and the 5, a crowned square shield of arms. [7]

The report that Herschel presented with the pattern coins demonstrated that it would be very expensive to strike them for commerce, as they would have to meet exacting standards, and would wear quickly in circulation. Herschel explained that such a coin would circulate faster than larger gold coins, leading to increased wear, and that the very small size would make the coin easy to lose. The light weight would make it difficult to detect counterfeits. He estimated that gold would be lost to the public (either through misplacing the coins or through abrasion) at fifteen times the rate for the same value of sovereigns. [5]

At the time, a parliamentary select committee was considering decimal coinage, and both Herschel and Thomson Hankey, former governor of the Bank of England, gave evidence before it. William Miller of the Bank of England also testified. All opposed the quarter sovereigns due to the expense of striking and maintaining them, and the committee did not recommend the quarter sovereign. No further action was taken on the quarter sovereign proposal; numismatic writer G. P. Dyer suggested that Herschel would not have spoken so negatively about the quarter sovereign to the select committee unless he knew the proposal was doomed. [8] A quarter sovereign was proposed again by the new Master of the Mint, Thomas Graham, in 1859, but was turned down by Gladstone. [9]

Pieces purporting to be quarter sovereigns dated 1911 or 1922 are not genuine, but are modern inventions. [10]

21st-century bullion and collector's coin

Background and authorisation

Striking of sovereigns for circulation had come to an end by 1932, with most issues after the start in 1914 of the First World War coined at the branches of the Royal Mint in Australia and South Africa, where economic conditions were different than in Britain. [11] In 1979, the Royal Mint struck sovereigns for sale to collectors. [12] The following year, it coined, also for collector sale, the sovereign as well as the half sovereign, double sovereign, and five-pound piece. These four denominations continued to be issued in most years, [13] sold at a premium to their gold value. [12] In 1987, the Royal Mint started to issue the Britannia gold issues, bullion pieces issued in competition with those of other nations. [14] Despite the issue of the Britannia pieces, the sovereign range continued to be struck, as the Royal Mint found that the sovereign's history meant that some preferred it to the Britannia; others admired the sovereign's design. [15]

In 2009, the Royal Mint added quarter sovereigns to the range. Since 21st-century gold coins do not go into circulation, the objections of the 1850s did not apply. [16] [17] The quarter sovereign's specifications and design were stated in a proclamation by the monarch, Elizabeth II (r. 1952–2022), dated 10 December 2008 and effective the following day. [18]

Designs

This design for the 1817 sovereign was reused for the sovereign range coins in 2017. 1817 sovereign reverse.jpg
This design for the 1817 sovereign was reused for the sovereign range coins in 2017.

The quarter sovereign has not been given its own design, but uses a smaller version of those given to the other coins in the sovereign range, with the obverse depicting the reigning monarch. Initially, an obverse designed by Ian Rank-Broadley was used. Beginning with some 2015 issues, an obverse portrait of Elizabeth by Jody Clark was used, though in 2016, some coins bore a different portrait of the queen by James Butler. [19] [20] In most years, the sovereign-range coins have featured, on the reverse, Benedetto Pistrucci's depiction of Saint George and the Dragon that first appeared on the sovereign in 1817. [21] Other reverse designs used include another interpretation of the George and Dragon, by Paul Day for Elizabeth II's Diamond Jubilee in 2012. [22] [23] In 2017, coins with the original, 1817 sovereign reverse design were struck, for its bicentennial. [20] [24]

In 2022, the Royal Mint struck quarter sovereigns with a reverse design by Noad showing an interpretation of the Royal Arms, marking the Platinum Jubilee of Elizabeth II. [25] [26] Later in the year, following the death of Elizabeth II, the Royal Mint issued memorial coins in the sovereign range, including the quarter sovereign, featuring on the obverse, the first coinage portrait of Elizabeth's successor, Charles III (r. 2022), by Martin Jennings. The reverse displayed an interpretation of the Royal Arms by Clark. [27] In 2023, a quarter sovereign commemorating the coronation of Charles III was struck, with the obverse a crowned portrait of the king by Jennings and the reverse the Pistrucci George and Dragon. [28] For 2024, Jennings' uncrowned portrait of Charles was paired with Pistrucci's reverse on each of the five sovereign denominations struck in proof condition, from the quarter sovereign to the five-pound piece. [29]

