1865 “Sydney Mint” Sovereign – Victoria -Young Head – Fine

Description

The Beginning’s Sovereign 

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 (B P) of the designer, Benedetto Pistrucci, are visible to the right of the date.

The coin was named after the English gold sovereign, which was last minted about 1603, and originated as part of the Great Recoinage of 1816. The Master of the Mint, William Wellesley Pole had Pistrucci design the new coin; his depiction was also used for other gold coins. Originally, the coin was unpopular because the public preferred the convenience of banknotes but paper currency of value £1 was soon limited by law. With that competition gone, the sovereign became a popular circulating coin, and was used in international trade and overseas, being trusted as a coin containing a known quantity of gold.

The British government promoted the use of the sovereign as an aid to international trade, and the Royal Mint took steps to see lightweight gold coins withdrawn from circulation. From the 1850s until 1932, the sovereign was also struck at colonial mints, initially in Australia and later in Canada, South Africa and India—they have again been struck in India for the local market since 2013, in addition to the production in Britain by the Royal Mint. The sovereigns issued in Australia initially carried a unique local design but by 1887, all new sovereigns bore Pistrucci’s George and Dragon design. Strikings there were so large that by 1900, about forty per cent of the sovereigns in Britain had been minted in Australia.

With the start of the First World War in 1914, the sovereign vanished from circulation in Britain; it was replaced by paper money and did not return after the war, though issues at colonial mints continued until 1932. While it faded out of usage in Britain, the sovereign was still used in the Middle East and demand rose in the 1950s, to which the Royal Mint eventually responded by striking new sovereigns in 1957. Since then, it has been struck both as a bullion coin and beginning in 1979 for collectors. Although the sovereign is no longer in circulation, it – along with the half sovereign, double sovereign and quintuple sovereign – is still legal tender in the United Kingdom, having survived the decimalisation of the pound in 1971.

Sovereign Creation

William Wellesley Pole, elder brother of the Duke of Wellington, was appointed Master of the Mint (at that time a junior government position) in 1812, with a mandate to reform the Royal Mint. Pole had favoured retaining the guinea, due to the number extant and the amount of labour required to replace them with sovereigns. Formal instruction to the Mint came with an indenture dated February 1817, directing the Royal Mint to strike gold sovereigns. As one troy pound (12 troy ounces) of 22-karat gold used to be minted into 441⁄2 guineas worth 44.5*£11⁄20 = £4629⁄40, each troy pound of 22K gold was henceforth minted into 46.725 sovereigns, with each coin weighing 7.98805 g (0.256822 ozt; 123.2745 gr) and containing 7.32238 g (0.235420 ozt; 113.0016 gr) fine gold.

Pistrucci’s design – George and the Dragon

Pistrucci’s design for the reverse of the sovereign features Saint George on horseback. His left hand clutches the rein of the horse’s bridle, and he does not wear armour, other than on his lower legs and feet, with his toes bare. Further protection is provided by the helmet, with, on early issues, a streamer or plume of hair floating behind. Also flowing behind the knight is his chlamys, or cloak; it is fastened in front by a fibula. George’s right shoulder bears a balteus for suspending the gladius, the sword that he grasps in his right hand.  He is otherwise naked—the art critic John Ruskin later considered it odd that the saint should be unclothed going into such a violent encounter. The saint’s horse appears to be half attacking, half shrinking from the dragon, which lies wounded by George’s spear and in the throes of death.

The original 1817 design had the saintly knight still carrying part of his broken spear. This was changed to a sword when the garter that originally surrounded the design was eliminated in 1821. The George and Dragon design is in the Neoclassical style. When Pistrucci created the coin, Neoclassicism was all the rage in London, and he may have been inspired by the Elgin Marbles, which were exhibited from 1807, and which he probably saw soon after his arrival in London. Pistrucci’s sovereign was unusual for a British coin of the 19th century in not having a heraldic design, but this was consistent with Pole’s desire to make the sovereign look as different from the guinea as possible.