George IV’s Rarest Sovereign
The finest known 1828 gold Sovereign on the market is up for auction on January 13.
A rare opportunity to purchase an 1828 gold “George IV (Bare Head)” Sovereign is currently on offer by Heritage Auctions, which will be live on January 13, 2025. This will see the finest known 1828 gold Sovereign available on the market.
What makes this coin so valuable, especially since the most popular gold bullion coin in the British market is the gold Sovereign? The answer is found in the date and monarch displayed on the coin, which significantly varies the value. Generally, the earlier coins are the most fiercely contested and carry the highest premiums, an example of this being the Sovereigns struck during George IV’s reign (1820–1830).
The “George IV (Bare Head)” Sovereign is an extremely popular type in the British market, with problem-free coins being highly contested. The 1828 variation of this Sovereign is the rarest circulated, with only 8-9 known survivors, making this coin significant for elite collectors of British historic gold.
George IV saw two different effigies on the Sovereigns, with the “Laurette Head” dated 1821–1825 and the “Bare Head” from 1825–1830. Whilst both designs hold a significant premium in today’s market, the “Laurette Head” design is arguably the highest premium of the two choices.
There is an exemption to this, however. A decision made by the Royal Mint in 1828 would make the 1828 gold Sovereign an extraordinary piece for collectors of significant British gold coins. The 1827 Sovereign was struck as normal. Yet, when the turn of the year came, the Mint had decided to continue using the same dies during 1828, meaning Sovereigns struck that year would display the 1827 date.
This was not without precedent during the period, as other Mints worldwide had continued using old, well-preserved dies on new coins––but this was not usual for the gold Sovereign coins. Reports suggest that the original 1827 die was used until October 1828, meaning that all coins produced before this were dated 1827.
As actual 1828-dated Sovereigns were only produced for two months, they are incredibly rare. This was soon noticed by the public, who rushed to get any 1828 Sovereigns that were available to either hoard them as investments, keepsakes, or to mount them in jewelry, as was popular at the time.
The mintage figures for actual 1828-dated coins are lost to history, but data from PCGS and NGC show that only eight or nine survivors are known. The 1828 Sovereign is now considered a “trophy coin” for elite investors. Given the rarity of this piece, there is not a lot of recent sales data that one can draw upon to know its market value, especially one that has been well-preserved.
An example surfaced back in 2011 and sold for $46,000; this piece is graded MS63 and is the single-finest known, which inflates the premium considerably given how this adds to the caliber of the coin. November 2024 saw another example graded as Fine, selling for $8,400. A standard “Bare Head” gold Sovereign has an approximate value of $950 according to a value from a British retailer, which shows how significant the 1828-dated Sovereign has become compared to its peers.
It is a mystery as to why the Royal Mint did not continue to use the 1828 dies into 1829, considering they had only been used for two months. It is likely that they did not want the misrepresentation of dates to become a theme for their Sovereigns and so decided to revert to standard practices of dating coins correctly. Until the present day, the reusing of dies by the Royal Mint for striking Sovereigns is almost completely unheard of.
The mintage figures for the 1829 Sovereign are 2,445,000, which is a stark contrast to the paucity of the around 8 or 9 pieces of 1828-known survivors. 1827-dated coins are also from a high-mintage of 2,267,000. According to Numista, there were 386,000 coins struck in 1828, with all coins showing the date 1827, other than the small batch mentioned.
Intriguingly, the 1828 half-Sovereign is unremarkable compared to the full Sovereign of the same year. The half-Sovereign mintages are reported to be in the hundreds of thousands, showing that the reusing of the dies was unique to the full Sovereign during this time. Despite the high mintages, half-Sovereign coins are rare finds in the British market, causing them to trade at significant premiums when offered for sale.
As Great Britain was on a gold standard during this era, it was very common for the “George IV” gold Sovereigns to be in a circulated state with heavy wear and rim damage. Many survivors, especially “Bare Head” types, have previously been mounted with solder repairs on the rims. Even when an example is found without rim repairs, it is just as common to see the coin polished, which further devalues its worth in the market.
Curious about the worth of the Sovereign in your coin collection? Visit the NumisMaster database to find out.
Levi Donohoe is a U.K.-based analyst specializing in precious metals and energy markets. He holds a BSc (Hons) in Economics and Mathematics and a Master’s in Risk. Levi has a keen passion for British and Latin American gold coins and is a collector of numismatic gold.
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