Issuance

From 2009 to 2012 the quarter sovereign was sold as a bullion piece, with authorised mintages of between 50,000 and 250,000, though the actual numbers sold are unreported. [30] Such bullion issues are sold based on the price of gold, carrying a smaller premium than proof coins, [31] with a sufficient premium charged to allow for the costs of manufacture and sale. [32] Both varieties of the 2022 quarter sovereign were sold by the Royal Mint as bullion pieces, [32] [33] as well as in proof condition; [26] [27] the same is true of the 2023 coronation issue, [28] [34] as well as that for 2024. [35] [36]

The quarter sovereign has been sold as a collector's coin, usually in proof condition, each year since 2009, though only in 2009 (13,495 pieces struck) did the reported mintage reach 10,000. [30] [20] In addition to being sold individually, these collector's coins have been available for purchase as part of a proof set of between three and five of the sovereign denominations. [37] In 2023, the Royal Mint sold the Coronation quarter sovereign in proof condition for £235.00, [38] and in uncirculated condition for £132.39 or £134.97, depending on what packaging is used. [39] [40]

See also

Notes

  1. Until 1971, Britain used a monetary system where 20 shillings equalled one pound sterling; thereafter the pound was divided into 100 pence.

Related Research Articles

<span class="mw-page-title-main">Quarter (United States coin)</span> Current denomination of United States currency

The quarter, short for quarter dollar, is a United States coin worth 25 cents, one-quarter of a dollar. The coin sports the profile of George Washington on its obverse, and after 1998 its reverse design has changed frequently. It has been produced on and off since 1796 and consistently since 1831.

<span class="mw-page-title-main">History of the British penny (1714–1901)</span>

The penny of Great Britain and the United Kingdom from 1714 to 1901, the period in which the House of Hanover reigned, saw the transformation of the penny from a little-used small silver coin to the bronze piece recognisable to modern-day Britons. All bear the portrait of the monarch on the obverse; copper and bronze pennies have a depiction of Britannia, the female personification of Britain, on the reverse.

<span class="mw-page-title-main">Double florin</span> British coin, struck 1887–1890

The double florin, or four-shilling piece, was a British coin produced by the Royal Mint between 1887 and 1890. One of the shortest-lived of all British coin denominations, it was struck in only four years. Its obverse, designed by Joseph Boehm and engraved by Leonard Charles Wyon, depicts Queen Victoria, whilst the reverse, featuring national symbols of the United Kingdom, was designed by Wyon based on the coinage of Charles II.

<span class="mw-page-title-main">Florin (British coin)</span> Former coin of the United Kingdom and other territories

The British florin, or two-shilling piece, was a coin worth 110 of one pound, or 24 pence. It was issued from 1849 until 1967, with a final issue for collectors dated 1970. It was the last coin circulating immediately prior to decimalisation to be demonetised, in 1993, having for a quarter of a century circulated alongside the ten-pence piece, identical in specifications and value.

<span class="mw-page-title-main">Five pounds (gold coin)</span> Gold five pound coin

The five pound British gold coin, or quintuple sovereign, has a nominal value of five pounds sterling. It has been struck intermittently since 1820, though as a circulation coin only in 1887, 1893 and 1902. Through most of its history, it has depicted, on its reverse, Benedetto Pistrucci's portrayal of St George and the Dragon, which has traditionally been used on the sovereign, or one-pound gold coin.

<span class="mw-page-title-main">Crown (British coin)</span> British coin introduced in 1707

The British crown was a denomination of sterling coinage worth 14 of one pound, or 5 shillings, or 60 (old) pence. The crown was first issued during the reign of Edward VI, as part of the coinage of the Kingdom of England.

<span class="mw-page-title-main">Sovereign (British coin)</span> British gold coin

The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy oz of pure gold. Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery. In addition, circulation strikes and proof examples are often collected for their numismatic value. In most recent years, it has borne the design of Saint George and the Dragon on the reverse; the initials of the designer, Benedetto Pistrucci, are visible to the right of the date.

<span class="mw-page-title-main">Benedetto Pistrucci</span> Italian engraver (1783–1855)

Benedetto Pistrucci was an Italian gem-engraver, medallist and coin engraver, probably best known for his Saint George and the Dragon design for the British sovereign coin. Pistrucci was commissioned by the British government to create the large Waterloo Medal, a project which took him thirty years to complete.

