Reminting Worn Coins
In Victorian times it was the practice of the Bank of England to remove worn sovereigns and half sovereigns from circulation and to have them recoined. Consequently, although a billion sovereigns have been minted in total, that figure includes gold that has been coined and recoined a number of times. In addition, when coins were sent to places such as the United States for international payments between governments, they were frequently melted down into gold bars because of the Federal regulations then in force. When gold coins were finally withdrawn from circulation in 1933 in the US, many thousands of British gold sovereigns were consigned to the melting pot in this way.
It is estimated that in circulation a sovereign could have a lifespan of up to 15 years before it fell below the "least current weight", that is, the minimum amount of gold below which it ceased to be legal tender. English law allows a sovereign to be legal tender so long as it weighs 7.93787 g, or more; and the difference between this and the full standard weight of 7.98805 g (approx. 0.6%) represents the margin allowed for abrasion. It was actually the half-sovereign that had the most circulation in Victorian Britain. Many sovereigns languished in bank vaults for most of their lives. In 1891 a proclamation was made that members of the general public could hand in any gold coins that were underweight and have them replaced by full-weight coins. Any gold coin struck before 1837 also ceased to be legal tender. This recycled gold was subsequently reminted into 13,680,486 half sovereigns in 1892 and 10,846,741 sovereigns in 1900. (Both figures for the London branch of the Royal Mint).
Sovereign obverse (heads) dies were also used in the nineteenth century to create farthings once they had become worn. (An obverse die could typically produce 100,000 coins.)
Read more about this topic: Sovereign (British Coin)
Famous quotes containing the words worn and/or coins:
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