A Brief History of the Gold £5 Coin
The Largest British Gold Coin
The five pound gold coin is Britain's largest and most impressive
gold coin. The designs generally follow that of the sovereign, so
that the reverse usually features Benedetto Pistrucci's
magnificent depiction of Saint George slaying the dragon.
George III - The First £5 Coin
The gold five pounds, a five sovereign coin, 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.
A further proof-only version was produced in 1826 for George IV as
part of the Coronation proof set, but again this was not intended
for circulation.
Early Victorian
No five pound coins were issued for William IV, and the next date
produced was 1839 for Victoria. This also was a proof-only
version, not intended for circulation.
All of the above coins are rare and expensive.
1887
Jubilee Head 5 pound coin with St George reverse
Limited Circulation
In 1887, a larger quantity of five pound coins was produced on the
occasion of Queen Victoria's Golden Jubilee. They were produced in
proof editions, and for the first time, a normal circulation type
version. Similarly in 1893, two versions of the five pound piece
were produced to mark the change to the "Old Head" coin issues.
In 1902 there was a coronation issue of coins which included
another five pound coin, again in two versions.
Only small numbers of five pound coins turn up which show much
sign of having been used in circulation. These are all from the
three issues of 1887, 1893, and 1902. It is evident from this that
the five pound gold piece was never really much used, and
certainly not in everyday transactions. Future issues were never
used for circulation.
Twentieth Century Rarities
George V's coronation in 1911 was marked by the issue of proof
coins sets, some of which included a gold five 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 five 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, five pound gold coins were once again
issued, and this production has continued in most years since. In
many years both proof and ordinary versions have been produced,
while in other years only one version has been made.
Crowns Promoted to Five Pounds
The story of the gold five pound piece would not be complete
without a mention of the "promotion" of the crown from a five
shilling or twenty five new (decimal) pence value to a five pounds
face value.
Henry VIII issued the first British crown in 1544 as a gold coin
with a value of five shillings. In 1551 under Edward VI, the crown
was issued as a silver coin, again with a value of five shillings.
Crowns continued to be issued, with some interruptions, until
1981. Throughout all this time, its value remained unchanged at
five shillings, although after 1971, this became the decimal
equivalent of twenty five new pence.
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Commemorative Gold Crowns
With the issue of a crown to commemorate the Queen Mother's
ninetieth birthday in 1990, the value of the new issue of crowns
was changed to five pounds, presumably reflecting inflation. In
that year, although the newly promoted crown was designated as a
cupro-nickel coin, there were special silver and gold editions
struck for sale to collectors. It could be considered then, that
two traditions have been revived, not only has the crown been
struck in gold for the first time since Edward VI in about 1553,
but also five pound coins were struck in gold, reflecting their
relatively recent heritage from 1820.
Two Types of Five Pound Coins
With the issue of the start of the commemorative gold crowns,
there are now two types of five pound coins issued, the
traditional Sovereign or St. George and Dragon design, and the
gold version of the commemorative five pound crowns, at least in
the years in which these have been issued.
Gold five pounds are a worthwhile addition to any collection of
British coins. the increase in their design and production in
recent years adds to the interest for many collectors.
Technical Specifications
Diameter, Sovereign Type |
36.02 mm. |
Diameter, Crown Type |
38.61 mm. |
Weight, Grams |
39.94 |
Alloy (Carats) |
22 |
Fineness (millesimal) |
916.6 |
Actual Gold Content (Grams) |
36.6117 |
Actual Gold Content (Troy Ounces) |
1.1771 |
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