<span class="mw-page-title-main">Half sovereign</span> British gold coin

The half sovereign is a British gold coin denominated at one-half of a pound sterling. First issued in its present form in 1817, it has been struck by the Royal Mint in most years since 1980 as a collector's and bullion piece.

<span class="mw-page-title-main">Britannia (coin)</span> British bullion coins

Britannia coins are British bullion coins issued by the Royal Mint in gold since 1987, in silver since 1997, and in platinum since 2018. The reverse of the coin patterns feature various depictions of Britannia, a feminine personification of the United Kingdom while the obverse features a monarch effigy with the legend around it.

The British farthing was a British coin worth a quarter of an old penny. It ceased to be struck after 1956 and was demonetised from 1 January 1961.

This glossary of numismatics is a list of definitions of terms and concepts relevant to numismatics and coin collecting, as well as sub-fields and related disciplines, with concise explanations for the beginner or professional.

The coins of Canada are produced by the Royal Canadian Mint and denominated in Canadian dollars ($) and the subunit of dollars, cents (¢). An effigy of the reigning monarch always appears on the obverse of all coins. There are standard images which appear on the reverse, but there are also commemorative and numismatic issues with different images on the reverse.

One of the most profitable aspects of the Royal Canadian Mint (RCM) is its numismatic product line. The first numismatic coin from the RCM was arguably the 1935 dollar commemorating the Silver Jubilee of His Majesty King George V. Though intended for circulation, it was the first Canadian coin commemorating an event. The decision to issue this coin was made in October 1934 by then-Prime Minister R.B. Bennett. There were economic and patriotic motivations for the release of a silver dollar, including a hope to boost the silver mining industry. In future years, the silver dollar would have a more emotional meaning for many Canadians because it was also the first coin to have the Voyageur motif on its reverse.

One of the most highly profitable aspects of the Royal Canadian Mint's enterprise is in its Numismatic product line. The euphoria surrounding the year 2000 led to the birth of the Millennium 25-cent coin program. The numismatic line included proof quality coins sold individually or as a complete set. This level of excess would come to signify the coming decade. The number of numismatic releases would increase on an annual basis starting in 2003. Numismatic three cents, five cents, and ten cents would be introduced, along with numismatic three dollars and eight dollars. Luxury coins would not be immune to the dramatic increases that ensued. Coins with face values of 250, 300 and 350 dollars would be introduced by 2006.

<span class="mw-page-title-main">Sovereign (English coin)</span>

The sovereign was a gold coin of the Kingdom of England first issued in 1489 under King Henry VII. The coin had a nominal value of one pound sterling, or twenty shillings. The sovereign was primarily an official piece of bullion and had no mark of value on its face. Nonetheless, it was the country's first coin to be valued at one pound.

<span class="mw-page-title-main">Jean Baptiste Merlen</span> French engraver and medallist (1769–1850)

Jean Baptiste Merlen (1769–1850) was a French engraver and medallist.

<span class="mw-page-title-main">Double sovereign</span> British gold coin

The double sovereign is a gold coin of the United Kingdom with a nominal value of two pounds sterling (£2). Rarely issued in the first century and a half after its debut in 1820, it never had a significant presence in circulation. It is now a collector and bullion coin, and has been struck most years since 1980. It features the reigning monarch on its obverse and, most often, Benedetto Pistrucci's depiction of Saint George and the Dragon on the reverse.

<span class="mw-page-title-main">Jubilee coinage</span> British coins depicting Queen Victoria

The Jubilee coinage or Jubilee head coinage are British coins with an obverse featuring a depiction of Queen Victoria by Joseph Edgar Boehm. The design was placed on the silver and gold circulating coinage beginning in 1887, and on the Maundy coinage beginning in 1888. The depiction of Victoria wearing a crown that was seen as too small was widely mocked, and was replaced in 1893. The series saw the entire issuance of the double florin (1887–1890) and, in 1888, the last issue for circulation of the groat, or fourpence piece, although it was intended for use in British Guiana. No bronze coins were struck with the Jubilee design.

