A Brief History of the Gold £2
Coin
Double sovereigns
The first double sovereign was struck in 1485 for Henry VII,
although it may have been intended as a treble sovereign. It was
produced from the same dies as the sovereign, but on a thicker,
heavier flan. It is thought that they may have been struck for
presentation purposes only as piedforts, literally "heavy weight".
They are extremely rare.
This early type of double sovereign was also issued for Edward VI
in 1553, and these also are extremely rare.
Modern £2
The modern two pound gold coin was introduced in 1820 and is often
called a double sovereign. The design generally reflects that of
the sovereign, so that the reverse usually features Benedetto
Pistrucci's magnificent rendition of Saint George slaying the
dragon.
George III - The Double Sovereign Re-introduced
The gold double sovereign, was first struck in 1820 for George
III, although it was not issued for circulation, being only a
proof pattern coin. The modern sovereign had been re-introduced in
1817.
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An ordinary circulation version was produced in 1823, and
obviously proved quite popular as specimens turn up quite
frequently in worn condition. A further proof-only version was
produced in 1826 for George IV as part of the Coronation proof
set, but like the 1820, this was not intended for circulation.
Although no five pound coins were issued for William IV, double
sovereigns were struck in 1831. This also was a proof-only
version, not intended for circulation.
None were produced bearing Queen Victoria's young head.
All of the above proof coins are rare and expensive.
Victoria's Golden Jubilee
In 1887, a larger quantity of two pound coins was produced on the
occasion of Queen Victoria's Golden Jubilee. They were produced in
proof editions, and for only the second time, a normal circulation
type version. Similarly in 1893, two versions of the two pound
piece were produced to mark the change to the "Old Head" coin
issues.
The "Old Head" design introduced in
1893
Twentieth Century
In 1902 there was a coronation issue of coins which included
another two pound coin, again in two versions. A small quantity
were also struck as proofs at the Sydney mint. These are extremely
rare.
Only small numbers of two pound coins turn up which show much sign
of having been used in circulation, although more than for the
five pound gold piece. These are all from the four issues of 1823,
1887, 1893, and 1902. It is evident from this that the two pound
gold piece was never really much used in everyday transactions.
Future issues were never used for circulation.
George V and Beyond
George V's coronation in 1911 was marked by the issue of proof
coins sets, some of which included a gold two pounds.
Although pattern coinage was prepared for Edward VIII, no British
coins were issued bearing his portrait, even for collectors.
For the coronation of George VI, proof coin sets were issued in
1937 including a two pounds.
For the coronation of Elizabeth II in 1953, proof sets were
issued, but contained denominations from the crown down to
farthing. Gold coin specimens were produced, but none were issued,
even for collectors.
Decimalisation
In advance of decimalisation in 1971, a department was created at
the Royal Mint to produce, package and market coins for
collectors, and in 1980, two pound double sovereign gold coins
were once again issued, and this production has continued in most
years since, often only in proof versions.
Gold two pounds are a worthwhile and interesting addition to any
collection of British coins.
Modern Times - New Nickel Brass £2 Coins
The story of the gold two pound piece would not be complete
without a mention of the "new" base metal £2 coins.
In 1986, a new two pound coin was introduced which we believe was
intended for circulation, or at least to test public reaction. It
was struck in nickel-brass, measured 28.4 mm, and weighed 15.98
grams, exactly the same weight as the previous £2 gold coin. It
then continued to be produced until 1996. It met with only limited
popularity as a circulating coin, being rather thick and heavy, at
a time when most other coin denominations were being reduced in
size.
In Circulation - At Last
From 1997, a new bi-metal two pound coin has been produced, which
seems to have become quite widely accepted in circulation.
Although it retains the same diameter, it is thinner and lighter,
weighing only 12.0 grams, and this appears to have contributed to
its popularity. It now looks set to become a common sight in our
change after only just over 500 years!
The reasoning behind the issue of circulating two pound coins is
similar to the logic which dictated that the pound note would be
replaced by the pound coin. The ten shilling note disappeared
shortly before decimalisation is 1971.
Because notes wear out quickly compared with coins, it is more
economical to produce coins providing that the public are happy to
use them. Small denomination banknotes can last less than six
months, whereas coins can easily last more than a hundred years.
Different Designs
Until 1999, all of the base metal two pound coins have featured a
different design in each year of issue, sometimes two different
designs in the same year. It has been announced that it will
frequently be used for commemorative purposes.
History Meets Innovation
We have already described the original gold two pound coins.
When the Royal Mint introduced the new base metal two pounds
intended for circulation, they also issued silver and gold proof
versions for collectors.
The two factors have merged to create a new regular issue of gold
two pound coins, although the origin and tradition of each type
shows through in the different designs chosen for them.
Two Distinct Series
The original type of two pound coin, which we will call a
double-sovereign, continues to be produced using the familiar
reverse design of Pistrucci's St. George and the dragon.
The modern series of gold two pound coin is based on the new base
metal circulation type two pound coins, often with a commemorative
design.
They are unified in both being produced at the same weight,
fineness and gold content as each other.
Whether you collect just the traditional type, just the new type,
or both types, could be a hard decision to make.
Whichever you decide, we believe that gold two pounds are a
worthwhile addition to any collection of British coins. the
increase in their design and production in recent years must add
to the interest factor for many collectors.
Technical Specifications - All Types
Diameter, Millimetres |
28.40 |
Weight, Grams |
15.98 |
Alloy (Carats) |
22 |
Fineness (Millesimal) |
916.6 |
Actual Gold Content (Grams) |
14.63 |
Actual Gold Content (Troy Ounces) |
0.4707 |
|