<span class="mw-page-title-main">Old Head coinage</span> 1893–1901 British coins

The Old Head coinage or Veiled Head coinage were British coins struck and dated between 1893 and 1901, which featured on the obverse a portrait by Thomas Brock of an aged Queen Victoria wearing a diadem partially hidden by a widow's veil. It replaced the Jubilee coinage, struck since 1887, which had been widely criticised both for the portrait of the Queen, and because the reverses of most of the coins did not state their monetary values. Some denominations continued with their old reverse designs, with Benedetto Pistrucci's design for the sovereign extended to the half sovereign. New designs for some of the silver coinage were inaugurated, created either by Brock or by Edward Poynter, and all denominations less than the crown, or five-shilling piece, stated their values.

References

  1. Clancy, pp. 75, 102.
  2. Dyer, pp. 74–76.
  3. "House of Commons – Monday". The Morning Post . 19 April 1853. p. 3. Archived from the original on 16 August 2023. Retrieved August 16, 2023 via Newspaper.com.
  4. "State of the coinage". Hansard. 18 April 1853. Retrieved 13 December 2023.
  5. 1 2 Dyer, pp. 76–78.
  6. Dyer, p. 76.
  7. Hocking, p. 192.
  8. Dyer, pp. 78–79.
  9. Dyer, pp. 78–80.
  10. Dyer, p. 79 n.25.
  11. Clancy, pp. 89–92.
  12. 1 2 Clancy, p. 99.
  13. Spink, p. 155.
  14. Spink, p. 188.
  15. Clancy, p. 100.
  16. Clancy, p. 102.
  17. "Quarter Sovereigns – Available February 2009". goldsovereigns.co.uk. Archived from the original on 9 December 2023. Retrieved 29 November 2023.
  18. "No. 58910". The London Gazette . 10 December 2008. p. 19468.
  19. Marsh, p. 174.
  20. 1 2 3 Spink, pp. 156–157.
  21. Marsh, pp. 10, 174.
  22. Spink, p. 156.
  23. Marsh, p. 176.
  24. Marsh, pp. 174–176.
  25. "The Royal Mint unveils the 2022 Sovereign – the first coin in its Platinum Jubilee collection". Royal Mint. Archived from the original on 6 July 2022. Retrieved 28 July 2023.
  26. 1 2 "The sovereign 2022 five coin gold proof set". Royal Mint. Archived from the original on 16 May 2022. Retrieved 28 July 2023.
  27. 1 2 "Queen Elizabeth II memorial sovereign 2022 five-coin gold proof set". Royal Mint. Archived from the original on 27 May 2023. Retrieved 27 May 2023.
  28. 1 2 "The Coronation quarter sovereign 2023 gold bullion coin". Royal Mint. Archived from the original on 15 August 2023. Retrieved 15 August 2023.
  29. "The sovereign 2024 five-coin gold proof set". Royal Mint . Retrieved 6 November 2023.
  30. 1 2 Marsh, pp. 175–176.
  31. Marsh, pp. 94–95.
  32. 1 2 "The memorial quarter sovereign 2022 gold bullion coin". Royal Mint. Archived from the original on 21 September 2023. Retrieved 30 November 2023.
  33. "The quarter sovereign 2022 gold bullion coin". Royal Mint. Archived from the original on 15 August 2023. Retrieved 15 August 2023.
  34. "Made for a crowning moment". Royal Mint. Archived from the original on 19 September 2023. Retrieved 15 August 2023.
  35. "The quarter sovereign 2024 gold bullion coin". Royal Mint . Retrieved 3 January 2024.
  36. "The sovereign 2024 five-coin gold proof set". Royal Mint . Retrieved 3 January 2024.
  37. Spink, pp. 156–157, 175–176.
  38. "The Coronation of His Majesty King Charles III Quarter-Sovereign 2023 Gold Proof Coin". Royal Mint. Archived from the original on 9 December 2023. Retrieved 9 December 2023.
  39. "The Coronation Quarter Sovereign 2023 Gold Bullion Coin in Blister". Royal Mint. Archived from the original on 9 December 2023. Retrieved 9 December 2023.
  40. "The Coronation Quarter Sovereign 2023 Gold Bullion Coin". Royal Mint. Archived from the original on 15 August 2023. Retrieved 9 December 2023.

Sources

Commons-logo.svg Media related to Quarter sovereign (British coin) at Wikimedia Commons